BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp Buys 4,169,195 Shares of Canadian Natural Resources Limited (NYSE:CNQ)

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lifted its stake in Canadian Natural Resources Limited (NYSE:CNQ) (TSE:CNQ) by 1,182.3% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 4,521,822 shares of the oil and gas producer’s stock after purchasing an additional 4,169,195 shares during the period. Canadian Natural Resources accounts for 1.0% of BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp’s portfolio, making the stock its 17th largest position. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp owned 0.21% of Canadian Natural Resources worth $161,088,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently bought and sold shares of the stock. TD Asset Management Inc boosted its position in shares of Canadian Natural Resources by 96.2% in the 2nd quarter. TD Asset Management Inc now owns 42,518,833 shares of the oil and gas producer’s stock worth $1,514,190,000 after purchasing an additional 20,843,193 shares during the last quarter. Canada Pension Plan Investment Board grew its position in shares of Canadian Natural Resources by 93.0% during the 2nd quarter. Canada Pension Plan Investment Board now owns 41,464,502 shares of the oil and gas producer’s stock worth $1,476,644,000 after buying an additional 19,980,902 shares during the period. 1832 Asset Management L.P. increased its stake in shares of Canadian Natural Resources by 105.3% in the 2nd quarter. 1832 Asset Management L.P. now owns 31,668,045 shares of the oil and gas producer’s stock valued at $1,127,382,000 after acquiring an additional 16,245,046 shares during the last quarter. Yacktman Asset Management LP raised its position in shares of Canadian Natural Resources by 95.9% in the 2nd quarter. Yacktman Asset Management LP now owns 29,456,746 shares of the oil and gas producer’s stock valued at $1,048,660,000 after acquiring an additional 14,418,835 shares during the period. Finally, CIBC Asset Management Inc boosted its stake in Canadian Natural Resources by 93.6% during the 2nd quarter. CIBC Asset Management Inc now owns 22,916,027 shares of the oil and gas producer’s stock worth $815,751,000 after acquiring an additional 11,077,189 shares during the last quarter. Institutional investors own 74.03% of the company’s stock.

Canadian Natural Resources Stock Performance

CNQ opened at $33.80 on Tuesday. The company has a market capitalization of $71.92 billion, a price-to-earnings ratio of 13.47 and a beta of 1.51. The business’s 50-day moving average price is $34.72 and its two-hundred day moving average price is $36.40. Canadian Natural Resources Limited has a 1 year low of $29.45 and a 1 year high of $41.29. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.88 and a quick ratio of 0.59.

Canadian Natural Resources (NYSE:CNQ) (TSE:CNQ) last released its earnings results on Thursday, August 1st. The oil and gas producer reported $0.88 EPS for the quarter, beating the consensus estimate of $0.62 by $0.26. The firm had revenue of $7.76 billion for the quarter, compared to analysts’ expectations of $6.19 billion. Canadian Natural Resources had a return on equity of 22.09% and a net margin of 18.05%. During the same quarter in the previous year, the business posted $0.43 EPS. Equities analysts expect that Canadian Natural Resources Limited will post 2.49 EPS for the current fiscal year.

Canadian Natural Resources Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 4th. Investors of record on Friday, September 13th will be issued a dividend of $0.384 per share. This represents a $1.54 annualized dividend and a yield of 4.54%. The ex-dividend date is Friday, September 13th. Canadian Natural Resources’s payout ratio is 61.75%.

Analysts Set New Price Targets

Several equities research analysts have weighed in on CNQ shares. Scotiabank reiterated a “sector perform” rating on shares of Canadian Natural Resources in a report on Tuesday, June 11th. Raymond James raised Canadian Natural Resources to a “hold” rating in a research note on Tuesday, May 28th. StockNews.com lowered Canadian Natural Resources from a “buy” rating to a “hold” rating in a research report on Friday, August 23rd. Finally, Wolfe Research initiated coverage on Canadian Natural Resources in a research report on Thursday, July 18th. They issued a “peer perform” rating for the company. Six research analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $49.50.

Canadian Natural Resources Company Profile

Canadian Natural Resources Limited acquires, explores for, develops, produces, markets, and sells crude oil, natural gas, and natural gas liquids (NGLs). The company offers light and medium crude oil, primary heavy crude oil, Pelican Lake heavy crude oil, bitumen (thermal oil), and synthetic crude oil (SCO).