Envestnet Asset Management Inc. Lowers Stake in Canadian Natural Resources Limited (NYSE:CNQ)

Envestnet Asset Management Inc. trimmed its position in Canadian Natural Resources Limited (NYSE:CNQ) (TSE:CNQ) by 8.2% during the fourth quarter, HoldingsChannel.com reports. The firm owned 1,525,432 shares of the oil and gas producer’s stock after selling 136,366 shares during the quarter. Envestnet Asset Management Inc.’s holdings in Canadian Natural Resources were worth $47,090,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also modified their holdings of CNQ. Stifel Financial Corp lifted its position in Canadian Natural Resources by 0.4% during the third quarter. Stifel Financial Corp now owns 260,612 shares of the oil and gas producer’s stock valued at $8,655,000 after buying an additional 1,153 shares in the last quarter. EP Wealth Advisors LLC lifted its holdings in shares of Canadian Natural Resources by 25.2% during the 3rd quarter. EP Wealth Advisors LLC now owns 14,182 shares of the oil and gas producer’s stock valued at $471,000 after acquiring an additional 2,850 shares in the last quarter. XTX Topco Ltd purchased a new stake in Canadian Natural Resources during the 3rd quarter worth $686,000. MML Investors Services LLC increased its holdings in Canadian Natural Resources by 5.0% in the 3rd quarter. MML Investors Services LLC now owns 54,517 shares of the oil and gas producer’s stock valued at $1,811,000 after purchasing an additional 2,609 shares in the last quarter. Finally, Y Intercept Hong Kong Ltd purchased a new position in Canadian Natural Resources in the third quarter valued at about $545,000. 74.03% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the company. Tudor Pickering downgraded Canadian Natural Resources from a “strong-buy” rating to a “hold” rating in a research report on Monday, February 10th. Evercore ISI raised shares of Canadian Natural Resources from an “in-line” rating to an “outperform” rating in a research report on Friday, March 7th. Scotiabank raised shares of Canadian Natural Resources from a “sector perform” rating to a “sector outperform” rating in a research report on Wednesday, March 19th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $63.00 price target on shares of Canadian Natural Resources in a report on Thursday, March 27th. Finally, Raymond James upgraded shares of Canadian Natural Resources from a “market perform” rating to an “outperform” rating in a report on Wednesday. Three investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $63.00.

Canadian Natural Resources Stock Performance

Shares of CNQ opened at $26.24 on Friday. The firm has a market cap of $55.03 billion, a price-to-earnings ratio of 10.19 and a beta of 1.10. The company has a quick ratio of 0.53, a current ratio of 0.84 and a debt-to-equity ratio of 0.21. The business’s 50 day moving average is $29.36 and its two-hundred day moving average is $31.77. Canadian Natural Resources Limited has a 52-week low of $24.65 and a 52-week high of $41.29.

Canadian Natural Resources Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, April 4th. Investors of record on Friday, March 21st were issued a $0.4117 dividend. The ex-dividend date was Friday, March 21st. This is a boost from Canadian Natural Resources’s previous quarterly dividend of $0.39. This represents a $1.65 annualized dividend and a yield of 6.28%. Canadian Natural Resources’s dividend payout ratio is currently 77.88%.

Canadian Natural Resources 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).