Intact Investment Management Inc. Raises Stock Position in Canadian Natural Resources Limited (NYSE:CNQ)

Intact Investment Management Inc. raised its stake in Canadian Natural Resources Limited (NYSE:CNQ) (TSE:CNQ) by 30.9% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 975,880 shares of the oil and gas producer’s stock after buying an additional 230,350 shares during the period. Canadian Natural Resources makes up approximately 1.1% of Intact Investment Management Inc.’s holdings, making the stock its 23rd largest holding. Intact Investment Management Inc.’s holdings in Canadian Natural Resources were worth $30,125,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in CNQ. Assenagon Asset Management S.A. increased its holdings in Canadian Natural Resources by 6,902.0% in the fourth quarter. Assenagon Asset Management S.A. now owns 3,652,855 shares of the oil and gas producer’s stock valued at $112,763,000 after buying an additional 3,600,686 shares in the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp increased its holdings in Canadian Natural Resources by 73.3% in the third quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 7,834,264 shares of the oil and gas producer’s stock valued at $260,116,000 after buying an additional 3,312,442 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. increased its holdings in Canadian Natural Resources by 31.6% in the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 13,433,797 shares of the oil and gas producer’s stock valued at $414,223,000 after buying an additional 3,224,548 shares in the last quarter. National Bank of Canada FI increased its holdings in Canadian Natural Resources by 63.5% in the third quarter. National Bank of Canada FI now owns 8,233,388 shares of the oil and gas producer’s stock valued at $273,417,000 after buying an additional 3,198,007 shares in the last quarter. Finally, Bank of New York Mellon Corp increased its holdings in Canadian Natural Resources by 87.0% in the fourth quarter. Bank of New York Mellon Corp now owns 4,437,771 shares of the oil and gas producer’s stock valued at $136,994,000 after buying an additional 2,064,492 shares in the last quarter. 74.03% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research firms have recently commented on CNQ. Raymond James reiterated a “market perform” rating on shares of Canadian Natural Resources in a research report on Friday, March 7th. Evercore ISI upgraded shares of Canadian Natural Resources from an “in-line” rating to an “outperform” rating in a research report on Friday, March 7th. Royal Bank of Canada increased their price target on shares of Canadian Natural Resources from $62.00 to $63.00 and gave the company an “outperform” rating in a research report on Friday, March 7th. Finally, Tudor Pickering lowered shares of Canadian Natural Resources from a “strong-buy” rating to a “hold” rating in a research report on Monday, February 10th. Five investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $63.00.

Canadian Natural Resources Stock Down 1.9 %

Shares of NYSE CNQ opened at $28.70 on Friday. Canadian Natural Resources Limited has a 1 year low of $25.62 and a 1 year high of $41.29. The firm’s 50 day moving average price is $30.29 and its 200 day moving average price is $32.51. The firm has a market cap of $60.28 billion, a P/E ratio of 11.14 and a beta of 1.48. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.53 and a current ratio of 0.84.

Canadian Natural Resources Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, April 4th. Investors of record on Friday, March 21st will be given a dividend of $0.4117 per share. The ex-dividend date of this dividend is Friday, March 21st. This represents a $1.65 dividend on an annualized basis and a yield of 5.74%. This is a positive change from Canadian Natural Resources’s previous quarterly dividend of $0.39. Canadian Natural Resources’s dividend payout ratio (DPR) is 77.88%.

About Canadian Natural Resources

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).