Manitou Investment Management Ltd. Trims Stock Holdings in Canadian Natural Resources Limited (NYSE:CNQ)

Manitou Investment Management Ltd. lowered its stake in shares of Canadian Natural Resources Limited (NYSE:CNQ) (TSE:CNQ) by 28.0% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 724,755 shares of the oil and gas producer’s stock after selling 282,298 shares during the period. Canadian Natural Resources makes up 4.6% of Manitou Investment Management Ltd.’s portfolio, making the stock its 8th biggest position. Manitou Investment Management Ltd.’s holdings in Canadian Natural Resources were worth $26,314,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently modified their holdings of the company. KB Financial Partners LLC bought a new position in Canadian Natural Resources during the first quarter worth about $25,000. Rockefeller Capital Management L.P. lifted its holdings in shares of Canadian Natural Resources by 35.1% during the 1st quarter. Rockefeller Capital Management L.P. now owns 1,329 shares of the oil and gas producer’s stock valued at $41,000 after purchasing an additional 345 shares in the last quarter. Eaton Vance Management bought a new position in shares of Canadian Natural Resources during the 1st quarter valued at about $44,000. Huntington National Bank lifted its holdings in shares of Canadian Natural Resources by 452.5% during the 2nd quarter. Huntington National Bank now owns 1,641 shares of the oil and gas producer’s stock valued at $60,000 after purchasing an additional 1,344 shares in the last quarter. Finally, Advisors Asset Management Inc. bought a new position in shares of Canadian Natural Resources during the 1st quarter valued at about $63,000. Hedge funds and other institutional investors own 67.34% of the company’s stock.

Shares of CNQ stock traded up $0.02 during trading on Tuesday, reaching $32.19. 59,765 shares of the company’s stock were exchanged, compared to its average volume of 3,246,848. The company has a quick ratio of 0.60, a current ratio of 0.78 and a debt-to-equity ratio of 0.47. The stock has a market capitalization of $38.19 billion, a PE ratio of 11.85 and a beta of 1.89. Canadian Natural Resources Limited has a twelve month low of $14.85 and a twelve month high of $38.10. The firm’s fifty day moving average price is $33.08 and its 200-day moving average price is $33.12.

Canadian Natural Resources (NYSE:CNQ) (TSE:CNQ) last posted its earnings results on Thursday, August 5th. The oil and gas producer reported $0.99 earnings per share for the quarter, topping analysts’ consensus estimates of $0.77 by $0.22. Canadian Natural Resources had a return on equity of 9.05% and a net margin of 17.14%. The business had revenue of $5.31 billion for the quarter, compared to analyst estimates of $5.26 billion. As a group, analysts anticipate that Canadian Natural Resources Limited will post 4.64 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 5th. Shareholders of record on Friday, September 17th will be issued a $0.3748 dividend. This represents a $1.50 dividend on an annualized basis and a yield of 4.66%. The ex-dividend date of this dividend is Thursday, September 16th. Canadian Natural Resources’s dividend payout ratio is -346.51%.

Several equities analysts have recently weighed in on the company. Barclays lifted their price objective on Canadian Natural Resources from C$48.00 to C$51.00 and gave the company an “overweight” rating in a report on Friday, July 16th. Royal Bank of Canada boosted their target price on Canadian Natural Resources from $53.00 to $55.00 and gave the company an “outperform” rating in a research note on Friday, August 6th. Stifel Nicolaus boosted their target price on Canadian Natural Resources from C$60.00 to C$64.50 and gave the company a “buy” rating in a research note on Monday, June 28th. Scotiabank boosted their target price on Canadian Natural Resources from C$50.00 to C$52.00 and gave the company an “outperform” rating in a research note on Thursday, July 15th. Finally, The Goldman Sachs Group upgraded Canadian Natural Resources from a “neutral” rating to a “buy” rating and boosted their target price for the company from $38.00 to $44.00 in a research note on Friday, June 11th. Two analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Buy” and an average price target of $50.10.

About Canadian Natural Resources

Canadian Natural Resources Ltd. is an oil and natural gas production company, which engages in the exploration, development, marketing, and production of crude oil and natural gas. It operates through the following segments: Oil Sands Mining & Upgrading; Midstream & Refining; and Exploration & Production.

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Institutional Ownership by Quarter for Canadian Natural Resources (NYSE:CNQ)

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