Franklin Resources Inc. Raises Position in Canadian Natural Resources Limited (CNQ)

Franklin Resources Inc. boosted its holdings in Canadian Natural Resources Limited (NYSE:CNQ) (TSE:CNQ) by 0.9% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,966,680 shares of the oil and gas producer’s stock after buying an additional 35,616 shares during the quarter. Franklin Resources Inc. owned approximately 0.36% of Canadian Natural Resources Limited worth $114,503,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of CNQ. Fiduciary Trust Co. bought a new position in Canadian Natural Resources Limited in the 2nd quarter valued at approximately $126,000. Acadian Asset Management LLC raised its holdings in Canadian Natural Resources Limited by 2,400.0% in the 1st quarter. Acadian Asset Management LLC now owns 5,000 shares of the oil and gas producer’s stock valued at $163,000 after buying an additional 4,800 shares during the last quarter. Greenleaf Trust bought a new position in Canadian Natural Resources Limited in the 2nd quarter valued at approximately $204,000. Private Advisor Group LLC bought a new position in Canadian Natural Resources Limited in the 1st quarter valued at approximately $205,000. Finally, Oxford Asset Management bought a new position in Canadian Natural Resources Limited in the 1st quarter valued at approximately $212,000. Institutional investors and hedge funds own 58.56% of the company’s stock.

A number of research analysts recently issued reports on the stock. Goldman Sachs Group, Inc. (The) reiterated a “buy” rating and issued a $36.00 price objective on shares of Canadian Natural Resources Limited in a report on Thursday, June 22nd. Canaccord Genuity reiterated a “buy” rating and issued a $47.00 price objective on shares of Canadian Natural Resources Limited in a report on Tuesday, September 5th. Citigroup Inc. lowered shares of Canadian Natural Resources Limited from a “buy” rating to a “neutral” rating and dropped their price objective for the company from $40.00 to $33.00 in a report on Friday, July 21st. They noted that the move was a valuation call. Zacks Investment Research upgraded shares of Canadian Natural Resources Limited from a “strong sell” rating to a “hold” rating in a report on Thursday, August 17th. Finally, ValuEngine upgraded shares of Canadian Natural Resources Limited from a “sell” rating to a “hold” rating in a report on Wednesday, July 12th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company. The company presently has an average rating of “Buy” and an average target price of $46.18.

Shares of Canadian Natural Resources Limited (CNQ) opened at 32.27 on Monday. Canadian Natural Resources Limited has a 52-week low of $27.52 and a 52-week high of $35.28. The firm’s 50-day moving average is $31.11 and its 200-day moving average is $30.78. The firm has a market cap of $39.21 billion, a P/E ratio of 29.39 and a beta of 1.45.

Canadian Natural Resources Limited announced that its Board of Directors has authorized a stock buyback plan on Wednesday, May 17th that authorizes the company to repurchase 27,930,000 shares. This repurchase authorization authorizes the oil and gas producer to reacquire shares of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board believes its stock is undervalued.

The business also recently disclosed a quarterly dividend, which will be paid on Sunday, October 1st. Shareholders of record on Friday, September 15th will be given a $0.2212 dividend. The ex-dividend date is Thursday, September 14th. This represents a $0.88 annualized dividend and a yield of 2.74%. This is an increase from Canadian Natural Resources Limited’s previous quarterly dividend of $0.20. Canadian Natural Resources Limited’s payout ratio is presently 78.43%.

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Canadian Natural Resources Limited Profile

Canadian Natural Resources Limited is an independent crude oil and natural gas exploration, development and production company. The Company’s segments include Exploration and Production, Oil Sands Mining and Upgrading, and Midstream. The Exploration and Production segment includes exploration, development, production and marketing of crude oil, natural gas liquids (NGLs) and natural gas.

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

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