Wallington Asset Management LLC Lowers Holdings in Canadian Natural Resources Limited $CNQ

Wallington Asset Management LLC decreased its holdings in Canadian Natural Resources Limited (NYSE:CNQ) (TSE:CNQ) by 4.8% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 12,400 shares of the oil and gas producer’s stock after selling 625 shares during the quarter. Wallington Asset Management LLC’s holdings in Canadian Natural Resources were worth $389,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in CNQ. Goldman Sachs Group Inc. grew its holdings in Canadian Natural Resources by 240.8% in the 1st quarter. Goldman Sachs Group Inc. now owns 22,776,594 shares of the oil and gas producer’s stock valued at $701,519,000 after buying an additional 16,094,168 shares during the period. Bank of Nova Scotia grew its holdings in shares of Canadian Natural Resources by 86.6% during the 1st quarter. Bank of Nova Scotia now owns 24,262,707 shares of the oil and gas producer’s stock worth $746,675,000 after purchasing an additional 11,259,267 shares during the period. T. Rowe Price Investment Management Inc. grew its holdings in shares of Canadian Natural Resources by 29.1% during the 1st quarter. T. Rowe Price Investment Management Inc. now owns 43,968,120 shares of the oil and gas producer’s stock worth $1,354,219,000 after purchasing an additional 9,915,345 shares during the period. Canada Pension Plan Investment Board grew its holdings in shares of Canadian Natural Resources by 13.0% during the 1st quarter. Canada Pension Plan Investment Board now owns 41,769,153 shares of the oil and gas producer’s stock worth $1,285,464,000 after purchasing an additional 4,805,451 shares during the period. Finally, Canoe Financial LP grew its holdings in shares of Canadian Natural Resources by 403.7% during the 1st quarter. Canoe Financial LP now owns 4,738,577 shares of the oil and gas producer’s stock worth $145,828,000 after purchasing an additional 3,797,846 shares during the period. Hedge funds and other institutional investors own 74.03% of the company’s stock.

Analyst Ratings Changes

A number of analysts have recently issued reports on the company. Scotiabank reiterated an “outperform” rating on shares of Canadian Natural Resources in a report on Friday, July 11th. Raymond James Financial reiterated an “outperform” rating on shares of Canadian Natural Resources in a report on Friday, August 8th. Zacks Research upgraded Canadian Natural Resources from a “hold” rating to a “strong-buy” rating in a report on Tuesday, August 26th. Royal Bank Of Canada reiterated an “outperform” rating and set a $62.00 target price on shares of Canadian Natural Resources in a report on Wednesday, September 24th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Canadian Natural Resources in a report on Saturday, September 27th. One analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $62.00.

Canadian Natural Resources Stock Up 1.3%

NYSE CNQ opened at $31.84 on Friday. The stock has a market cap of $66.45 billion, a PE ratio of 11.29 and a beta of 0.97. Canadian Natural Resources Limited has a fifty-two week low of $24.65 and a fifty-two week high of $37.91. The business has a 50 day moving average price of $31.26 and a two-hundred day moving average price of $30.80. The company has a quick ratio of 0.54, a current ratio of 0.85 and a debt-to-equity ratio of 0.38.

Canadian Natural Resources (NYSE:CNQ) (TSE:CNQ) last released its quarterly earnings results on Thursday, August 7th. The oil and gas producer reported $0.51 earnings per share for the quarter, topping analysts’ consensus estimates of $0.44 by $0.07. The firm had revenue of $6.39 billion during the quarter, compared to analysts’ expectations of $8.97 billion. Canadian Natural Resources had a return on equity of 19.67% and a net margin of 19.00%.During the same quarter in the prior year, the business earned $0.88 EPS. As a group, sell-side analysts predict that Canadian Natural Resources Limited will post 2.45 EPS for the current fiscal year.

Canadian Natural Resources Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, October 3rd. Shareholders of record on Friday, September 19th were given a $0.4269 dividend. This represents a $1.71 dividend on an annualized basis and a dividend yield of 5.4%. The ex-dividend date of this dividend was Friday, September 19th. This is a positive change from Canadian Natural Resources’s previous quarterly dividend of $0.42. Canadian Natural Resources’s dividend payout ratio is currently 60.64%.

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).