Renaissance Technologies LLC Raises Stake in Canadian Natural Resources Limited (NYSE:CNQ)

Renaissance Technologies LLC grew its holdings in Canadian Natural Resources Limited (NYSE:CNQ) (TSE:CNQ) by 16.4% in the second quarter, according to its most recent disclosure with the SEC. The fund owned 1,437,796 shares of the oil and gas producer’s stock after buying an additional 203,096 shares during the period. Renaissance Technologies LLC’s holdings in Canadian Natural Resources were worth $51,186,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in CNQ. TD Asset Management Inc raised its stake in Canadian Natural Resources by 96.2% during the 2nd quarter. TD Asset Management Inc now owns 42,518,833 shares of the oil and gas producer’s stock valued at $1,514,190,000 after acquiring an additional 20,843,193 shares during the last quarter. Yacktman Asset Management LP raised its stake in shares of Canadian Natural Resources by 95.9% during the second quarter. Yacktman Asset Management LP now owns 29,456,746 shares of the oil and gas producer’s stock worth $1,048,660,000 after purchasing an additional 14,418,835 shares during the last quarter. CIBC Asset Management Inc lifted its holdings in shares of Canadian Natural Resources by 93.6% during the second quarter. CIBC Asset Management Inc now owns 22,916,027 shares of the oil and gas producer’s stock worth $815,751,000 after purchasing an additional 11,077,189 shares during the period. Capital International Investors grew its position in Canadian Natural Resources by 103.3% in the 4th quarter. Capital International Investors now owns 9,819,333 shares of the oil and gas producer’s stock valued at $643,348,000 after buying an additional 4,989,634 shares during the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund acquired a new position in Canadian Natural Resources in the 1st quarter valued at $305,258,000. Institutional investors and hedge funds own 74.03% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the stock. Wolfe Research assumed coverage on shares of Canadian Natural Resources in a report on Thursday, July 18th. They issued a “peer perform” rating on the stock. Raymond James raised Canadian Natural Resources to a “hold” rating in a report on Tuesday, May 28th. Scotiabank reissued a “sector perform” rating on shares of Canadian Natural Resources in a research note on Tuesday, June 11th. Finally, StockNews.com downgraded Canadian Natural Resources from a “buy” rating to a “hold” rating in a research note on Friday, August 23rd. Six analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $49.50.

Canadian Natural Resources Trading Up 1.6 %

Shares of CNQ opened at $32.85 on Wednesday. The firm’s 50-day moving average is $34.95 and its two-hundred day moving average is $36.46. Canadian Natural Resources Limited has a twelve month low of $29.45 and a twelve month high of $41.29. The company has a current ratio of 0.88, a quick ratio of 0.59 and a debt-to-equity ratio of 0.24. The firm has a market capitalization of $69.90 billion, a P/E ratio of 13.09 and a beta of 1.51.

Canadian Natural Resources (NYSE:CNQ) (TSE:CNQ) last released its quarterly earnings data on Thursday, August 1st. The oil and gas producer reported $0.88 earnings per share for the quarter, beating the consensus estimate of $0.62 by $0.26. The firm had revenue of $7.76 billion during the quarter, compared to the consensus estimate of $6.19 billion. Canadian Natural Resources had a return on equity of 22.09% and a net margin of 18.05%. During the same period last year, the business posted $0.43 EPS. On average, research analysts predict that Canadian Natural Resources Limited will post 2.49 earnings per share for the current fiscal year.

Canadian Natural Resources Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, October 4th. Stockholders of record on Friday, September 13th will be paid a dividend of $0.384 per share. This represents a $1.54 annualized dividend and a dividend yield of 4.68%. The ex-dividend date is Friday, September 13th. Canadian Natural Resources’s dividend payout ratio (DPR) is presently 61.75%.

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).