First Republic Investment Management Inc. Invests $268,000 in Canadian Natural Resources Ltd (CNQ) Stock
First Republic Investment Management Inc. acquired a new position in Canadian Natural Resources Ltd (NYSE:CNQ) (TSE:CNQ) in the 1st quarter, HoldingsChannel.com reports. The firm acquired 9,733 shares of the oil and gas producer’s stock, valued at approximately $268,000.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in CNQ. Norges Bank purchased a new stake in Canadian Natural Resources in the 4th quarter worth approximately $290,220,000. Beutel Goodman & Co Ltd. lifted its holdings in Canadian Natural Resources by 33.6% in the 4th quarter. Beutel Goodman & Co Ltd. now owns 23,063,446 shares of the oil and gas producer’s stock worth $55,664,000 after buying an additional 5,794,865 shares during the period. Boston Partners lifted its holdings in Canadian Natural Resources by 2,253.4% in the 4th quarter. Boston Partners now owns 3,341,879 shares of the oil and gas producer’s stock worth $80,639,000 after buying an additional 3,199,874 shares during the period. ARGA Investment Management LP purchased a new stake in Canadian Natural Resources in the 4th quarter worth approximately $58,926,000. Finally, Two Sigma Investments LP lifted its stake in shares of Canadian Natural Resources by 1,136.2% in the 4th quarter. Two Sigma Investments LP now owns 1,958,528 shares of the oil and gas producer’s stock valued at $47,287,000 after purchasing an additional 1,800,095 shares during the period. Institutional investors and hedge funds own 68.69% of the company’s stock.
A number of brokerages have issued reports on CNQ. Edward Jones cut Canadian Natural Resources from a “buy” rating to a “hold” rating in a research note on Thursday, April 25th. Zacks Investment Research upgraded Canadian Natural Resources from a “hold” rating to a “strong-buy” rating and set a $32.00 price objective for the company in a research note on Wednesday, May 8th. Royal Bank of Canada reiterated an “average” rating and set a $45.00 price objective on shares of Canadian Natural Resources in a research note on Friday, May 10th. Raymond James reiterated a “buy” rating on shares of Canadian Natural Resources in a research note on Friday, May 10th. Finally, Mizuho began coverage on Canadian Natural Resources in a research note on Monday, March 11th. They set a “buy” rating and a $45.00 price objective for the company. Four investment analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus target price of $41.31.
Canadian Natural Resources (NYSE:CNQ) (TSE:CNQ) last posted its earnings results on Thursday, May 9th. The oil and gas producer reported $0.70 EPS for the quarter, topping the Zacks’ consensus estimate of $0.39 by $0.31. The business had revenue of $3.95 billion during the quarter, compared to analyst estimates of $3.73 billion. Canadian Natural Resources had a return on equity of 8.98% and a net margin of 13.50%. During the same quarter last year, the company earned $0.71 EPS. Equities research analysts forecast that Canadian Natural Resources Ltd will post 2.12 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, July 1st. Shareholders of record on Friday, June 14th will be issued a $0.2794 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 4.10%. The ex-dividend date of this dividend is Thursday, June 13th. Canadian Natural Resources’s payout ratio is 53.02%.
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Canadian Natural Resources Company Profile
Canadian Natural Resources Limited explores for, develops, produces, and markets crude oil, natural gas, and natural gas liquids (NGLs). The company offers synthetic crude oil (SCO), light and medium crude oil, bitumen (thermal oil), primary heavy crude oil, and Pelican Lake heavy crude oil. Its midstream assets include two crude oil pipeline systems; and a 50% working interest in an 84-megawatt cogeneration plant at Primrose.
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