Ninepoint Partners LP Reduces Stake in Canadian Natural Resources Limited (NYSE:CNQ)

Ninepoint Partners LP lessened its stake in shares of Canadian Natural Resources Limited (NYSE:CNQ) (TSE:CNQ) by 47.7% during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,885,899 shares of the oil and gas producer’s stock after selling 1,717,207 shares during the period. Canadian Natural Resources comprises approximately 8.5% of Ninepoint Partners LP’s investment portfolio, making the stock its 3rd largest holding. Ninepoint Partners LP’s holdings in Canadian Natural Resources were worth $58,218,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of CNQ. Assenagon Asset Management S.A. raised its holdings in Canadian Natural Resources by 6,902.0% during the fourth quarter. Assenagon Asset Management S.A. now owns 3,652,855 shares of the oil and gas producer’s stock worth $112,763,000 after acquiring an additional 3,600,686 shares in the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp raised its holdings in Canadian Natural Resources by 73.3% during the third quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 7,834,264 shares of the oil and gas producer’s stock worth $260,116,000 after acquiring an additional 3,312,442 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. raised its holdings in Canadian Natural Resources by 31.6% during the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 13,433,797 shares of the oil and gas producer’s stock worth $414,223,000 after acquiring an additional 3,224,548 shares in the last quarter. National Bank of Canada FI raised its holdings in Canadian Natural Resources by 63.5% during the third quarter. National Bank of Canada FI now owns 8,233,388 shares of the oil and gas producer’s stock worth $273,417,000 after acquiring an additional 3,198,007 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its holdings in Canadian Natural Resources by 87.0% during the fourth quarter. Bank of New York Mellon Corp now owns 4,437,771 shares of the oil and gas producer’s stock worth $136,994,000 after acquiring an additional 2,064,492 shares in the last quarter. Institutional investors own 74.03% of the company’s stock.

Canadian Natural Resources Price Performance

Canadian Natural Resources stock opened at $29.40 on Friday. Canadian Natural Resources Limited has a 12 month low of $25.62 and a 12 month high of $41.29. The stock’s 50 day moving average is $30.25 and its 200-day moving average is $32.43. The company has a current ratio of 0.84, a quick ratio of 0.53 and a debt-to-equity ratio of 0.21. The company has a market capitalization of $61.76 billion, a price-to-earnings ratio of 11.42 and a beta of 1.48.

Canadian Natural Resources Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, April 4th. Stockholders of record on Friday, March 21st will be given a $0.4117 dividend. This is an increase from Canadian Natural Resources’s previous quarterly dividend of $0.39. The ex-dividend date is Friday, March 21st. This represents a $1.65 annualized dividend and a dividend yield of 5.60%. Canadian Natural Resources’s dividend payout ratio is presently 77.88%.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on CNQ. Raymond James reissued a “market perform” rating on shares of Canadian Natural Resources in a research report on Friday, March 7th. Evercore ISI raised Canadian Natural Resources from an “in-line” rating to an “outperform” rating in a research report on Friday, March 7th. Tudor Pickering downgraded Canadian Natural Resources from a “strong-buy” rating to a “hold” rating in a research report on Monday, February 10th. Finally, Royal Bank of Canada boosted their price target on Canadian Natural Resources from $62.00 to $63.00 and gave the stock an “outperform” rating in a research report on Friday, March 7th. Five research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $63.00.

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).