The Manufacturers Life Insurance Company Has $945.97 Million Position in Canadian Natural Resources Limited (NYSE:CNQ)

The Manufacturers Life Insurance Company lifted its stake in Canadian Natural Resources Limited (NYSE:CNQ) (TSE:CNQ) by 5.1% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 28,468,127 shares of the oil and gas producer’s stock after acquiring an additional 1,383,478 shares during the quarter. Canadian Natural Resources makes up 0.8% of The Manufacturers Life Insurance Company’s portfolio, making the stock its 15th biggest holding. The Manufacturers Life Insurance Company owned 1.35% of Canadian Natural Resources worth $945,965,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of CNQ. DRW Securities LLC acquired a new position in Canadian Natural Resources in the 3rd quarter worth about $3,758,000. Fisher Asset Management LLC grew its stake in shares of Canadian Natural Resources by 3.9% in the 3rd quarter. Fisher Asset Management LLC now owns 43,581,024 shares of the oil and gas producer’s stock valued at $1,447,326,000 after buying an additional 1,651,452 shares in the last quarter. Lane & Associates LLC increased its holdings in Canadian Natural Resources by 9.1% in the third quarter. Lane & Associates LLC now owns 7,674 shares of the oil and gas producer’s stock worth $255,000 after buying an additional 640 shares during the last quarter. Pitcairn Co. raised its position in Canadian Natural Resources by 1.3% during the third quarter. Pitcairn Co. now owns 36,390 shares of the oil and gas producer’s stock valued at $1,209,000 after acquiring an additional 475 shares in the last quarter. Finally, Algert Global LLC acquired a new stake in Canadian Natural Resources in the third quarter valued at approximately $1,520,000. 74.03% of the stock is currently owned by hedge funds and other institutional investors.

Canadian Natural Resources Price Performance

Shares of Canadian Natural Resources stock opened at $34.05 on Tuesday. 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 firm has a fifty day simple moving average of $34.62 and a 200-day simple moving average of $35.30. The stock has a market capitalization of $71.85 billion, a price-to-earnings ratio of 13.22 and a beta of 1.50. Canadian Natural Resources Limited has a 1-year low of $29.45 and a 1-year high of $41.29.

Canadian Natural Resources (NYSE:CNQ) (TSE:CNQ) last released its earnings results on Thursday, October 31st. The oil and gas producer reported $0.97 earnings per share for the quarter, topping analysts’ consensus estimates of $0.67 by $0.30. The firm had revenue of $7.62 billion during the quarter, compared to analyst estimates of $6.40 billion. Canadian Natural Resources had a net margin of 18.45% and a return on equity of 20.07%. During the same quarter in the previous year, the business earned $0.96 EPS. On average, sell-side analysts expect that Canadian Natural Resources Limited will post 2.47 earnings per share for the current year.

Canadian Natural Resources Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, January 3rd. Shareholders of record on Friday, December 13th will be issued a $0.388 dividend. The ex-dividend date of this dividend is Friday, December 13th. This represents a $1.55 dividend on an annualized basis and a yield of 4.56%. This is a positive change from Canadian Natural Resources’s previous quarterly dividend of $0.38. Canadian Natural Resources’s dividend payout ratio (DPR) is 60.58%.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on the stock. StockNews.com downgraded shares of Canadian Natural Resources from a “buy” rating to a “hold” rating in a report on Friday, August 23rd. Desjardins raised Canadian Natural Resources from a “hold” rating to a “moderate buy” rating in a research report on Tuesday, October 8th. Five research analysts have rated the stock with a hold rating, Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $51.00.

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).