Canadian Natural Resources Limited (NYSE:CNQ) Shares Sold by Wellington Management Group LLP

Wellington Management Group LLP reduced its position in Canadian Natural Resources Limited (NYSE:CNQ) (TSE:CNQ) by 1.2% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 10,790,154 shares of the oil and gas producer’s stock after selling 136,051 shares during the quarter. Wellington Management Group LLP’s holdings in Canadian Natural Resources were worth $333,082,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the business. Vanguard Group Inc. grew its position in Canadian Natural Resources by 0.5% during the 4th quarter. Vanguard Group Inc. now owns 90,002,235 shares of the oil and gas producer’s stock worth $2,778,729,000 after purchasing an additional 456,814 shares during the last quarter. Fisher Asset Management LLC grew its holdings in shares of Canadian Natural Resources by 1.3% during the fourth quarter. Fisher Asset Management LLC now owns 44,131,266 shares of the oil and gas producer’s stock worth $1,362,332,000 after buying an additional 550,242 shares during the last quarter. CIBC Asset Management Inc increased its position in Canadian Natural Resources by 5.6% in the 4th quarter. CIBC Asset Management Inc now owns 24,109,432 shares of the oil and gas producer’s stock valued at $746,025,000 after acquiring an additional 1,270,945 shares during the period. JPMorgan Chase & Co. raised its stake in Canadian Natural Resources by 4.5% during the 4th quarter. JPMorgan Chase & Co. now owns 13,893,962 shares of the oil and gas producer’s stock valued at $428,907,000 after acquiring an additional 603,314 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. lifted its position in Canadian Natural Resources by 31.6% during the 4th 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 during the period. 74.03% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on CNQ. Tudor Pickering cut Canadian Natural Resources from a “strong-buy” rating to a “hold” rating in a research note on Monday, February 10th. Evercore ISI upgraded shares of Canadian Natural Resources from an “in-line” rating to an “outperform” rating in a research report on Friday, March 7th. Raymond James reiterated a “market perform” rating on shares of Canadian Natural Resources in a research note on Friday, March 7th. Royal Bank of Canada restated an “outperform” rating and issued a $63.00 price objective on shares of Canadian Natural Resources in a research report on Thursday, March 27th. Finally, Scotiabank upgraded Canadian Natural Resources from a “sector perform” rating to a “sector outperform” rating in a research report on Wednesday, March 19th. Four analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $63.00.

Canadian Natural Resources Stock Performance

Shares of CNQ opened at $31.32 on Wednesday. The company has a market capitalization of $65.79 billion, a PE ratio of 12.16 and a beta of 1.48. Canadian Natural Resources Limited has a 52-week low of $25.62 and a 52-week high of $41.29. The company has a 50-day simple moving average of $29.97 and a 200-day simple moving average of $32.12. The company has a quick ratio of 0.53, a current ratio of 0.84 and a debt-to-equity ratio of 0.21.

Canadian Natural Resources Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, April 4th. Stockholders of record on Friday, March 21st will be paid a dividend of $0.4117 per share. This is a positive change 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 5.26%. Canadian Natural Resources’s payout ratio is 77.88%.

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).