Korea Investment CORP Reduces Stake in Canadian Natural Resources Limited (NYSE:CNQ)

Korea Investment CORP lessened its stake in shares of Canadian Natural Resources Limited (NYSE:CNQ) (TSE:CNQ) by 31.0% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,395,260 shares of the oil and gas producer’s stock after selling 626,497 shares during the quarter. Korea Investment CORP’s holdings in Canadian Natural Resources were worth $43,055,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of CNQ. Duncker Streett & Co. Inc. purchased a new position in Canadian Natural Resources during the fourth quarter valued at approximately $25,000. Lee Danner & Bass Inc. purchased a new position in shares of Canadian Natural Resources during the 4th quarter valued at $25,000. Continuum Advisory LLC grew its position in shares of Canadian Natural Resources by 144.1% during the 3rd quarter. Continuum Advisory LLC now owns 830 shares of the oil and gas producer’s stock valued at $28,000 after purchasing an additional 490 shares in the last quarter. Sandy Spring Bank bought a new position in shares of Canadian Natural Resources in the fourth quarter worth $31,000. Finally, CoreFirst Bank & Trust purchased a new stake in shares of Canadian Natural Resources in the fourth quarter worth $31,000. 74.03% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on CNQ. Raymond James restated a “market perform” rating on shares of Canadian Natural Resources in a research note on Friday, March 7th. Tudor Pickering cut shares of Canadian Natural Resources from a “strong-buy” rating to a “hold” rating in a research report on Monday, February 10th. Royal Bank of Canada reiterated an “outperform” rating and set a $63.00 target price on shares of Canadian Natural Resources in a research report on Thursday. 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. Finally, Scotiabank upgraded shares of Canadian Natural Resources from a “sector perform” rating to a “sector outperform” rating in a research report on Wednesday, March 19th. Four research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat, Canadian Natural Resources has an average rating of “Hold” and a consensus target price of $63.00.

Canadian Natural Resources Stock Performance

Shares of CNQ stock opened at $30.93 on Friday. The company has a market capitalization of $64.97 billion, a P/E ratio of 12.01 and a beta of 1.48. Canadian Natural Resources Limited has a fifty-two week low of $25.62 and a fifty-two week high of $41.29. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.53 and a current ratio of 0.84. The stock has a 50 day moving average price of $29.99 and a two-hundred day moving average price of $32.16.

Canadian Natural Resources Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, April 4th. Shareholders of record on Friday, March 21st will be given a dividend of $0.4117 per share. The ex-dividend date of this dividend is Friday, March 21st. This represents a $1.65 annualized dividend and a yield of 5.32%. This is a boost from Canadian Natural Resources’s previous quarterly dividend of $0.39. Canadian Natural Resources’s dividend payout ratio is presently 77.88%.

About Canadian Natural Resources

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).