Bank of New York Mellon Corp Has $61.26 Million Stock Position in Canadian Natural Resources Limited (NYSE:CNQ)

Posted by on Mar 10th, 2023

Bank of New York Mellon Corp cut its position in Canadian Natural Resources Limited (NYSE:CNQ – Get Rating) (TSE:CNQ) by 1.8% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,315,484 shares of the oil and gas producer’s stock after selling 23,550 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.12% of Canadian Natural Resources worth $61,262,000 at the end of the most recent reporting period.

Several other institutional investors have also recently bought and sold shares of CNQ. Brandywine Global Investment Management LLC increased its stake in shares of Canadian Natural Resources by 0.7% in the third quarter. Brandywine Global Investment Management LLC now owns 677,498 shares of the oil and gas producer’s stock worth $31,496,000 after purchasing an additional 5,020 shares during the period. Commonwealth Equity Services LLC increased its position in Canadian Natural Resources by 82.1% in the 3rd quarter. Commonwealth Equity Services LLC now owns 28,594 shares of the oil and gas producer’s stock worth $1,331,000 after buying an additional 12,889 shares during the period. Barometer Capital Management Inc. acquired a new position in shares of Canadian Natural Resources during the third quarter worth approximately $694,000. Guardian Capital Advisors LP boosted its position in shares of Canadian Natural Resources by 2.6% in the third quarter. Guardian Capital Advisors LP now owns 298,815 shares of the oil and gas producer’s stock valued at $15,823,000 after acquiring an additional 7,709 shares during the period. Finally, Guardian Capital LP grew its stake in shares of Canadian Natural Resources by 1.6% in the third quarter. Guardian Capital LP now owns 2,213,194 shares of the oil and gas producer’s stock worth $103,572,000 after acquiring an additional 35,039 shares during the last quarter. Institutional investors own 70.92% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts recently commented on the stock. StockNews.com cut shares of Canadian Natural Resources from a “buy” rating to a “hold” rating in a research note on Monday, December 5th. The Goldman Sachs Group raised Canadian Natural Resources from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $62.00 to $69.00 in a research report on Monday, November 21st. TD Securities upped their price target on Canadian Natural Resources from C$92.00 to C$97.00 in a report on Thursday, December 1st. National Bank Financial raised their price objective on Canadian Natural Resources from C$88.00 to C$105.00 in a research report on Thursday, December 1st. Finally, Scotiabank lowered their price objective on Canadian Natural Resources from C$91.00 to C$86.00 in a research report on Tuesday, January 17th. Five investment analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $91.75.

Canadian Natural Resources Price Performance

Shares of CNQ stock opened at $57.35 on Friday. The stock’s fifty day simple moving average is $57.79 and its 200 day simple moving average is $56.53. Canadian Natural Resources Limited has a one year low of $44.45 and a one year high of $70.60. The firm has a market cap of $63.21 billion, a price-to-earnings ratio of 7.81, a P/E/G ratio of 0.74 and a beta of 1.57. The company has a debt-to-equity ratio of 0.29, a current ratio of 0.82 and a quick ratio of 0.61.

Canadian Natural Resources Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, April 5th. Stockholders of record on Friday, March 17th will be paid a $0.676 dividend. This represents a $2.70 annualized dividend and a dividend yield of 4.71%. The ex-dividend date is Thursday, March 16th. This is an increase from Canadian Natural Resources’s previous quarterly dividend of $0.62. Canadian Natural Resources’s payout ratio is currently 34.47%.

Canadian Natural Resources Company Profile

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Canadian Natural Resources Ltd. is an oil and natural gas production company, which engages in the exploration, development, marketing, and production of crude oil and natural gas. It operates through the following segments: Oil Sands Mining & Upgrading, Midstream & Refining, and Exploration & Production.

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Institutional Ownership by Quarter for Canadian Natural Resources (NYSE:CNQ)

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