HITE Hedge Asset Management LLC Buys Shares of 155,285 Canadian Natural Resources Limited (NYSE:CNQ)

HITE Hedge Asset Management LLC bought a new stake in Canadian Natural Resources Limited (NYSE:CNQ - Free Report) TSE: CNQ during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 155,285 shares of the oil and gas producer's stock, valued at approximately $4,794,000.

A number of other hedge funds have also made changes to their positions in the business. FMR LLC raised its position in Canadian Natural Resources by 8.7% in the fourth quarter. FMR LLC now owns 92,550,104 shares of the oil and gas producer's stock valued at $2,857,337,000 after purchasing an additional 7,372,718 shares during the period. Vanguard Group Inc. grew its position in Canadian Natural Resources by 0.5% in the fourth quarter. Vanguard Group Inc. now owns 90,002,235 shares of the oil and gas producer's stock valued at $2,778,729,000 after acquiring an additional 456,814 shares in the last quarter. Fisher Asset Management LLC lifted its position 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 purchasing an additional 550,242 shares in the last quarter. Canada Pension Plan Investment Board increased its stake in Canadian Natural Resources by 5.3% during the 4th quarter. Canada Pension Plan Investment Board now owns 36,963,702 shares of the oil and gas producer's stock worth $1,139,753,000 after buying an additional 1,844,700 shares during the period. Finally, CIBC Asset Management Inc boosted 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 buying an additional 1,270,945 shares during the last quarter. Hedge funds and other institutional investors own 74.03% of the company's stock.

Canadian Natural Resources Stock Performance

Shares of Canadian Natural Resources stock traded down $0.17 on Wednesday, reaching $29.15. 3,202,067 shares of the company were exchanged, compared to its average volume of 5,398,121. Canadian Natural Resources Limited has a 1-year low of $24.65 and a 1-year high of $39.20. The firm has a market cap of $61.15 billion, a price-to-earnings ratio of 11.32 and a beta of 1.10. 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 company's 50-day moving average is $28.97 and its two-hundred day moving average is $31.44.

Canadian Natural Resources Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, April 4th. Investors of record on Friday, March 21st were issued a $0.4117 dividend. This represents a $1.65 dividend on an annualized basis and a dividend yield of 5.65%. The ex-dividend date of this dividend was Friday, March 21st. This is a boost from Canadian Natural Resources's previous quarterly dividend of $0.39. Canadian Natural Resources's dividend payout ratio (DPR) is 77.88%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the company. Raymond James upgraded Canadian Natural Resources from a "market perform" rating to an "outperform" rating in a research note on Wednesday, April 9th. Tudor Pickering lowered shares of Canadian Natural Resources from a "strong-buy" rating to a "hold" rating in a report on Monday, February 10th. Scotiabank upgraded shares of Canadian Natural Resources from a "sector perform" rating to a "sector outperform" rating in a research note on Wednesday, March 19th. Evercore ISI raised Canadian Natural Resources from an "in-line" rating to an "outperform" rating in a report on Friday, March 7th. Finally, Royal Bank of Canada restated an "outperform" rating and set a $63.00 price objective on shares of Canadian Natural Resources in a research note on Thursday, March 27th. Three investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, Canadian Natural Resources currently has a consensus rating of "Moderate Buy" 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).