Burgundy Asset Management Ltd. Grows Stock Holdings in Canadian Natural Resources Limited $CNQ

Burgundy Asset Management Ltd. lifted its position in Canadian Natural Resources Limited (NYSE:CNQ) (TSE:CNQ) by 18.6% in the third quarter, Holdings Channel.com reports. The firm owned 89,097 shares of the oil and gas producer’s stock after purchasing an additional 13,962 shares during the quarter. Burgundy Asset Management Ltd.’s holdings in Canadian Natural Resources were worth $2,820,000 at the end of the most recent reporting period.

Other institutional investors have also recently modified their holdings of the company. Picton Mahoney Asset Management bought a new stake in Canadian Natural Resources in the 2nd quarter worth approximately $162,575,000. Vanguard Group Inc. raised its stake in shares of Canadian Natural Resources by 3.4% during the second quarter. Vanguard Group Inc. now owns 90,742,099 shares of the oil and gas producer’s stock worth $2,852,024,000 after acquiring an additional 3,003,542 shares in the last quarter. Geode Capital Management LLC lifted its holdings in shares of Canadian Natural Resources by 19.8% in the 2nd quarter. Geode Capital Management LLC now owns 17,146,792 shares of the oil and gas producer’s stock worth $548,214,000 after acquiring an additional 2,832,155 shares during the last quarter. The Manufacturers Life Insurance Company boosted its stake in shares of Canadian Natural Resources by 10.3% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 27,359,777 shares of the oil and gas producer’s stock valued at $855,414,000 after purchasing an additional 2,546,233 shares in the last quarter. Finally, Fisher Asset Management LLC boosted its stake in shares of Canadian Natural Resources by 4.5% in the 2nd quarter. Fisher Asset Management LLC now owns 47,939,585 shares of the oil and gas producer’s stock valued at $1,505,303,000 after purchasing an additional 2,051,714 shares in the last quarter. 74.03% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

CNQ has been the topic of a number of analyst reports. Zacks Research cut shares of Canadian Natural Resources from a “strong-buy” rating to a “hold” rating in a research report on Friday, December 19th. The Goldman Sachs Group set a $35.00 price objective on Canadian Natural Resources and gave the stock a “buy” rating in a report on Friday, January 2nd. Wall Street Zen upgraded Canadian Natural Resources from a “sell” rating to a “hold” rating in a report on Saturday, January 31st. Desjardins lowered Canadian Natural Resources from a “buy” rating to a “hold” rating in a research report on Monday, November 24th. Finally, Evercore downgraded Canadian Natural Resources from an “outperform” rating to an “in-line” rating in a research report on Tuesday, January 6th. Five investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $48.50.

Canadian Natural Resources Price Performance

Shares of CNQ stock opened at $44.18 on Thursday. The company has a debt-to-equity ratio of 0.41, a quick ratio of 0.53 and a current ratio of 0.86. Canadian Natural Resources Limited has a fifty-two week low of $24.65 and a fifty-two week high of $45.85. The firm has a market cap of $92.10 billion, a P/E ratio of 19.55 and a beta of 0.63. The business’s 50 day moving average price is $37.33 and its 200-day moving average price is $33.89.

Canadian Natural Resources Profile

Canadian Natural Resources Limited (NYSE: CNQ) is a Calgary-based independent oil and natural gas exploration and production company. Established in the early 1970s and publicly listed in Canada and the United States, the company is principally engaged in the exploration, development, production, and marketing of crude oil, natural gas and natural gas liquids. Its asset base spans conventional and unconventional reservoirs and includes oil sands mining and in-situ thermal projects, midstream processing and upgrading capacity, and related field operations.

The company’s operations are concentrated in Western Canada, where it develops heavy crude, bitumen from oil sands and conventional light crude and natural gas resources.