Elevation Point Wealth Partners LLC lifted its stake in shares of Canadian Natural Resources Limited (NYSE:CNQ – Free Report) (TSE:CNQ) by 253.0% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 50,089 shares of the oil and gas producer’s stock after acquiring an additional 35,898 shares during the quarter. Elevation Point Wealth Partners LLC’s holdings in Canadian Natural Resources were worth $2,447,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in CNQ. AQR Capital Management LLC boosted its position in shares of Canadian Natural Resources by 85.5% in the first quarter. AQR Capital Management LLC now owns 18,090 shares of the oil and gas producer’s stock worth $557,000 after purchasing an additional 8,336 shares during the period. Jones Financial Companies Lllp raised its position in shares of Canadian Natural Resources by 92.7% during the 1st quarter. Jones Financial Companies Lllp now owns 29,096 shares of the oil and gas producer’s stock valued at $896,000 after purchasing an additional 13,996 shares during the period. Empowered Funds LLC raised its position in shares of Canadian Natural Resources by 4.3% during the 1st quarter. Empowered Funds LLC now owns 79,374 shares of the oil and gas producer’s stock valued at $2,445,000 after purchasing an additional 3,266 shares during the period. Geneos Wealth Management Inc. lifted its stake in shares of Canadian Natural Resources by 47.3% during the 1st quarter. Geneos Wealth Management Inc. now owns 1,644 shares of the oil and gas producer’s stock valued at $51,000 after buying an additional 528 shares in the last quarter. Finally, EverSource Wealth Advisors LLC lifted its stake in shares of Canadian Natural Resources by 65.5% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 4,513 shares of the oil and gas producer’s stock valued at $142,000 after buying an additional 1,786 shares in the last quarter. 74.03% of the stock is owned by hedge funds and other institutional investors.
Wall Street Analysts Forecast Growth
Several brokerages recently weighed in on CNQ. Zacks Research downgraded shares of Canadian Natural Resources from a “strong-buy” rating to a “hold” rating in a report on Monday, June 8th. Weiss Ratings cut Canadian Natural Resources from a “buy (b)” rating to a “buy (b-)” rating in a report on Monday, May 11th. Scotiabank upgraded Canadian Natural Resources to a “hold” rating in a research report on Friday, June 26th. Raymond James Financial raised Canadian Natural Resources from a “market perform” rating to an “outperform” rating in a research note on Thursday, May 7th. Finally, The Goldman Sachs Group increased their target price on Canadian Natural Resources from $37.00 to $49.00 and gave the stock a “buy” rating in a research report on Thursday, March 12th. Six investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $57.00.
Canadian Natural Resources Price Performance
CNQ stock opened at $39.63 on Friday. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.68 and a current ratio of 0.98. The company’s fifty day moving average price is $44.85 and its 200-day moving average price is $42.10. Canadian Natural Resources Limited has a one year low of $29.30 and a one year high of $51.34. The company has a market capitalization of $82.27 billion, a PE ratio of 11.83 and a beta of 0.47.
Canadian Natural Resources (NYSE:CNQ – Get Free Report) (TSE:CNQ) last posted its earnings results on Thursday, May 7th. The oil and gas producer reported $0.85 earnings per share for the quarter, beating the consensus estimate of $0.74 by $0.11. The company had revenue of $7.72 billion during the quarter, compared to analysts’ expectations of $7.57 billion. Canadian Natural Resources had a net margin of 22.04% and a return on equity of 17.49%. During the same period last year, the company posted $1.16 earnings per share. On average, equities analysts anticipate that Canadian Natural Resources Limited will post 4.2 EPS for the current fiscal year.
Canadian Natural Resources Announces Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 7th. Shareholders of record on Tuesday, June 23rd will be issued a dividend of $0.625 per share. This represents a $2.50 annualized dividend and a dividend yield of 6.3%. The ex-dividend date of this dividend is Tuesday, June 23rd. Canadian Natural Resources’s dividend payout ratio is 54.03%.
Canadian Natural Resources Company 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.
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