Burkett Asset Management Ltd Buys New Shares in Canadian Natural Resources Limited $CNQ

Burkett Asset Management Ltd bought a new stake in Canadian Natural Resources Limited (NYSE:CNQ) (TSE:CNQ) during the fourth quarter, HoldingsChannel reports. The firm bought 118,568 shares of the oil and gas producer’s stock, valued at approximately $4,022,000. Canadian Natural Resources comprises about 4.1% of Burkett Asset Management Ltd’s holdings, making the stock its 9th largest holding.

Other hedge funds and other institutional investors have also modified their holdings of the company. Ted Buchan & Co raised its stake in Canadian Natural Resources by 0.6% in the fourth quarter. Ted Buchan & Co now owns 43,814 shares of the oil and gas producer’s stock valued at $1,483,000 after buying an additional 260 shares during the period. FDx Advisors Inc. raised its stake in Canadian Natural Resources by 2.7% in the fourth quarter. FDx Advisors Inc. now owns 10,312 shares of the oil and gas producer’s stock valued at $349,000 after buying an additional 270 shares during the period. Tacita Capital Inc raised its stake in Canadian Natural Resources by 6.1% in the third quarter. Tacita Capital Inc now owns 5,753 shares of the oil and gas producer’s stock valued at $184,000 after buying an additional 330 shares during the period. Gateway Investment Advisers LLC raised its stake in Canadian Natural Resources by 1.3% in the fourth quarter. Gateway Investment Advisers LLC now owns 26,486 shares of the oil and gas producer’s stock valued at $897,000 after buying an additional 330 shares during the period. Finally, Rathbones Group PLC raised its stake in Canadian Natural Resources by 1.3% in the fourth quarter. Rathbones Group PLC now owns 26,308 shares of the oil and gas producer’s stock valued at $892,000 after buying an additional 350 shares during the period. Institutional investors and hedge funds own 74.03% of the company’s stock.

Canadian Natural Resources Price Performance

Canadian Natural Resources stock opened at $45.47 on Friday. Canadian Natural Resources Limited has a 12 month low of $29.30 and a 12 month high of $51.34. The stock’s 50 day moving average is $46.48 and its 200-day moving average is $41.34. The company has a current ratio of 0.98, a quick ratio of 0.68 and a debt-to-equity ratio of 0.37. The company has a market capitalization of $94.64 billion, a price-to-earnings ratio of 13.57 and a beta of 0.45.

Canadian Natural Resources (NYSE:CNQ) (TSE:CNQ) last posted its earnings results on Thursday, May 7th. The oil and gas producer reported $0.85 EPS for the quarter, beating the consensus estimate of $0.74 by $0.11. Canadian Natural Resources had a return on equity of 17.49% and a net margin of 22.04%.The company had revenue of $7.72 billion for the quarter, compared to the consensus estimate of $7.57 billion. During the same quarter in the prior year, the business earned $1.16 earnings per share. Equities research analysts expect that Canadian Natural Resources Limited will post 4.2 EPS for the current year.

Canadian Natural Resources Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, July 7th. Stockholders of record on Tuesday, June 23rd will be given a $0.625 dividend. The ex-dividend date of this dividend is Tuesday, June 23rd. This represents a $2.50 annualized dividend and a dividend yield of 5.5%. Canadian Natural Resources’s dividend payout ratio is presently 54.03%.

Analysts Set New Price Targets

CNQ has been the topic of several research analyst reports. Raymond James Financial upgraded Canadian Natural Resources from a “market perform” rating to an “outperform” rating in a research note on Thursday, May 7th. ATB Cormark Capital Markets lowered Canadian Natural Resources from a “strong-buy” rating to a “moderate buy” rating in a research note on Thursday, March 5th. The Goldman Sachs Group upped their price objective on Canadian Natural Resources from $37.00 to $49.00 and gave the company a “buy” rating in a research note on Thursday, March 12th. Scotiabank restated an “outperform” rating on shares of Canadian Natural Resources in a research note on Wednesday, May 20th. Finally, Zacks Research lowered Canadian Natural Resources from a “strong-buy” rating to a “hold” rating in a research note on Monday. Seven equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat.com, Canadian Natural Resources presently has an average rating of “Moderate Buy” and an average target price of $57.00.

About Canadian Natural Resources

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.