Cadence Wealth Management LLC Increases Stock Holdings in Canadian Natural Resources Limited (NYSE:CNQ)

Cadence Wealth Management LLC increased its holdings in Canadian Natural Resources Limited (NYSE:CNQ) (TSE:CNQ) by 4.5% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 6,776 shares of the oil and gas producer’s stock after purchasing an additional 292 shares during the quarter. Canadian Natural Resources accounts for about 0.3% of Cadence Wealth Management LLC’s holdings, making the stock its 24th largest holding. Cadence Wealth Management LLC’s holdings in Canadian Natural Resources were worth $444,000 as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of the business. The Manufacturers Life Insurance Company raised its holdings in Canadian Natural Resources by 15.8% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 12,852,785 shares of the oil and gas producer’s stock worth $837,145,000 after purchasing an additional 1,750,013 shares during the period. Toronto Dominion Bank raised its holdings in Canadian Natural Resources by 4.0% in the 3rd quarter. Toronto Dominion Bank now owns 11,642,676 shares of the oil and gas producer’s stock worth $752,932,000 after purchasing an additional 442,986 shares during the period. Healthcare of Ontario Pension Plan Trust Fund raised its holdings in Canadian Natural Resources by 43.2% in the 3rd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 7,640,000 shares of the oil and gas producer’s stock worth $494,262,000 after purchasing an additional 2,305,000 shares during the period. Morgan Stanley increased its stake in Canadian Natural Resources by 33.4% during the 3rd quarter. Morgan Stanley now owns 7,311,061 shares of the oil and gas producer’s stock worth $472,806,000 after buying an additional 1,831,015 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. increased its stake in Canadian Natural Resources by 32.5% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 7,066,855 shares of the oil and gas producer’s stock worth $456,999,000 after buying an additional 1,733,988 shares in the last quarter. Institutional investors and hedge funds own 74.03% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on CNQ shares. JPMorgan Chase & Co. boosted their price objective on Canadian Natural Resources from $101.00 to $102.00 and gave the stock a “neutral” rating in a research note on Thursday, January 11th. Desjardins lowered Canadian Natural Resources from a “buy” rating to a “hold” rating in a research note on Tuesday, April 23rd. Six investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $94.00.

Canadian Natural Resources Price Performance

Shares of CNQ stock traded up $0.63 during trading hours on Friday, reaching $77.97. The company had a trading volume of 1,599,385 shares, compared to its average volume of 4,195,675. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.69 and a current ratio of 0.96. The stock has a fifty day moving average of $74.12 and a 200-day moving average of $67.81. The company has a market capitalization of $83.59 billion, a price-to-earnings ratio of 14.07 and a beta of 1.54. Canadian Natural Resources Limited has a 12-month low of $52.66 and a 12-month high of $82.58.

Canadian Natural Resources (NYSE:CNQ) (TSE:CNQ) last posted its quarterly earnings results on Thursday, February 29th. The oil and gas producer reported $1.72 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.59 by $0.13. The business had revenue of $7.02 billion during the quarter, compared to analyst estimates of $6.73 billion. Canadian Natural Resources had a return on equity of 21.74% and a net margin of 20.15%. On average, equities analysts anticipate that Canadian Natural Resources Limited will post 5.71 earnings per share for the current year.

Canadian Natural Resources Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, April 5th. Investors of record on Friday, March 15th were given a $0.774 dividend. This represents a $3.10 annualized dividend and a yield of 3.97%. This is a positive change from Canadian Natural Resources’s previous quarterly dividend of $0.72. The ex-dividend date was Thursday, March 14th. Canadian Natural Resources’s dividend payout ratio is presently 53.25%.

About Canadian Natural Resources

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).