NewEdge Wealth LLC Acquires 31,154 Shares of Canadian Natural Resources Limited $CNQ

NewEdge Wealth LLC increased its stake in Canadian Natural Resources Limited (NYSE:CNQ) (TSE:CNQ) by 3.1% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,042,659 shares of the oil and gas producer’s stock after purchasing an additional 31,154 shares during the period. NewEdge Wealth LLC owned approximately 0.05% of Canadian Natural Resources worth $33,240,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Picton Mahoney Asset Management purchased a new position in shares of Canadian Natural Resources in the 2nd quarter worth about $162,575,000. Vanguard Group Inc. grew its holdings in shares of Canadian Natural Resources by 3.4% in 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 purchasing an additional 3,003,542 shares during the last quarter. Geode Capital Management LLC grew its holdings in 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 grew its stake in shares of Canadian Natural Resources by 10.3% in the second quarter. The Manufacturers Life Insurance Company now owns 27,359,777 shares of the oil and gas producer’s stock worth $855,414,000 after purchasing an additional 2,546,233 shares during the last quarter. Finally, Fisher Asset Management LLC grew its position 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 worth $1,505,303,000 after buying an additional 2,051,714 shares during the last quarter. 74.03% of the stock is currently owned by hedge funds and other institutional investors.

Canadian Natural Resources Stock Up 2.8%

CNQ opened at $41.73 on Thursday. The stock has a market capitalization of $86.87 billion, a price-to-earnings ratio of 18.46 and a beta of 0.68. The firm has a 50 day moving average price of $35.15 and a 200-day moving average price of $33.00. Canadian Natural Resources Limited has a twelve month low of $24.65 and a twelve month high of $41.87. The company has a quick ratio of 0.53, a current ratio of 0.86 and a debt-to-equity ratio of 0.41.

Wall Street Analysts Forecast Growth

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

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.