NewEdge Wealth LLC Raises Stake in Canadian Natural Resources Limited $CNQ

NewEdge Wealth LLC increased its holdings in shares of Canadian Natural Resources Limited (NYSE:CNQ) (TSE:CNQ) by 6.4% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,134,241 shares of the oil and gas producer’s stock after acquiring an additional 68,421 shares during the period. NewEdge Wealth LLC owned approximately 0.05% of Canadian Natural Resources worth $55,272,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. TD Waterhouse Canada Inc. raised its stake in Canadian Natural Resources by 4.9% during the fourth quarter. TD Waterhouse Canada Inc. now owns 6,758,445 shares of the oil and gas producer’s stock valued at $228,729,000 after buying an additional 315,460 shares during the last quarter. Barometer Capital Management Inc. purchased a new position in shares of Canadian Natural Resources in the 1st quarter worth about $6,198,000. Novem Group purchased a new position in shares of Canadian Natural Resources in the 4th quarter worth about $1,270,000. Bleakley Financial Group LLC boosted its stake in Canadian Natural Resources by 59.8% in the 4th quarter. Bleakley Financial Group LLC now owns 78,161 shares of the oil and gas producer’s stock worth $2,646,000 after purchasing an additional 29,249 shares in the last quarter. Finally, WCM Investment Management LLC grew its position in Canadian Natural Resources by 22.4% during the 1st quarter. WCM Investment Management LLC now owns 5,122,209 shares of the oil and gas producer’s stock valued at $252,883,000 after purchasing an additional 938,210 shares during the last quarter. Institutional investors own 74.03% of the company’s stock.

Analyst Ratings Changes

CNQ has been the subject of several recent analyst reports. Desjardins raised shares of Canadian Natural Resources to a “hold” rating in a report on Thursday, July 16th. Weiss Ratings lowered shares of 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 note on Friday, June 26th. Raymond James Financial upgraded Canadian Natural Resources from a “market perform” rating to an “outperform” rating in a research note on Thursday, May 7th. Finally, Zacks Research cut Canadian Natural Resources from a “strong-buy” rating to a “hold” rating in a research report on Monday, June 8th. Six investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $57.00.

Canadian Natural Resources Trading Up 2.0%

Shares of CNQ stock opened at $45.81 on Thursday. The company has a current ratio of 0.98, a quick ratio of 0.68 and a debt-to-equity ratio of 0.37. Canadian Natural Resources Limited has a 12-month low of $29.30 and a 12-month high of $51.34. The stock has a market capitalization of $95.09 billion, a P/E ratio of 13.68 and a beta of 0.47. The firm’s 50 day moving average is $44.00 and its 200 day moving average is $43.09.

Canadian Natural Resources (NYSE:CNQ) (TSE:CNQ) last announced its earnings results on Thursday, May 7th. The oil and gas producer reported $0.85 earnings per share for the quarter, beating analysts’ consensus estimates of $0.74 by $0.11. The business had revenue of $7.72 billion during the quarter, compared to analyst estimates 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 in the previous year, the business earned $1.16 EPS. Research analysts expect that Canadian Natural Resources Limited will post 4.2 earnings per share for the current year.

Canadian Natural Resources Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, July 7th. Investors of record on Tuesday, June 23rd were issued a $0.625 dividend. The ex-dividend date of this dividend was Tuesday, June 23rd. This represents a $2.50 dividend on an annualized basis and a dividend yield of 5.5%. Canadian Natural Resources’s dividend payout ratio (DPR) is presently 54.03%.

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.