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

NewEdge Wealth LLC grew its holdings in Canadian Natural Resources Limited (NYSE:CNQ) (TSE:CNQ) by 3.1% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 1,042,659 shares of the oil and gas producer’s stock after acquiring an additional 31,154 shares during the period. NewEdge Wealth LLC’s holdings in Canadian Natural Resources were worth $33,240,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of CNQ. Tacita Capital Inc lifted its position in Canadian Natural Resources by 6.1% during the third quarter. Tacita Capital Inc now owns 5,753 shares of the oil and gas producer’s stock valued at $184,000 after purchasing an additional 330 shares in the last quarter. Haven Private LLC increased its position in Canadian Natural Resources by 3.4% in the second quarter. Haven Private LLC now owns 11,617 shares of the oil and gas producer’s stock worth $365,000 after buying an additional 383 shares in the last quarter. King Luther Capital Management Corp raised its stake in shares of Canadian Natural Resources by 1.2% in the second quarter. King Luther Capital Management Corp now owns 32,283 shares of the oil and gas producer’s stock worth $1,014,000 after buying an additional 387 shares during the period. Frank Rimerman Advisors LLC lifted its position in shares of Canadian Natural Resources by 2.2% during the 3rd quarter. Frank Rimerman Advisors LLC now owns 17,886 shares of the oil and gas producer’s stock valued at $572,000 after buying an additional 390 shares in the last quarter. Finally, Kingsview Wealth Management LLC grew its stake in shares of Canadian Natural Resources by 5.7% during the 2nd quarter. Kingsview Wealth Management LLC now owns 8,109 shares of the oil and gas producer’s stock valued at $255,000 after acquiring an additional 434 shares during the period. Institutional investors own 74.03% of the company’s stock.

Canadian Natural Resources Stock Performance

CNQ opened at $41.73 on Thursday. The company has a debt-to-equity ratio of 0.41, a quick ratio of 0.53 and a current ratio of 0.86. 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 company has a fifty day moving average of $35.15 and a 200 day moving average of $33.00. Canadian Natural Resources Limited has a fifty-two week low of $24.65 and a fifty-two week high of $41.87.

Analyst Upgrades and Downgrades

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

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.