Purpose Unlimited Inc. Takes $73.63 Million Position in Canadian Natural Resources Limited $CNQ

Purpose Unlimited Inc. purchased a new stake in shares of Canadian Natural Resources Limited (NYSE:CNQ) (TSE:CNQ) in the fourth quarter, Holdings Channel reports. The firm purchased 2,173,764 shares of the oil and gas producer’s stock, valued at approximately $73,628,000. Canadian Natural Resources comprises about 3.4% of Purpose Unlimited Inc.’s portfolio, making the stock its 6th largest position.

A number of other hedge funds have also bought and sold shares of the business. Ted Buchan & Co boosted its position 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 worth $1,483,000 after purchasing an additional 260 shares during the last quarter. FDx Advisors Inc. increased its position in shares of Canadian Natural Resources by 2.7% during the 4th quarter. FDx Advisors Inc. now owns 10,312 shares of the oil and gas producer’s stock valued at $349,000 after purchasing an additional 270 shares during the last quarter. Gateway Investment Advisers LLC raised its stake in shares of Canadian Natural Resources by 1.3% during the 4th quarter. Gateway Investment Advisers LLC now owns 26,486 shares of the oil and gas producer’s stock worth $897,000 after purchasing an additional 330 shares during the period. Arete Wealth Advisors LLC raised its stake in shares of Canadian Natural Resources by 4.2% during the 4th quarter. Arete Wealth Advisors LLC now owns 8,391 shares of the oil and gas producer’s stock worth $284,000 after purchasing an additional 337 shares during the period. Finally, Rathbones Group PLC boosted its holdings in shares of Canadian Natural Resources by 1.3% in the 4th quarter. Rathbones Group PLC now owns 26,308 shares of the oil and gas producer’s stock worth $892,000 after buying an additional 350 shares during the last quarter. 74.03% of the stock is currently owned by institutional investors.

Canadian Natural Resources Stock Performance

Shares of CNQ opened at $40.97 on Friday. The firm has a market cap of $85.27 billion, a PE ratio of 12.23 and a beta of 0.45. The stock’s fifty day moving average price is $45.91 and its two-hundred day moving average price is $41.68. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.98 and a quick ratio of 0.68. Canadian Natural Resources Limited has a 1 year low of $29.30 and a 1 year high of $51.34.

Canadian Natural Resources (NYSE:CNQ) (TSE:CNQ) last issued its quarterly earnings results on Thursday, May 7th. The oil and gas producer reported $0.85 EPS for the quarter, beating analysts’ consensus estimates of $0.74 by $0.11. The firm had revenue of $7.72 billion for the quarter, compared to analysts’ expectations of $7.57 billion. Canadian Natural Resources had a return on equity of 17.49% and a net margin of 22.04%.During the same quarter in the prior year, the firm earned $1.16 EPS. On average, equities research analysts forecast that Canadian Natural Resources Limited will post 4.2 EPS for the current year.

Canadian Natural Resources Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 7th. Investors of record on Tuesday, June 23rd will be paid a $0.625 dividend. This represents a $2.50 dividend on an annualized basis and a yield of 6.1%. The ex-dividend date is Tuesday, June 23rd. Canadian Natural Resources’s payout ratio is currently 54.03%.

Analysts Set New Price Targets

CNQ has been the subject of several research reports. ATB Cormark Capital Markets lowered shares of Canadian Natural Resources from a “strong-buy” rating to a “moderate buy” rating in a research report on Thursday, March 5th. The Goldman Sachs Group lifted their price objective on shares of Canadian Natural Resources from $37.00 to $49.00 and gave the stock a “buy” rating in a research report on Thursday, March 12th. Scotiabank reiterated an “outperform” rating on shares of Canadian Natural Resources in a research note on Wednesday, May 20th. Zacks Research downgraded shares of Canadian Natural Resources from a “strong-buy” rating to a “hold” rating in a research report on Monday, June 8th. Finally, Royal Bank Of Canada increased their target price on shares of Canadian Natural Resources from $61.00 to $65.00 and gave the company an “outperform” rating in a research report on Friday, March 6th. Seven research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target 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.