NewEdge Wealth LLC Raises Stock Holdings in Canadian Natural Resources Limited $CNQ

NewEdge Wealth LLC lifted its stake in Canadian Natural Resources Limited (NYSE:CNQ) (TSE:CNQ) by 6.4% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,134,241 shares of the oil and gas producer’s stock after buying an additional 68,421 shares during the quarter. NewEdge Wealth LLC’s holdings in Canadian Natural Resources were worth $55,272,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently made changes to their positions in CNQ. Sunbelt Securities Inc. bought a new position in shares of Canadian Natural Resources during the 4th quarter valued at approximately $25,000. Manchester Capital Management LLC bought a new stake in Canadian Natural Resources during the 4th quarter worth approximately $28,000. Leonteq Securities AG purchased a new position in Canadian Natural Resources during the fourth quarter valued at approximately $31,000. Quarry LP purchased a new position in Canadian Natural Resources during the third quarter valued at approximately $32,000. Finally, LOM Asset Management Ltd bought a new position in shares of Canadian Natural Resources in the fourth quarter worth approximately $34,000. 74.03% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the stock. Zacks Research cut shares of Canadian Natural Resources from a “strong-buy” rating to a “hold” rating in a research note on Monday, June 8th. Scotiabank raised shares of Canadian Natural Resources to a “hold” rating in a report 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. Desjardins raised Canadian Natural Resources to a “hold” rating in a report on Thursday, July 16th. Finally, Weiss Ratings downgraded Canadian Natural Resources from a “buy (b)” rating to a “buy (b-)” rating in a research report on Monday, May 11th. Six equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, Canadian Natural Resources has an average rating of “Moderate Buy” and a consensus target price of $57.00.

Canadian Natural Resources Trading Up 2.0%

Canadian Natural Resources stock opened at $45.81 on Thursday. The stock has a market cap of $95.09 billion, a P/E ratio of 13.68 and a beta of 0.47. 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. The firm’s 50 day moving average price is $44.00 and its 200-day moving average price is $43.09.

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

Canadian Natural Resources Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, July 7th. Investors of record on Tuesday, June 23rd were given a $0.625 dividend. This represents a $2.50 annualized dividend and a yield of 5.5%. The ex-dividend date was Tuesday, June 23rd. Canadian Natural Resources’s payout ratio is currently 54.03%.

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.