Cumberland Partners Ltd Boosts Stock Position in Canadian Natural Resources Limited $CNQ

Cumberland Partners Ltd boosted its stake in shares of Canadian Natural Resources Limited (NYSE:CNQ) (TSE:CNQ) by 139.6% in the first quarter, Holdings Channel reports. The fund owned 623,704 shares of the oil and gas producer’s stock after purchasing an additional 363,352 shares during the period. Canadian Natural Resources accounts for about 2.3% of Cumberland Partners Ltd’s portfolio, making the stock its 16th biggest position. Cumberland Partners Ltd’s holdings in Canadian Natural Resources were worth $30,359,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Bridgewater Advisors Inc. purchased a new position in shares of Canadian Natural Resources in the 1st quarter valued at approximately $249,000. Healthcare of Ontario Pension Plan Trust Fund raised its stake in shares of Canadian Natural Resources by 10.0% during the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 37,457,500 shares of the oil and gas producer’s stock worth $1,826,578,000 after purchasing an additional 3,397,500 shares during the last quarter. Public Employees Retirement System of Ohio raised its stake in shares of Canadian Natural Resources by 183.4% during the first quarter. Public Employees Retirement System of Ohio now owns 1,011,022 shares of the oil and gas producer’s stock worth $49,231,000 after purchasing an additional 654,266 shares during the last quarter. Compound Planning Inc. lifted its holdings in shares of Canadian Natural Resources by 2.8% during the first quarter. Compound Planning Inc. now owns 27,532 shares of the oil and gas producer’s stock worth $1,342,000 after purchasing an additional 754 shares during the period. Finally, Arrowstreet Capital Limited Partnership acquired a new stake in shares of Canadian Natural Resources during the first quarter worth $1,411,619,000. 74.03% of the stock is owned by institutional investors and hedge funds.

Canadian Natural Resources Trading Down 1.2%

Shares of CNQ stock opened at $46.45 on Friday. The business’s fifty day moving average price is $43.96 and its 200 day moving average price is $43.20. Canadian Natural Resources Limited has a 1-year low of $29.30 and a 1-year high of $51.34. The firm has a market capitalization of $96.40 billion, a PE ratio of 13.86 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 (NYSE:CNQ) (TSE:CNQ) last released its 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. Canadian Natural Resources had a return on equity of 17.49% and a net margin of 22.04%.The company had revenue of $7.72 billion during the quarter, compared to the consensus estimate of $7.57 billion. During the same quarter last year, the company earned $1.16 earnings per share. As a group, sell-side analysts forecast that Canadian Natural Resources Limited will post 3.89 EPS for the current fiscal year.

Canadian Natural Resources Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, July 7th. Stockholders of record on Tuesday, June 23rd were issued a $0.625 dividend. This represents a $2.50 dividend on an annualized basis and a dividend yield of 5.4%. The ex-dividend date was Tuesday, June 23rd. Canadian Natural Resources’s dividend payout ratio (DPR) is currently 54.03%.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on CNQ. Scotiabank raised shares of Canadian Natural Resources to a “hold” rating in a research note on Friday, June 26th. Zacks Research upgraded shares of Canadian Natural Resources from a “hold” rating to a “strong-buy” rating in a research note on Tuesday. 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 research note on Monday, May 11th. Finally, Raymond James Financial raised shares of Canadian Natural Resources from a “market perform” rating to an “outperform” rating in a report on Thursday, May 7th. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $57.00.

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.