14,250 Shares in Canadian Natural Resources Limited $CNQ Purchased by Challenger Wealth Management

Key Points

• Challenger Wealth Management has acquired 14,250 shares of Canadian Natural Resources Limited, valued at approximately $439,000, marking a notable new position for the fund in the oil and gas sector.
• Several institutional investors have increased their stakes in Canadian Natural Resources, with Brandywine Global Investment Management raising its holdings by 27.5% in the first quarter.
• Canadian Natural Resources has increased its quarterly dividend to $0.4269, translating to a yield of 5.6%, indicating the company's strong financial performance and shareholder value focus.

Challenger Wealth Management acquired a new position in shares of Canadian Natural Resources Limited (NYSE:CNQ - Free Report) TSE: CNQ in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 14,250 shares of the oil and gas producer's stock, valued at approximately $439,000.

A number of other institutional investors have also made changes to their positions in CNQ. Goldman Sachs Group Inc. grew its stake in shares of Canadian Natural Resources by 240.8% during the first quarter. Goldman Sachs Group Inc. now owns 22,776,594 shares of the oil and gas producer's stock worth $701,519,000 after purchasing an additional 16,094,168 shares during the period. Bank of Nova Scotia grew its stake in shares of Canadian Natural Resources by 86.6% during the first quarter. Bank of Nova Scotia now owns 24,262,707 shares of the oil and gas producer's stock worth $746,675,000 after purchasing an additional 11,259,267 shares during the period. T. Rowe Price Investment Management Inc. grew its stake in shares of Canadian Natural Resources by 29.1% during the first quarter. T. Rowe Price Investment Management Inc. now owns 43,968,120 shares of the oil and gas producer's stock worth $1,354,219,000 after purchasing an additional 9,915,345 shares during the period. Canada Pension Plan Investment Board grew its stake in shares of Canadian Natural Resources by 13.0% during the first quarter. Canada Pension Plan Investment Board now owns 41,769,153 shares of the oil and gas producer's stock worth $1,285,464,000 after purchasing an additional 4,805,451 shares during the period. Finally, Canoe Financial LP grew its stake in shares of Canadian Natural Resources by 403.7% during the first quarter. Canoe Financial LP now owns 4,738,577 shares of the oil and gas producer's stock worth $145,828,000 after purchasing an additional 3,797,846 shares during the period. 74.03% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

CNQ has been the subject of a number of analyst reports. National Bankshares reaffirmed a "sector perform" rating on shares of Canadian Natural Resources in a research note on Thursday, July 17th. Royal Bank Of Canada decreased their target price on Canadian Natural Resources from $64.00 to $62.00 and set an "outperform" rating for the company in a research note on Friday, August 8th. Raymond James Financial reissued an "outperform" rating on shares of Canadian Natural Resources in a research note on Friday, August 8th. Zacks Research raised Canadian Natural Resources from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, August 26th. Finally, Scotiabank reissued an "outperform" rating on shares of Canadian Natural Resources in a research note on Friday, July 11th. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, Canadian Natural Resources presently has a consensus rating of "Moderate Buy" and a consensus target price of $62.00.

Canadian Natural Resources Stock Down 0.0%

Shares of CNQ stock traded down $0.01 on Friday, hitting $31.21. 4,754,214 shares of the stock were exchanged, compared to its average volume of 6,131,079. The company has a current ratio of 0.85, a quick ratio of 0.54 and a debt-to-equity ratio of 0.38. The firm has a market capitalization of $65.14 billion, a P/E ratio of 11.07 and a beta of 1.03. The business has a 50-day moving average of $31.03 and a 200 day moving average of $30.42. Canadian Natural Resources Limited has a fifty-two week low of $24.65 and a fifty-two week high of $37.91.

Canadian Natural Resources (NYSE:CNQ - Get Free Report) TSE: CNQ last posted its quarterly earnings data on Thursday, August 7th. The oil and gas producer reported $0.51 earnings per share for the quarter, topping the consensus estimate of $0.44 by $0.07. The company had revenue of $6.39 billion during the quarter, compared to analysts' expectations of $8.97 billion. Canadian Natural Resources had a return on equity of 19.67% and a net margin of 19.00%.During the same period in the prior year, the firm earned $0.88 earnings per share. Equities analysts anticipate that Canadian Natural Resources Limited will post 2.45 EPS for the current year.

Canadian Natural Resources Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 3rd. Stockholders of record on Friday, September 19th will be given a dividend of $0.4269 per share. This is an increase from Canadian Natural Resources's previous quarterly dividend of $0.42. This represents a $1.71 annualized dividend and a dividend yield of 5.5%. The ex-dividend date of this dividend is Friday, September 19th. Canadian Natural Resources's payout ratio is currently 60.64%.

Canadian Natural Resources Profile

Canadian Natural Resources Limited acquires, explores for, develops, produces, markets, and sells crude oil, natural gas, and natural gas liquids (NGLs). The company offers light and medium crude oil, primary heavy crude oil, Pelican Lake heavy crude oil, bitumen (thermal oil), and synthetic crude oil (SCO).