Bayforest Capital Ltd Takes Position in Canadian Natural Resources Limited $CNQ

Key Points

• Bayforest Capital Ltd has acquired a new position in Canadian Natural Resources Limited, purchasing 11,952 shares valued at approximately $375,000 during Q2.
• Canadian Natural Resources has announced a quarterly dividend increase, now at $0.4269 per share, resulting in an annualized dividend of $1.71 and a yield of 5.5%.
• Analyst ratings for Canadian Natural Resources include one Strong Buy, five Buy, and three Hold ratings, with a consensus rating of Moderate Buy and an average target price of $62.00.

Bayforest Capital Ltd bought a new stake in Canadian Natural Resources Limited (NYSE:CNQ - Free Report) TSE: CNQ during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund bought 11,952 shares of the oil and gas producer's stock, valued at approximately $375,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Ameritas Advisory Services LLC purchased a new position in Canadian Natural Resources in the second quarter valued at about $27,000. Investment Management Corp VA ADV grew its stake in Canadian Natural Resources by 158.3% in the first quarter. Investment Management Corp VA ADV now owns 997 shares of the oil and gas producer's stock valued at $31,000 after purchasing an additional 611 shares during the last quarter. Sierra Ocean LLC grew its stake in Canadian Natural Resources by 104.0% in the first quarter. Sierra Ocean LLC now owns 1,569 shares of the oil and gas producer's stock valued at $48,000 after purchasing an additional 800 shares during the last quarter. Geneos Wealth Management Inc. grew its stake in Canadian Natural Resources by 47.3% in the first quarter. Geneos Wealth Management Inc. now owns 1,644 shares of the oil and gas producer's stock valued at $51,000 after purchasing an additional 528 shares during the last quarter. Finally, Adirondack Trust Co. grew its stake in Canadian Natural Resources by 317.1% in the second quarter. Adirondack Trust Co. now owns 1,710 shares of the oil and gas producer's stock valued at $54,000 after purchasing an additional 1,300 shares during the last quarter. Hedge funds and other institutional investors own 74.03% of the company's stock.

Analyst Ratings Changes

Several research firms have issued reports on CNQ. TD Securities reiterated a "buy" rating on shares of Canadian Natural Resources in a research note on Tuesday, September 30th. Zacks Research upgraded Canadian Natural Resources from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, August 26th. Weiss Ratings restated a "hold (c)" rating on shares of Canadian Natural Resources in a report on Wednesday, October 8th. Scotiabank restated an "outperform" rating on shares of Canadian Natural Resources in a report on Thursday, October 9th. Finally, Raymond James Financial restated an "outperform" rating on shares of Canadian Natural Resources in a report on Friday, August 8th. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat.com, Canadian Natural Resources currently has a consensus rating of "Moderate Buy" and an average target price of $62.00.

Canadian Natural Resources Price Performance

Shares of NYSE CNQ opened at $30.85 on Thursday. The business's 50 day moving average price is $31.33 and its 200 day moving average price is $30.86. The firm has a market cap of $64.37 billion, a P/E ratio of 10.94 and a beta of 0.97. Canadian Natural Resources Limited has a 52 week low of $24.65 and a 52 week high of $35.93. The company has a quick ratio of 0.54, a current ratio of 0.85 and a debt-to-equity ratio of 0.38.

Canadian Natural Resources (NYSE:CNQ - Get Free Report) TSE: CNQ last issued its earnings results on Thursday, August 7th. The oil and gas producer reported $0.51 EPS for the quarter, beating analysts' consensus estimates of $0.44 by $0.07. The firm had revenue of $6.39 billion for the quarter, compared to analyst estimates 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 quarter in the prior year, the firm earned $0.88 earnings per share. On average, sell-side analysts expect that Canadian Natural Resources Limited will post 2.45 earnings per share for the current year.

Canadian Natural Resources Increases Dividend

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

About Canadian Natural Resources

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).

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