Canadian Natural Resources Limited $CNQ Shares Bought by Pacific Heights Asset Management LLC

Key Points

• Pacific Heights Asset Management increased its stake in Canadian Natural Resources by 10% in the fourth quarter, adding 50,000 shares to bring its total to 550,000 shares worth about $18.6 million.
• Analyst sentiment has improved, with Raymond James upgrading the stock to outperform and several firms raising price targets; the consensus rating is now Moderate Buy with a target price of $57.00.
• Canadian Natural Resources reported better-than-expected Q1 earnings of $0.85 per share on revenue of $7.72 billion and also declared a quarterly dividend of $0.625 per share, implying a 5.2% annual yield.

Pacific Heights Asset Management LLC grew its position in shares of Canadian Natural Resources Limited (NYSE:CNQ - Free Report) TSE: CNQ by 10.0% during the 4th quarter, according to the company in its most recent filing with the SEC. The firm owned 550,000 shares of the oil and gas producer's stock after purchasing an additional 50,000 shares during the quarter. Pacific Heights Asset Management LLC's holdings in Canadian Natural Resources were worth $18,618,000 as of its most recent filing with the SEC.

Other hedge funds also recently modified their holdings of the company. AQR Capital Management LLC grew its holdings in shares of Canadian Natural Resources by 85.5% in the 1st quarter. AQR Capital Management LLC now owns 18,090 shares of the oil and gas producer's stock worth $557,000 after acquiring an additional 8,336 shares during the last quarter. Jones Financial Companies Lllp grew its holdings in shares of Canadian Natural Resources by 92.7% in the 1st quarter. Jones Financial Companies Lllp now owns 29,096 shares of the oil and gas producer's stock worth $896,000 after acquiring an additional 13,996 shares during the last quarter. Empowered Funds LLC grew its holdings in shares of Canadian Natural Resources by 4.3% in the 1st quarter. Empowered Funds LLC now owns 79,374 shares of the oil and gas producer's stock worth $2,445,000 after acquiring an additional 3,266 shares during the last quarter. Geneos Wealth Management Inc. grew its holdings in shares of Canadian Natural Resources by 47.3% in the 1st quarter. Geneos Wealth Management Inc. now owns 1,644 shares of the oil and gas producer's stock worth $51,000 after acquiring an additional 528 shares during the last quarter. Finally, EverSource Wealth Advisors LLC grew its holdings in shares of Canadian Natural Resources by 65.5% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 4,513 shares of the oil and gas producer's stock worth $142,000 after acquiring an additional 1,786 shares during the last quarter. 74.03% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on the company. Raymond James Financial upgraded Canadian Natural Resources from a "market perform" rating to an "outperform" rating in a report on Thursday, May 7th. Royal Bank Of Canada lifted their target price on Canadian Natural Resources from $61.00 to $65.00 and gave the stock an "outperform" rating in a report on Friday, March 6th. The Goldman Sachs Group lifted their target price on Canadian Natural Resources from $37.00 to $49.00 and gave the stock a "buy" rating in a report on Thursday, March 12th. ATB Cormark Capital Markets cut Canadian Natural Resources from a "strong-buy" rating to a "moderate buy" rating in a report on Thursday, March 5th. Finally, Weiss Ratings cut Canadian Natural Resources from a "buy (b)" rating to a "buy (b-)" rating in a research report on Monday, May 11th. One investment analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and four have given a Hold rating to the company's stock. According to MarketBeat, Canadian Natural Resources presently has an average rating of "Moderate Buy" and a consensus target price of $57.00.

Canadian Natural Resources Stock Performance

Shares of Canadian Natural Resources stock opened at $47.99 on Monday. The stock has a market cap of $99.83 billion, a PE ratio of 14.32 and a beta of 0.47. The business has a fifty day simple moving average of $46.97 and a 200-day simple moving average of $39.40. The company has a quick ratio of 0.68, a current ratio of 0.98 and a debt-to-equity ratio of 0.37. Canadian Natural Resources Limited has a 12 month low of $29.30 and a 12 month high of $51.34.

Canadian Natural Resources (NYSE:CNQ - Get Free Report) TSE: CNQ last issued its earnings results on Thursday, May 7th. The oil and gas producer reported $0.85 EPS for the quarter, topping the consensus estimate of $0.74 by $0.11. The business had revenue of $7.72 billion during 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 last year, the firm posted $1.16 earnings per share. On average, sell-side analysts anticipate that Canadian Natural Resources Limited will post 4.09 EPS for the current fiscal year.

Canadian Natural Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, July 7th. Stockholders of record on Tuesday, June 23rd will be given a $0.625 dividend. This represents a $2.50 annualized dividend and a dividend yield of 5.2%. The ex-dividend date of this dividend is Tuesday, June 23rd. Canadian Natural Resources's dividend payout ratio (DPR) is 54.63%.

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.

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