Canadian Natural Resources Limited $CNQ Stock Position Boosted by Summit Global Investments

Key Points

• Summit Global Investments increased its CNQ position by 202.6% in the third quarter, bringing its holdings to 37,421 shares valued at approximately $1.76 million. Institutional investors collectively own 74.03% of the company.
• Canadian Natural Resources reported quarterly results above expectations, with earnings per share of $1.58 versus a $1.43 estimate and revenue of $14.74 billion. The company also pays an annualized dividend of about $2.50 per share, yielding 4.4%.
• CNQ shares traded near their 52-week high at $56.20, while analysts maintained an overall “Moderate Buy” consensus and an average price target of $57.00.

Summit Global Investments boosted its position in shares of Canadian Natural Resources Limited (NYSE:CNQ - Free Report) TSE: CNQ by 202.6% during the 3rd quarter, according to its most recent 13F filing with the SEC. The fund owned 37,421 shares of the oil and gas producer's stock after purchasing an additional 25,055 shares during the quarter. Summit Global Investments' holdings in Canadian Natural Resources were worth $1,761,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of CNQ. Trust Co. of Vermont bought a new position in shares of Canadian Natural Resources in the second quarter worth approximately $26,000. Financial Management Professionals Inc. increased its position in shares of Canadian Natural Resources by 280.7% during the third quarter. Financial Management Professionals Inc. now owns 552 shares of the oil and gas producer's stock valued at $26,000 after acquiring an additional 407 shares in the last quarter. CX Institutional bought a new stake in shares of Canadian Natural Resources during the second quarter valued at approximately $28,000. Axiom Investment Management LLC purchased a new position in Canadian Natural Resources in the 1st quarter worth approximately $29,000. Finally, Byrne Asset Management LLC purchased a new position in Canadian Natural Resources in the 3rd quarter worth approximately $30,000. 74.03% of the stock is owned by hedge funds and other institutional investors.

Canadian Natural Resources Trading Up 2.0%

Canadian Natural Resources stock opened at $56.20 on Friday. The business has a 50-day simple moving average of $50.76 and a two-hundred day simple moving average of $45.85. The company has a market cap of $115.49 billion, a P/E ratio of 13.88 and a beta of 0.53. Canadian Natural Resources Limited has a 52-week low of $30.13 and a 52-week high of $56.27. The company has a quick ratio of 0.75, a current ratio of 1.00 and a debt-to-equity ratio of 0.32.

Canadian Natural Resources (NYSE:CNQ - Get Free Report) TSE: CNQ last issued its quarterly earnings data on Thursday, August 6th. The oil and gas producer reported $1.58 earnings per share for the quarter, topping the consensus estimate of $1.43 by $0.15. The firm had revenue of $14.74 billion for the quarter, compared to analysts' expectations of $9.40 billion. Canadian Natural Resources had a net margin of 22.78% and a return on equity of 23.91%. Analysts predict that Canadian Natural Resources Limited will post 4.10 EPS for the current year.

Canadian Natural Resources Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, October 2nd. Shareholders of record on Friday, September 11th were given a C$0.62 dividend. The ex-dividend date was Friday, September 11th. This represents a $2.50 annualized dividend and a yield of 4.4%. Canadian Natural Resources's dividend payout ratio (DPR) is presently 44.44%.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the company. Scotiabank restated a "sector perform" rating on shares of Canadian Natural Resources in a research note on Monday, October 19th. Raymond James Financial cut Canadian Natural Resources from an "outperform" rating to a "market perform" rating in a research report on Wednesday, October 14th. Canadian Imperial Bank of Commerce reiterated an "outperform" rating on shares of Canadian Natural Resources in a report on Friday, October 9th. Desjardins raised Canadian Natural Resources to a "hold" rating in a research report on Thursday, July 16th. Finally, Weiss Ratings upgraded shares of Canadian Natural Resources from a "buy (b)" rating to a "buy (b+)" rating in a research note on Thursday, October 8th. One investment 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. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $57.00.

Canadian Natural Resources Profile

Canadian Natural Resources Limited is an independent energy company engaged in the exploration, development, production, marketing and sale of crude oil, natural gas and natural gas liquids. Its portfolio includes conventional and unconventional petroleum assets, heavy crude oil operations, and oil sands projects that produce bitumen and synthetic crude oil.

The company's principal operations are located in Western Canada, including oil sands and conventional assets in Alberta and natural gas properties in Alberta and British Columbia.

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