Canadian Natural Resources Limited $CNQ Stock Sold by ARGA Investment Management LP

Key Points

• ARGA Investment Management cut its Canadian Natural Resources stake by 63.8% in the third quarter, selling 178,380 shares and ending the period with 101,320 shares valued at about $4.77 million. Institutional investors collectively own 74.03% of the company.
• Analyst sentiment is broadly positive: the stock has a “Moderate Buy” consensus rating and a $57 average price target, with one Strong Buy, six Buy, and four Hold ratings.
• Canadian Natural Resources reported quarterly EPS of $1.58, beating the $1.43 consensus estimate; revenue was $14.74 billion versus expectations of $9.40 billion.

ARGA Investment Management LP trimmed its holdings in Canadian Natural Resources Limited (NYSE:CNQ - Free Report) TSE: CNQ by 63.8% in the 3rd quarter, according to its most recent filing with the SEC. The institutional investor owned 101,320 shares of the oil and gas producer's stock after selling 178,380 shares during the quarter. ARGA Investment Management LP's holdings in Canadian Natural Resources were worth $4,769,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. McAlvany Wealth Management LLC lifted its holdings in Canadian Natural Resources by 52.7% in the third quarter. McAlvany Wealth Management LLC now owns 47,702 shares of the oil and gas producer's stock valued at $2,245,000 after acquiring an additional 16,460 shares during the period. Leonard Rickey Investment Advisors P.L.L.C. bought a new stake in shares of Canadian Natural Resources during the 3rd quarter valued at about $219,000. Vise Technologies Inc. grew its stake in shares of Canadian Natural Resources by 137.6% during the 3rd quarter. Vise Technologies Inc. now owns 188,592 shares of the oil and gas producer's stock valued at $8,877,000 after purchasing an additional 109,227 shares during the period. Summit Global Investments increased its holdings in Canadian Natural Resources by 202.6% during the third quarter. Summit Global Investments now owns 37,421 shares of the oil and gas producer's stock valued at $1,761,000 after buying an additional 25,055 shares during the last quarter. Finally, MGO One Seven LLC purchased a new stake in shares of Canadian Natural Resources in the 3rd quarter worth $366,000. Hedge funds and other institutional investors own 74.03% of the company's stock.

Analyst Upgrades and Downgrades

CNQ has been the topic of a number of recent research reports. Canadian Imperial Bank of Commerce reaffirmed an "outperform" rating on shares of Canadian Natural Resources in a report on Friday, October 9th. Zacks Research raised Canadian Natural Resources from a "hold" rating to a "strong-buy" rating in a report on Monday, October 5th. Wall Street Zen upgraded Canadian Natural Resources from a "hold" rating to a "buy" rating in a research report on Saturday, August 15th. Scotiabank reaffirmed a "sector perform" rating on shares of Canadian Natural Resources in a report on Monday, October 19th. Finally, Desjardins raised shares of Canadian Natural Resources to a "hold" rating in a report on Thursday, July 16th. One analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and four have assigned a Hold rating to the 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 Price Performance

Canadian Natural Resources stock opened at $53.54 on Wednesday. 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. The firm's fifty day moving average is $50.86 and its 200 day moving average is $46.05. The company has a market cap of $110.03 billion, a price-to-earnings ratio of 14.74 and a beta of 0.45.

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 company had revenue of $14.74 billion for the quarter, compared to analysts' expectations of $9.40 billion. Canadian Natural Resources had a return on equity of 23.91% and a net margin of 22.78%. Sell-side analysts forecast that Canadian Natural Resources Limited will post 4.10 EPS for the current fiscal year.

Canadian Natural Resources Company 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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