Fore Capital LLC Invests $1.02 Million in Canadian Natural Resources Limited $CNQ

Key Points

• Fore Capital LLC opened a new position in Canadian Natural Resources, buying 30,000 shares valued at about $1.02 million in the fourth quarter.
• Canadian Natural Resources beat quarterly expectations, reporting EPS of $0.85 versus $0.74 expected and revenue of $7.72 billion versus $7.57 billion estimated.
• The company announced a quarterly dividend of $0.625 per share, equal to a 5.3% annualized yield, while analysts currently rate the stock Moderate Buy with an average price target of $57.00.

Fore Capital LLC acquired a new position in shares of Canadian Natural Resources Limited (NYSE:CNQ - Free Report) TSE: CNQ in the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 30,000 shares of the oil and gas producer's stock, valued at approximately $1,016,000. Canadian Natural Resources makes up approximately 0.3% of Fore Capital LLC's portfolio, making the stock its 21st biggest holding.

Several other large investors have also modified their holdings of the stock. AQR Capital Management LLC boosted its position in shares of Canadian Natural Resources by 85.5% in the first quarter. AQR Capital Management LLC now owns 18,090 shares of the oil and gas producer's stock worth $557,000 after buying an additional 8,336 shares during the period. Jones Financial Companies Lllp boosted its position in shares of Canadian Natural Resources by 92.7% in the first quarter. Jones Financial Companies Lllp now owns 29,096 shares of the oil and gas producer's stock worth $896,000 after buying an additional 13,996 shares during the period. Empowered Funds LLC boosted its position in shares of Canadian Natural Resources by 4.3% in the first quarter. Empowered Funds LLC now owns 79,374 shares of the oil and gas producer's stock worth $2,445,000 after buying an additional 3,266 shares during the period. Geneos Wealth Management Inc. boosted its position in shares of 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 worth $51,000 after buying an additional 528 shares during the period. Finally, EverSource Wealth Advisors LLC boosted its position in shares of Canadian Natural Resources by 65.5% in the second quarter. EverSource Wealth Advisors LLC now owns 4,513 shares of the oil and gas producer's stock worth $142,000 after buying an additional 1,786 shares during the period. 74.03% of the stock is owned by institutional investors.

Canadian Natural Resources Price Performance

Shares of NYSE:CNQ opened at $47.62 on Friday. The company has a current ratio of 0.98, a quick ratio of 0.68 and a debt-to-equity ratio of 0.37. Canadian Natural Resources Limited has a 1 year low of $29.30 and a 1 year high of $51.34. The business has a fifty day simple moving average of $46.85 and a 200 day simple moving average of $40.93. The firm has a market cap of $99.11 billion, a price-to-earnings ratio of 14.21 and a beta of 0.45.

Canadian Natural Resources (NYSE:CNQ - Get Free Report) TSE: CNQ last announced its quarterly earnings data on Thursday, May 7th. The oil and gas producer reported $0.85 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.74 by $0.11. Canadian Natural Resources had a return on equity of 17.49% and a net margin of 22.04%.The business had revenue of $7.72 billion during the quarter, compared to analyst estimates of $7.57 billion. During the same period last year, the company earned $1.16 earnings per share. As a group, sell-side analysts predict that Canadian Natural Resources Limited will post 4.2 earnings per share for the current fiscal year.

Canadian Natural Resources Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 7th. Investors of record on Tuesday, June 23rd will be issued a dividend of $0.625 per share. This represents a $2.50 annualized dividend and a dividend yield of 5.3%. The ex-dividend date is Tuesday, June 23rd. Canadian Natural Resources's dividend payout ratio (DPR) is currently 54.63%.

Wall Street Analyst Weigh In

Several brokerages have recently commented on CNQ. Raymond James Financial raised Canadian Natural Resources from a "market perform" rating to an "outperform" rating in a research report on Thursday, May 7th. Weiss Ratings cut Canadian Natural Resources from a "buy (b)" rating to a "buy (b-)" rating in a research report on Monday, May 11th. Zacks Research raised Canadian Natural Resources from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, May 5th. Royal Bank Of Canada raised their target price on Canadian Natural Resources from $61.00 to $65.00 and gave the stock an "outperform" rating in a research report on Friday, March 6th. Finally, ATB Cormark Capital Markets cut Canadian Natural Resources from a "strong-buy" rating to a "moderate buy" rating in a research report on Thursday, March 5th. One investment analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $57.00.

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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