McAlvany Wealth Management LLC Takes Position in Canadian Natural Resources Limited $CNQ

Key Points

• McAlvany Wealth Management opened a new position in Canadian Natural Resources during the first quarter, buying 30,419 shares worth about $1.5 million.
• Institutional ownership remains high, with 74.03% of the stock held by institutions and hedge funds, while several other firms modestly increased their stakes as well.
• Canadian Natural Resources reported better-than-expected quarterly earnings of $0.85 per share and revenue of $7.72 billion, and it also paid a quarterly dividend of $0.625 per share for a 5.7% annualized yield.

McAlvany Wealth Management LLC bought a new position in shares of Canadian Natural Resources Limited (NYSE:CNQ - Free Report) TSE: CNQ during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 30,419 shares of the oil and gas producer's stock, valued at approximately $1,502,000.

A number of other institutional investors have also modified their holdings of the business. Personal CFO Solutions LLC boosted its stake in Canadian Natural Resources by 1.7% during the 1st quarter. Personal CFO Solutions LLC now owns 15,199 shares of the oil and gas producer's stock worth $747,000 after purchasing an additional 251 shares during the period. Ted Buchan & Co increased its stake in Canadian Natural Resources by 0.6% in the fourth quarter. Ted Buchan & Co now owns 43,814 shares of the oil and gas producer's stock valued at $1,483,000 after purchasing an additional 260 shares during the period. FDx Advisors Inc. raised its holdings in shares of Canadian Natural Resources by 2.7% in the fourth quarter. FDx Advisors Inc. now owns 10,312 shares of the oil and gas producer's stock valued at $349,000 after buying an additional 270 shares during the last quarter. Peak Financial Advisors LLC raised its holdings in shares of Canadian Natural Resources by 0.3% in the first quarter. Peak Financial Advisors LLC now owns 93,840 shares of the oil and gas producer's stock valued at $4,573,000 after buying an additional 290 shares during the last quarter. Finally, Ritholtz Wealth Management boosted its stake in shares of Canadian Natural Resources by 0.9% during the first quarter. Ritholtz Wealth Management now owns 32,763 shares of the oil and gas producer's stock worth $1,597,000 after buying an additional 301 shares during the period. 74.03% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on the company. Scotiabank raised Canadian Natural Resources to a "hold" rating in a report on Friday, June 26th. Weiss Ratings downgraded Canadian Natural Resources from a "buy (b)" rating to a "buy (b-)" rating in a research note on Monday, May 11th. Zacks Research cut Canadian Natural Resources from a "strong-buy" rating to a "hold" rating in a research report on Monday, June 8th. Finally, Raymond James Financial upgraded Canadian Natural Resources from a "market perform" rating to an "outperform" rating in a research note on Thursday, May 7th. Six analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $57.00.

Canadian Natural Resources Stock Up 2.3%

CNQ stock opened at $43.86 on Friday. Canadian Natural Resources Limited has a one year low of $29.30 and a one year high of $51.34. The stock has a market capitalization of $91.03 billion, a PE ratio of 13.09 and a beta of 0.47. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.68 and a current ratio of 0.98. The company has a fifty day moving average of $44.09 and a 200-day moving average of $42.79.

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

Canadian Natural Resources Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, July 7th. Shareholders of record on Tuesday, June 23rd were issued a $0.625 dividend. The ex-dividend date of this dividend was Tuesday, June 23rd. This represents a $2.50 dividend on an annualized basis and a yield of 5.7%. Canadian Natural Resources's dividend payout ratio (DPR) is 54.03%.

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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