MGB Wealth Management LLC Trims Stock Holdings in Canadian Natural Resources Limited (NYSE:CNQ)

Key Points

• MGB Wealth Management LLC has reduced its holdings in Canadian Natural Resources Limited (NYSE: CNQ) by 20.6%, now owning 79,092 shares valued at approximately $2.43 million.
• Several institutional investors, including the Canada Pension Plan Investment Board and T. Rowe Price Investment Management Inc., have recently increased their positions in Canadian Natural Resources during the previous quarter.
• Canadian Natural Resources Limited declared a quarterly dividend of $0.4227 per share, resulting in an annualized dividend of $1.69 and a dividend yield of 5.4%.

MGB Wealth Management LLC lowered its stake in Canadian Natural Resources Limited (NYSE:CNQ - Free Report) TSE: CNQ by 20.6% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 79,092 shares of the oil and gas producer's stock after selling 20,486 shares during the period. Canadian Natural Resources comprises 0.9% of MGB Wealth Management LLC's investment portfolio, making the stock its 23rd biggest position. MGB Wealth Management LLC's holdings in Canadian Natural Resources were worth $2,434,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of the stock. Investment Management Corp VA ADV raised its position in shares of Canadian Natural Resources by 158.3% during the 1st quarter. Investment Management Corp VA ADV now owns 997 shares of the oil and gas producer's stock worth $31,000 after acquiring an additional 611 shares in the last quarter. Versant Capital Management Inc increased its position in Canadian Natural Resources by 253.2% during the first quarter. Versant Capital Management Inc now owns 1,307 shares of the oil and gas producer's stock worth $40,000 after buying an additional 937 shares during the period. Huntington National Bank increased its position in Canadian Natural Resources by 64.1% during the fourth quarter. Huntington National Bank now owns 1,493 shares of the oil and gas producer's stock worth $46,000 after buying an additional 583 shares during the period. Sierra Ocean LLC increased its position in Canadian Natural Resources by 104.0% during the first quarter. Sierra Ocean LLC now owns 1,569 shares of the oil and gas producer's stock worth $48,000 after buying an additional 800 shares during the period. Finally, Opal Wealth Advisors LLC acquired a new position in Canadian Natural Resources during the first quarter worth approximately $56,000. Institutional investors and hedge funds own 74.03% of the company's stock.

Canadian Natural Resources Price Performance

Shares of Canadian Natural Resources stock traded down $0.11 during trading on Friday, reaching $30.32. The company's stock had a trading volume of 7,039,371 shares, compared to its average volume of 4,555,332. The company has a quick ratio of 0.53, a current ratio of 0.84 and a debt-to-equity ratio of 0.40. Canadian Natural Resources Limited has a 12-month low of $24.65 and a 12-month high of $37.91. The company has a market capitalization of $63.39 billion, a P/E ratio of 10.75 and a beta of 1.05. The business has a 50 day moving average price of $31.80 and a 200-day moving average price of $30.38.

Canadian Natural Resources (NYSE:CNQ - Get Free Report) TSE: CNQ last posted its earnings results on Thursday, August 7th. The oil and gas producer reported $0.51 EPS for the quarter, topping analysts' consensus estimates of $0.44 by $0.07. The company had revenue of $6.39 billion for the quarter, compared to the consensus estimate of $8.97 billion. Canadian Natural Resources had a return on equity of 19.87% and a net margin of 19.00%. During the same period in the previous year, the business earned $0.88 earnings per share. As a group, sell-side analysts anticipate that Canadian Natural Resources Limited will post 2.45 EPS for the current year.

Canadian Natural Resources Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 3rd. Stockholders of record on Friday, September 19th will be given a $0.4269 dividend. This is an increase from Canadian Natural Resources's previous quarterly dividend of $0.42. This represents a $1.71 annualized dividend and a dividend yield of 5.6%. The ex-dividend date is Friday, September 19th. Canadian Natural Resources's dividend payout ratio (DPR) is currently 67.06%.

Wall Street Analysts Forecast Growth

Several research analysts have commented on CNQ shares. National Bankshares reaffirmed a "sector perform" rating on shares of Canadian Natural Resources in a research report on Thursday, July 17th. Royal Bank Of Canada cut their price target on Canadian Natural Resources from $64.00 to $62.00 and set an "outperform" rating on the stock in a research report on Friday. Raymond James Financial reissued an "outperform" rating on shares of Canadian Natural Resources in a report on Friday. Finally, Scotiabank reissued an "outperform" rating on shares of Canadian Natural Resources in a report on Friday, July 11th. Three investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $62.00.

About Canadian Natural Resources

Canadian Natural Resources Limited acquires, explores for, develops, produces, markets, and sells crude oil, natural gas, and natural gas liquids (NGLs). The company offers light and medium crude oil, primary heavy crude oil, Pelican Lake heavy crude oil, bitumen (thermal oil), and synthetic crude oil (SCO).