Pacific Heights Asset Management LLC Boosts Stock Holdings in Canadian Natural Resources Limited $CNQ

Key Points

• Pacific Heights Asset Management LLC increased its holdings in Canadian Natural Resources Limited by 11.1%, acquiring an additional 50,000 shares during the second quarter, bringing its total to 500,000 shares worth $15.7 million.
• Canadian Natural Resources announced a quarterly dividend increase to $0.4269 per share, which represents a 5.7% yield, up from a previous dividend of $0.42.
• A number of analysts have revised their ratings on Canadian Natural Resources, with Zacks Research upgrading it to a "strong-buy" and the current consensus rating being a "Moderate Buy" with a price target of $62.00.

Pacific Heights Asset Management LLC raised its holdings in shares of Canadian Natural Resources Limited (NYSE:CNQ - Free Report) TSE: CNQ by 11.1% during the second quarter, according to its most recent filing with the SEC. The firm owned 500,000 shares of the oil and gas producer's stock after purchasing an additional 50,000 shares during the period. Pacific Heights Asset Management LLC's holdings in Canadian Natural Resources were worth $15,700,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in the business. MAI Capital Management increased its position in Canadian Natural Resources by 9.6% during the 1st quarter. MAI Capital Management now owns 4,365 shares of the oil and gas producer's stock valued at $134,000 after purchasing an additional 382 shares during the period. Thurston Springer Miller Herd & Titak Inc. increased its position in Canadian Natural Resources by 8.7% during the 2nd quarter. Thurston Springer Miller Herd & Titak Inc. now owns 5,613 shares of the oil and gas producer's stock valued at $176,000 after purchasing an additional 448 shares during the period. Verdence Capital Advisors LLC increased its position in Canadian Natural Resources by 0.8% during the 2nd quarter. Verdence Capital Advisors LLC now owns 58,891 shares of the oil and gas producer's stock valued at $1,849,000 after purchasing an additional 460 shares during the period. Moody National Bank Trust Division increased its position in Canadian Natural Resources by 4.6% during the 2nd quarter. Moody National Bank Trust Division now owns 11,081 shares of the oil and gas producer's stock valued at $348,000 after purchasing an additional 492 shares during the period. Finally, PDS Planning Inc increased its position in Canadian Natural Resources by 5.1% during the 2nd quarter. PDS Planning Inc now owns 10,798 shares of the oil and gas producer's stock valued at $339,000 after purchasing an additional 520 shares during the period. Hedge funds and other institutional investors own 74.03% of the company's stock.

Analysts Set New Price Targets

A number of research analysts have commented on the stock. Wells Fargo & Company raised shares of Canadian Natural Resources to a "hold" rating in a research report on Thursday, October 16th. Scotiabank reaffirmed an "outperform" rating on shares of Canadian Natural Resources in a research report on Thursday, October 9th. Zacks Research raised shares of Canadian Natural Resources from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, August 26th. Raymond James Financial reaffirmed an "outperform" rating on shares of Canadian Natural Resources in a research report on Friday, August 8th. Finally, National Bankshares reaffirmed a "sector perform" rating on shares of Canadian Natural Resources in a research report on Thursday, July 17th. One analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and four have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, Canadian Natural Resources presently has a consensus rating of "Moderate Buy" and a consensus price target of $62.00.

Canadian Natural Resources Stock Down 0.6%

NYSE:CNQ opened at $29.91 on Wednesday. The company has a market cap of $62.42 billion, a PE ratio of 10.61 and a beta of 0.97. Canadian Natural Resources Limited has a twelve month low of $24.65 and a twelve month high of $35.85. The company has a current ratio of 0.85, a quick ratio of 0.54 and a debt-to-equity ratio of 0.38. The company's 50 day moving average is $31.32 and its two-hundred day moving average is $30.86.

Canadian Natural Resources (NYSE:CNQ - Get Free Report) TSE: CNQ last released its earnings results on Thursday, August 7th. The oil and gas producer reported $0.51 earnings per share for the quarter, topping the consensus estimate 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 net margin of 19.00% and a return on equity of 19.67%. During the same quarter in the previous year, the firm earned $0.88 EPS. 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 announced a quarterly dividend, which was paid on Friday, October 3rd. Shareholders of record on Friday, September 19th were given a dividend of $0.4269 per share. The ex-dividend date of this dividend was Friday, September 19th. This represents a $1.71 annualized dividend and a yield of 5.7%. This is a boost from Canadian Natural Resources's previous quarterly dividend of $0.42. Canadian Natural Resources's payout ratio is presently 60.64%.

Canadian Natural Resources Company Profile

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).

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