Pinnacle Wealth Planning Services Inc. Takes Position in Canadian Natural Resources Limited $CNQ

Key Points

• Pinnacle Wealth Planning Services Inc. acquired a new stake in Canadian Natural Resources Limited, buying 9,302 shares valued at approximately $287,000.
• Canadian Natural Resources plans to increase its quarterly dividend to $0.4269 per share, raising the annualized dividend to $1.71 with a dividend yield of 5.4%.
• The company's stock now has an average rating of "Moderate Buy" with a target price of $62.00 following several upgrades from research analysts.

Pinnacle Wealth Planning Services Inc. purchased a new position in shares of Canadian Natural Resources Limited (NYSE:CNQ - Free Report) TSE: CNQ in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm purchased 9,302 shares of the oil and gas producer's stock, valued at approximately $287,000.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Investment Management Corp VA ADV grew its holdings in Canadian Natural Resources by 158.3% in the first quarter. Investment Management Corp VA ADV now owns 997 shares of the oil and gas producer's stock worth $31,000 after purchasing an additional 611 shares during the period. Versant Capital Management Inc raised its stake in shares of Canadian Natural Resources by 253.2% during the 1st quarter. Versant Capital Management Inc now owns 1,307 shares of the oil and gas producer's stock worth $40,000 after purchasing an additional 937 shares during the period. Sierra Ocean LLC boosted its stake in Canadian Natural Resources by 104.0% in the first quarter. Sierra Ocean LLC now owns 1,569 shares of the oil and gas producer's stock valued at $48,000 after acquiring an additional 800 shares during the last quarter. Opal Wealth Advisors LLC bought a new position in Canadian Natural Resources during the first quarter valued at $56,000. Finally, Cloud Capital Management LLC purchased a new stake in Canadian Natural Resources in the 1st quarter worth about $68,000. Institutional investors own 74.03% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on CNQ. National Bankshares reaffirmed a "sector perform" rating on shares of Canadian Natural Resources in a report on Thursday, July 17th. Raymond James Financial reissued an "outperform" rating on shares of Canadian Natural Resources in a research note on Friday, August 8th. Zacks Research raised shares of Canadian Natural Resources from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, August 26th. Scotiabank reaffirmed an "outperform" rating on shares of Canadian Natural Resources in a research note on Friday, July 11th. Finally, Royal Bank Of Canada lowered their price objective on shares of Canadian Natural Resources from $64.00 to $62.00 and set an "outperform" rating for the company in a research note on Friday, August 8th. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and two have given a Hold rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $62.00.

Canadian Natural Resources Stock Up 0.3%

CNQ traded up $0.10 during trading on Thursday, reaching $31.33. The stock had a trading volume of 3,630,470 shares, compared to its average volume of 6,449,358. 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 has a market capitalization of $65.45 billion, a price-to-earnings ratio of 11.11 and a beta of 1.03. The stock's 50 day moving average is $31.17 and its two-hundred day moving average is $30.36. Canadian Natural Resources Limited has a one year low of $24.65 and a one year high of $37.91.

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 analysts' consensus estimates of $0.44 by $0.07. The firm 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 period in the prior year, the firm earned $0.88 EPS. As a group, analysts expect that Canadian Natural Resources Limited will post 2.45 earnings per share for the current year.

Canadian Natural Resources Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 3rd. Shareholders of record on Friday, September 19th will be paid a dividend of $0.4269 per share. This is a positive change from Canadian Natural Resources's previous quarterly dividend of $0.42. This represents a $1.71 dividend on an annualized basis and a dividend yield of 5.5%. The ex-dividend date of this dividend is Friday, September 19th. Canadian Natural Resources's payout ratio is 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).