TriaGen Wealth Management LLC Takes $3.62 Million Position in Canadian Natural Resources Limited $CNQ

Key Points

• TriaGen Wealth Management bought a new stake of 106,838 shares in Canadian Natural Resources valued at about $3.62 million, representing roughly 0.9% of TriaGen’s portfolio and its 19th largest holding.
• Several large institutions raised positions (notably Vanguard, Massachusetts Financial Services, Connor Clark & Lunn, Dimensional and Bank of America), and institutional investors now own 74.03% of CNQ.
• Canadian Natural posted a quarterly EPS of $0.59, beating estimates, and raised its quarterly dividend to $0.625 (annualized $2.50) for a 5.8% yield

TriaGen Wealth Management LLC purchased a new stake in Canadian Natural Resources Limited (NYSE:CNQ - Free Report) TSE: CNQ during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 106,838 shares of the oil and gas producer's stock, valued at approximately $3,616,000. Canadian Natural Resources accounts for about 0.9% of TriaGen Wealth Management LLC's investment portfolio, making the stock its 19th largest holding.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Vanguard Group Inc. raised its position in shares of Canadian Natural Resources by 1.9% in the third quarter. Vanguard Group Inc. now owns 92,486,389 shares of the oil and gas producer's stock valued at $2,957,252,000 after purchasing an additional 1,744,290 shares during the period. Massachusetts Financial Services Co. MA raised its position in shares of Canadian Natural Resources by 179.2% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 11,616,347 shares of the oil and gas producer's stock valued at $393,213,000 after purchasing an additional 7,455,286 shares during the period. Connor Clark & Lunn Investment Management Ltd. raised its position in shares of Canadian Natural Resources by 11.4% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 9,614,291 shares of the oil and gas producer's stock valued at $307,344,000 after purchasing an additional 983,892 shares during the period. Dimensional Fund Advisors LP raised its position in shares of Canadian Natural Resources by 11.2% in the third quarter. Dimensional Fund Advisors LP now owns 9,304,783 shares of the oil and gas producer's stock valued at $297,402,000 after purchasing an additional 934,708 shares during the period. Finally, Bank of America Corp DE raised its position in shares of Canadian Natural Resources by 17.6% in the third quarter. Bank of America Corp DE now owns 9,172,873 shares of the oil and gas producer's stock valued at $293,165,000 after purchasing an additional 1,371,122 shares during the period. Institutional investors own 74.03% of the company's stock.

Canadian Natural Resources Stock Performance

Canadian Natural Resources stock opened at $42.93 on Monday. The firm's fifty day moving average price is $45.54 and its 200-day moving average price is $37.55. The company has a debt-to-equity ratio of 0.36, a quick ratio of 0.63 and a current ratio of 0.95. The stock has a market cap of $89.55 billion, a P/E ratio of 11.63 and a beta of 0.53. Canadian Natural Resources Limited has a fifty-two week low of $27.93 and a fifty-two week high of $51.34.

Canadian Natural Resources (NYSE:CNQ - Get Free Report) TSE: CNQ last posted its quarterly earnings data on Thursday, March 5th. The oil and gas producer reported $0.59 earnings per share for the quarter, beating the consensus estimate of $0.53 by $0.06. The firm had revenue of $6.89 billion for the quarter, compared to analysts' expectations of $6.64 billion. Canadian Natural Resources had a net margin of 24.48% and a return on equity of 17.84%. During the same quarter last year, the company posted $0.93 EPS. On average, equities research analysts expect that Canadian Natural Resources Limited will post 2.45 earnings per share for the current fiscal year.

Canadian Natural Resources Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, April 7th. Stockholders of record on Friday, March 20th were given a dividend of $0.625 per share. This is an increase from Canadian Natural Resources's previous quarterly dividend of $0.59. The ex-dividend date was Friday, March 20th. This represents a $2.50 annualized dividend and a dividend yield of 5.8%. Canadian Natural Resources's dividend payout ratio is 49.59%.

Wall Street Analyst Weigh In

CNQ has been the topic of several research reports. Zacks Research raised shares of Canadian Natural Resources from a "strong sell" rating to a "hold" rating in a research report on Monday, April 6th. Evercore lowered shares of Canadian Natural Resources from an "outperform" rating to an "in-line" rating in a research report on Tuesday, January 6th. Raymond James Financial lowered shares of Canadian Natural Resources from a "moderate buy" rating to a "hold" rating in a report on Monday, March 30th. Royal Bank Of Canada upped their target price on shares of Canadian Natural Resources from $61.00 to $65.00 and gave the stock an "outperform" rating in a report on Friday, March 6th. Finally, The Goldman Sachs Group upped their target price on shares of Canadian Natural Resources from $37.00 to $49.00 and gave the stock a "buy" rating in a report on Thursday, March 12th. Six research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $57.00.

Canadian Natural Resources Company Profile

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.

Want to see what other hedge funds are holding CNQ? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Canadian Natural Resources Limited (NYSE:CNQ - Free Report) TSE: CNQ.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.