Triasima Portfolio Management inc. Purchases 104,362 Shares of Canadian Natural Resources Limited $CNQ

Key Points

• Triasima Portfolio Management increased its Canadian Natural Resources stake by 62.8% in the third quarter, adding 104,362 shares for a total of 270,462 shares valued at approximately $12.75 million.
• Canadian Natural Resources reported quarterly EPS of $1.58, beating estimates of $1.43, while revenue reached $14.74 billion versus the $9.40 billion consensus forecast.
• The company pays a quarterly dividend of C$0.62, equivalent to an annualized C$2.50 and a 4.8% yield; analysts hold a “Moderate Buy” consensus rating with a $57 price target.

Triasima Portfolio Management inc. increased its position in shares of Canadian Natural Resources Limited (NYSE:CNQ - Free Report) TSE: CNQ by 62.8% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 270,462 shares of the oil and gas producer's stock after purchasing an additional 104,362 shares during the period. Canadian Natural Resources makes up 1.6% of Triasima Portfolio Management inc.'s portfolio, making the stock its 18th largest holding. Triasima Portfolio Management inc.'s holdings in Canadian Natural Resources were worth $12,750,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the company. Axiom Investment Management LLC bought a new position in Canadian Natural Resources during the 1st quarter valued at about $29,000. Byrne Asset Management LLC purchased a new stake in Canadian Natural Resources in the 3rd quarter worth about $30,000. Trust Co. of Vermont bought a new stake in Canadian Natural Resources in the second quarter worth about $26,000. CX Institutional bought a new stake in Canadian Natural Resources in the second quarter worth about $28,000. Finally, Continuum Advisory LLC bought a new stake in Canadian Natural Resources in the second quarter worth about $43,000. 74.03% of the stock is owned by hedge funds and other institutional investors.

Canadian Natural Resources Stock Up 0.3%

NYSE:CNQ opened at $51.96 on Friday. The company has a market cap of $106.78 billion, a price-to-earnings ratio of 14.24 and a beta of 0.53. Canadian Natural Resources Limited has a twelve month low of $29.68 and a twelve month high of $52.57. The company has a current ratio of 1.00, a quick ratio of 0.75 and a debt-to-equity ratio of 0.32. The stock has a fifty day simple moving average of $49.42 and a 200-day simple moving average of $46.56.

Canadian Natural Resources (NYSE:CNQ - Get Free Report) TSE: CNQ last posted its quarterly earnings results on Thursday, August 6th. The oil and gas producer reported $1.58 EPS for the quarter, topping analysts' consensus estimates of $1.43 by $0.15. The firm had revenue of $14.74 billion for the quarter, compared to analysts' expectations of $9.40 billion. Canadian Natural Resources had a net margin of 22.78% and a return on equity of 23.91%. Analysts anticipate that Canadian Natural Resources Limited will post 4.05 EPS for the current year.

Canadian Natural Resources Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, October 2nd. Shareholders of record on Friday, September 11th were given a C$0.62 dividend. This represents a $2.50 annualized dividend and a yield of 4.8%. The ex-dividend date of this dividend was Friday, September 11th. Canadian Natural Resources's payout ratio is 44.44%.

Wall Street Analyst Weigh In

Several research analysts have issued reports on the company. Wall Street Zen upgraded Canadian Natural Resources from a "hold" rating to a "buy" rating in a research report on Saturday, August 15th. Weiss Ratings raised Canadian Natural Resources from a "buy (b)" rating to a "buy (b+)" rating in a research note on Thursday, October 8th. Scotiabank reiterated a "sector perform" rating on shares of Canadian Natural Resources in a report on Friday, August 7th. Zacks Research upgraded Canadian Natural Resources from a "hold" rating to a "strong-buy" rating in a report on Monday, October 5th. Finally, Canadian Imperial Bank of Commerce reissued an "outperform" rating on shares of Canadian Natural Resources in a research note on Friday, October 9th. One analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and four have given a Hold rating to the stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $57.00.

Canadian Natural Resources Company Profile

Canadian Natural Resources Limited is an independent crude oil and natural gas exploration, development, production, marketing and transportation company headquartered in Calgary, Alberta. The company produces synthetic crude oil, conventional heavy and light crude oil, natural gas liquids and natural gas.

Its operations are concentrated in Western Canada and include oil sands mining and upgrading projects in northern Alberta, conventional and heavy-oil assets, and natural gas production.

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