Trinity Legacy Partners LLC Trims Stock Holdings in Canadian Natural Resources Limited $CNQ

Key Points

• Trinity Legacy Partners LLC significantly reduced its stake in Canadian Natural Resources Limited by 84.2%, selling 79,050 shares during the first quarter, bringing its holdings to 14,812 shares valued at $477,000.
• Despite the sell-off from Trinity Legacy, other institutional investors increased their stakes in Canadian Natural Resources, with notable purchases including Investment Management Corp VA ADV boosting theirs by 158.3%.
• The company plans to pay a quarterly dividend of $0.4269 on October 3rd, which marks an increase from their previous dividend, reflecting a 5.5% yield based on an annualized payout of $1.71.

Trinity Legacy Partners LLC decreased its holdings in Canadian Natural Resources Limited (NYSE:CNQ - Free Report) TSE: CNQ by 84.2% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 14,812 shares of the oil and gas producer's stock after selling 79,050 shares during the period. Trinity Legacy Partners LLC's holdings in Canadian Natural Resources were worth $477,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Investment Management Corp VA ADV boosted its stake in shares of 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 acquiring an additional 611 shares during the period. Versant Capital Management Inc boosted its stake in shares of Canadian Natural Resources by 253.2% in the first quarter. Versant Capital Management Inc now owns 1,307 shares of the oil and gas producer's stock worth $40,000 after acquiring an additional 937 shares during the period. Sierra Ocean LLC boosted its stake in shares of 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 worth $48,000 after acquiring an additional 800 shares during the period. Opal Wealth Advisors LLC bought a new position in shares of Canadian Natural Resources in the first quarter worth about $56,000. Finally, Cloud Capital Management LLC bought a new position in shares of Canadian Natural Resources in the first quarter worth about $68,000. Institutional investors own 74.03% of the company's stock.

Canadian Natural Resources Trading Down 0.2%

CNQ stock traded down $0.08 during midday trading on Thursday, reaching $31.21. 2,026,505 shares of the company traded hands, compared to its average volume of 6,443,210. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.54 and a current ratio of 0.85. The business has a 50 day moving average of $31.25 and a 200-day moving average of $30.32. Canadian Natural Resources Limited has a 52-week low of $24.65 and a 52-week high of $37.91. The firm has a market capitalization of $65.21 billion, a price-to-earnings ratio of 11.06 and a beta of 1.05.

Canadian Natural Resources (NYSE:CNQ - Get Free Report) TSE: CNQ last issued its quarterly 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. Canadian Natural Resources had a return on equity of 19.67% and a net margin of 19.00%.The firm had revenue of $6.39 billion for the quarter, compared to the consensus estimate of $8.97 billion. During the same period in the prior year, the business posted $0.88 earnings per share. As a group, sell-side 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 firm also recently declared a quarterly dividend, which will be paid on Friday, October 3rd. Stockholders of record on Friday, September 19th will be issued a $0.4269 dividend. The ex-dividend date is Friday, September 19th. This is a positive change from Canadian Natural Resources's previous quarterly dividend of $0.42. This represents a $1.71 annualized dividend and a dividend yield of 5.5%. Canadian Natural Resources's dividend payout ratio (DPR) is currently 60.64%.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on CNQ shares. Scotiabank reaffirmed an "outperform" rating on shares of Canadian Natural Resources in a research note on Friday, July 11th. Raymond James Financial reiterated an "outperform" rating on shares of Canadian Natural Resources in a research report on Friday, August 8th. National Bankshares reiterated a "sector perform" rating on shares of Canadian Natural Resources in a research report on Thursday, July 17th. Zacks Research upgraded Canadian Natural Resources from a "hold" rating to a "strong-buy" rating in a research report on Tuesday. Finally, Royal Bank Of Canada decreased their target price on Canadian Natural Resources from $64.00 to $62.00 and set an "outperform" rating on the stock in a research report on Friday, August 8th. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, Canadian Natural Resources currently has a consensus rating of "Moderate Buy" and a consensus price target of $62.00.

Canadian Natural Resources 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).