Turn8 Private Wealth Inc. Purchases New Stake in Canadian Natural Resources Limited $CNQ

Key Points

• Turn8 Private Wealth Inc. opened a new position in Canadian Natural Resources, buying 99,610 shares valued at about $4.84 million. The stake now represents 3.0% of the firm’s portfolio.
• Institutional ownership remains high, with hedge funds and other investors holding 74.03% of the company’s stock. Several firms recently added modest amounts to their CNQ positions.
• Canadian Natural Resources reported better-than-expected quarterly results, with EPS of $0.85 versus a $0.74 estimate and revenue of $7.72 billion. The company also declared a quarterly dividend of $0.625 per share, implying a 6.3% annualized yield.

Turn8 Private Wealth Inc. purchased a new stake in shares of Canadian Natural Resources Limited (NYSE:CNQ - Free Report) TSE: CNQ in the first quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 99,610 shares of the oil and gas producer's stock, valued at approximately $4,844,000. Canadian Natural Resources makes up 3.0% of Turn8 Private Wealth Inc.'s investment portfolio, making the stock its 13th biggest position.

Several other institutional investors have also recently bought and sold shares of CNQ. Ted Buchan & Co increased its stake in shares of Canadian Natural Resources by 0.6% in the fourth quarter. Ted Buchan & Co now owns 43,814 shares of the oil and gas producer's stock worth $1,483,000 after purchasing an additional 260 shares in the last quarter. FDx Advisors Inc. lifted its stake in shares of Canadian Natural Resources by 2.7% during the 4th quarter. FDx Advisors Inc. now owns 10,312 shares of the oil and gas producer's stock valued at $349,000 after buying an additional 270 shares in the last quarter. Peak Financial Advisors LLC lifted its stake in shares of Canadian Natural Resources by 0.3% during the 1st quarter. Peak Financial Advisors LLC now owns 93,840 shares of the oil and gas producer's stock valued at $4,573,000 after buying an additional 290 shares in the last quarter. Ritholtz Wealth Management lifted its stake in shares of Canadian Natural Resources by 0.9% during the 1st quarter. Ritholtz Wealth Management now owns 32,763 shares of the oil and gas producer's stock valued at $1,597,000 after buying an additional 301 shares in the last quarter. Finally, Gateway Investment Advisers LLC boosted its holdings in Canadian Natural Resources by 1.3% in the 4th quarter. Gateway Investment Advisers LLC now owns 26,486 shares of the oil and gas producer's stock worth $897,000 after buying an additional 330 shares during the period. Institutional investors and hedge funds own 74.03% of the company's stock.

Analyst Ratings Changes

CNQ has been the topic of a number of recent analyst reports. Weiss Ratings cut Canadian Natural Resources from a "buy (b)" rating to a "buy (b-)" rating in a report on Monday, May 11th. Zacks Research lowered Canadian Natural Resources from a "strong-buy" rating to a "hold" rating in a research note on Monday, June 8th. Raymond James Financial upgraded Canadian Natural Resources from a "market perform" rating to an "outperform" rating in a research report on Thursday, May 7th. The Goldman Sachs Group lifted their target price on Canadian Natural Resources from $37.00 to $49.00 and gave the company a "buy" rating in a research note on Thursday, March 12th. Finally, Royal Bank Of Canada boosted their price target on Canadian Natural Resources from $61.00 to $65.00 and gave the stock an "outperform" rating in a report on Friday, March 6th. Six research analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $57.00.

Canadian Natural Resources Stock Performance

Shares of NYSE CNQ opened at $39.63 on Friday. The company has a market cap of $82.27 billion, a P/E ratio of 11.83 and a beta of 0.47. Canadian Natural Resources Limited has a 52-week low of $29.30 and a 52-week high of $51.34. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.68 and a current ratio of 0.98. The firm's fifty day moving average is $44.85 and its two-hundred day moving average is $42.10.

Canadian Natural Resources (NYSE:CNQ - Get Free Report) TSE: CNQ last released its quarterly earnings data on Thursday, May 7th. The oil and gas producer reported $0.85 EPS for the quarter, beating the consensus estimate of $0.74 by $0.11. The business had revenue of $7.72 billion during the quarter, compared to the consensus estimate of $7.57 billion. Canadian Natural Resources had a net margin of 22.04% and a return on equity of 17.49%. During the same quarter in the prior year, the firm earned $1.16 EPS. As a group, analysts anticipate that Canadian Natural Resources Limited will post 4.2 EPS for the current fiscal year.

Canadian Natural Resources Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, July 7th. Investors of record on Tuesday, June 23rd will be paid a dividend of $0.625 per share. The ex-dividend date of this dividend is Tuesday, June 23rd. This represents a $2.50 dividend on an annualized basis and a yield of 6.3%. Canadian Natural Resources's dividend payout ratio is presently 54.03%.

Canadian Natural Resources 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.

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