Turn8 Private Wealth Inc. Boosts Stock Holdings in Canadian Natural Resources Limited $CNQ

Key Points

• Turn8 Private Wealth Inc. increased its holdings in Canadian Natural Resources Limited by 9.7%, owning a total of 91,412 shares valued at approximately $2.81 million.
• The company recently announced a quarterly dividend increase to $0.4269 per share, representing an annualized yield of 5.5%.
• Analysts have a consensus rating of "Moderate Buy" for Canadian Natural Resources with an average price target of $62.00, down from a previous target of $64.00.

Turn8 Private Wealth Inc. raised its holdings in shares of Canadian Natural Resources Limited (NYSE:CNQ - Free Report) TSE: CNQ by 9.7% during the first quarter, according to its most recent filing with the SEC. The firm owned 91,412 shares of the oil and gas producer's stock after purchasing an additional 8,074 shares during the period. Canadian Natural Resources accounts for about 2.2% of Turn8 Private Wealth Inc.'s portfolio, making the stock its 28th largest position. Turn8 Private Wealth Inc.'s holdings in Canadian Natural Resources were worth $2,814,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of CNQ. Brandywine Global Investment Management LLC increased its holdings in shares of Canadian Natural Resources by 27.5% in the 1st quarter. Brandywine Global Investment Management LLC now owns 2,183,598 shares of the oil and gas producer's stock valued at $67,201,000 after acquiring an additional 470,391 shares during the period. Sei Investments Co. grew its stake in Canadian Natural Resources by 41.9% in the first quarter. Sei Investments Co. now owns 49,307 shares of the oil and gas producer's stock valued at $1,519,000 after purchasing an additional 14,561 shares during the last quarter. Baird Financial Group Inc. grew its stake in Canadian Natural Resources by 594.8% in the first quarter. Baird Financial Group Inc. now owns 133,501 shares of the oil and gas producer's stock valued at $4,112,000 after purchasing an additional 114,287 shares during the last quarter. Graybill Wealth Management LTD. purchased a new position in shares of Canadian Natural Resources in the 1st quarter worth approximately $3,697,000. Finally, Janney Montgomery Scott LLC purchased a new position in shares of Canadian Natural Resources in the 1st quarter worth approximately $757,000. 74.03% of the stock is owned by hedge funds and other institutional investors.

Canadian Natural Resources Price Performance

CNQ traded up $0.88 during midday trading on Tuesday, hitting $32.91. 2,784,961 shares of the company traded hands, compared to its average volume of 6,435,881. The company has a market capitalization of $68.67 billion, a price-to-earnings ratio of 11.67 and a beta of 1.03. Canadian Natural Resources Limited has a 52-week low of $24.65 and a 52-week high of $37.91. The business has a 50 day simple moving average of $31.04 and a two-hundred day simple moving average of $30.46. The company has a current ratio of 0.85, a quick ratio of 0.54 and a debt-to-equity ratio of 0.38.

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, beating the consensus estimate of $0.44 by $0.07. The business had revenue of $6.39 billion for the quarter, compared to the consensus estimate of $8.97 billion. Canadian Natural Resources had a return on equity of 19.67% and a net margin of 19.00%.During the same quarter last year, the business posted $0.88 earnings per share. On average, equities analysts forecast 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 announced a quarterly dividend, which will be paid on Friday, October 3rd. Shareholders of record on Friday, September 19th will be paid a $0.4269 dividend. This is a positive change from Canadian Natural Resources's previous quarterly dividend of $0.42. The ex-dividend date of this dividend is Friday, September 19th. This represents a $1.71 dividend on an annualized basis and a yield of 5.2%. Canadian Natural Resources's dividend payout ratio is 60.64%.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on the stock. Zacks Research raised shares of Canadian Natural Resources from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, August 26th. Royal Bank Of Canada dropped their target price on Canadian Natural Resources from $64.00 to $62.00 and set an "outperform" rating on the stock in a research note on Friday, August 8th. Raymond James Financial restated an "outperform" rating on shares of Canadian Natural Resources in a research note on Friday, August 8th. National Bankshares reissued a "sector perform" rating on shares of Canadian Natural Resources in a research report on Thursday, July 17th. Finally, Scotiabank reissued an "outperform" rating on shares of Canadian Natural Resources in a research report on Friday, July 11th. One equities research 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.com, the stock presently has an average rating of "Moderate Buy" and an average 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).