Turn8 Private Wealth Inc. Has $2.81 Million Stock Position 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. boosted its stake in Canadian Natural Resources Limited (NYSE:CNQ - Free Report) TSE: CNQ by 9.7% in the first quarter, according to the company in its most recent disclosure 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 quarter. Canadian Natural Resources comprises 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 filing with the SEC.

Other institutional investors have also recently bought and sold shares of the company. T. Rowe Price Investment Management Inc. grew its stake in Canadian Natural Resources by 29.1% during the first quarter. T. Rowe Price Investment Management Inc. now owns 43,968,120 shares of the oil and gas producer's stock worth $1,354,219,000 after buying an additional 9,915,345 shares during the period. Canada Pension Plan Investment Board grew its stake in Canadian Natural Resources by 13.0% during the first quarter. Canada Pension Plan Investment Board now owns 41,769,153 shares of the oil and gas producer's stock worth $1,285,464,000 after buying an additional 4,805,451 shares during the period. Mackenzie Financial Corp grew its stake in Canadian Natural Resources by 4.8% during the first quarter. Mackenzie Financial Corp now owns 33,100,240 shares of the oil and gas producer's stock worth $1,018,469,000 after buying an additional 1,519,523 shares during the period. 1832 Asset Management L.P. grew its stake in Canadian Natural Resources by 1.9% during the first quarter. 1832 Asset Management L.P. now owns 31,822,379 shares of the oil and gas producer's stock worth $980,129,000 after buying an additional 603,101 shares during the period. Finally, Bank of Nova Scotia grew its stake in Canadian Natural Resources by 86.6% during the first quarter. Bank of Nova Scotia now owns 24,262,707 shares of the oil and gas producer's stock worth $746,675,000 after buying an additional 11,259,267 shares during the period. 74.03% of the stock is currently owned by hedge funds and other institutional investors.

Canadian Natural Resources Price Performance

Canadian Natural Resources stock traded down $0.01 during trading hours on Friday, hitting $31.21. 4,754,214 shares of the company traded hands, compared to its average volume of 6,131,079. The firm has a market cap of $65.14 billion, a P/E ratio of 11.07 and a beta of 1.03. The company has a quick ratio of 0.54, a current ratio of 0.85 and a debt-to-equity ratio of 0.38. The firm's 50-day simple moving average is $31.03 and its two-hundred day simple moving average is $30.42. Canadian Natural Resources Limited has a 1-year low of $24.65 and a 1-year high of $37.91.

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 EPS for the quarter, beating the consensus estimate of $0.44 by $0.07. Canadian Natural Resources had a net margin of 19.00% and a return on equity of 19.67%. The firm had revenue of $6.39 billion for the quarter, compared to analysts' expectations of $8.97 billion. During the same quarter last year, the company earned $0.88 EPS. As a group, 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 disclosed a quarterly dividend, which will be paid on Friday, October 3rd. Stockholders of record on Friday, September 19th will be given a dividend of $0.4269 per share. This is a positive change from Canadian Natural Resources's previous quarterly dividend of $0.42. The ex-dividend date is Friday, September 19th. This represents a $1.71 annualized dividend and a dividend yield of 5.5%. Canadian Natural Resources's payout ratio is 60.64%.

Analysts Set New Price Targets

Several brokerages have recently weighed in on CNQ. National Bankshares restated a "sector perform" rating on shares of Canadian Natural Resources in a research note on Thursday, July 17th. Royal Bank Of Canada decreased their target price on shares of Canadian Natural Resources from $64.00 to $62.00 and set an "outperform" rating for the company 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. Scotiabank restated an "outperform" rating on shares of Canadian Natural Resources in a research note on Friday, July 11th. Finally, Zacks Research upgraded shares of Canadian Natural Resources from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, August 26th. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and two have issued a Hold rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $62.00.

About Canadian Natural Resources

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).