WCM Investment Management LLC Increases Stock Position in Canadian Natural Resources Limited $CNQ

Key Points

• WCM Investment Management LLC increased its holdings in Canadian Natural Resources Limited by 3.8% during the second quarter, owning over 4.6 million shares valued at approximately $145.7 million.
• Canadian Natural Resources reported an earnings per share (EPS) of $0.51 for the last quarter, surpassing analyst expectations of $0.44, but revenues were below consensus estimates at $6.39 billion.
• The company has raised its quarterly dividend to $0.4269, reflecting an annualized yield of 5.5%, indicating strong shareholder returns amid significant institutional investment.

WCM Investment Management LLC lifted its holdings in shares of Canadian Natural Resources Limited (NYSE:CNQ - Free Report) TSE: CNQ by 3.8% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 4,633,243 shares of the oil and gas producer's stock after acquiring an additional 169,600 shares during the period. WCM Investment Management LLC owned 0.22% of Canadian Natural Resources worth $145,716,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the business. Twin Tree Management LP grew its position in shares of Canadian Natural Resources by 21.0% during the second quarter. Twin Tree Management LP now owns 150,033 shares of the oil and gas producer's stock worth $4,711,000 after acquiring an additional 26,073 shares during the last quarter. Bayforest Capital Ltd purchased a new position in shares of Canadian Natural Resources during the second quarter worth approximately $375,000. Sagespring Wealth Partners LLC purchased a new position in shares of Canadian Natural Resources during the second quarter worth approximately $361,000. TD Asset Management Inc grew its position in shares of Canadian Natural Resources by 0.8% during the second quarter. TD Asset Management Inc now owns 41,581,125 shares of the oil and gas producer's stock worth $1,304,267,000 after acquiring an additional 316,933 shares during the last quarter. Finally, Verdence Capital Advisors LLC grew its position in shares of Canadian Natural Resources by 0.8% during the second quarter. Verdence Capital Advisors LLC now owns 58,891 shares of the oil and gas producer's stock worth $1,849,000 after acquiring an additional 460 shares during the last quarter. 74.03% of the stock is currently owned by hedge funds and other institutional investors.

Canadian Natural Resources Price Performance

Canadian Natural Resources stock opened at $30.85 on Thursday. Canadian Natural Resources Limited has a one year low of $24.65 and a one year high of $35.93. 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 fifty day moving average of $31.33 and a two-hundred day moving average of $30.86. The company has a market cap of $64.37 billion, a P/E ratio of 10.94 and a beta of 0.97.

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 analysts' consensus estimates 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 company had revenue of $6.39 billion during the quarter, compared to the consensus estimate of $8.97 billion. During the same quarter last year, the company earned $0.88 earnings per share. As a group, analysts predict 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 was paid on Friday, October 3rd. Shareholders of record on Friday, September 19th were issued a $0.4269 dividend. This represents a $1.71 dividend on an annualized basis and a yield of 5.5%. This is an increase from Canadian Natural Resources's previous quarterly dividend of $0.42. The ex-dividend date of this dividend was Friday, September 19th. Canadian Natural Resources's dividend payout ratio is 60.64%.

Analysts Set New Price Targets

CNQ has been the topic of a number of analyst reports. Zacks Research upgraded shares of Canadian Natural Resources from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, August 26th. Scotiabank reiterated an "outperform" rating on shares of Canadian Natural Resources in a research report on Thursday, October 9th. Raymond James Financial reiterated an "outperform" rating on shares of Canadian Natural Resources in a research report on Friday, August 8th. Weiss Ratings reiterated a "hold (c)" rating on shares of Canadian Natural Resources in a research report on Wednesday, October 8th. Finally, National Bankshares reiterated a "sector perform" rating on shares of Canadian Natural Resources in a research report on Thursday, July 17th. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and three have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, Canadian Natural Resources presently 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).

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