NewEdge Wealth LLC Boosts Stock Position in Canadian Natural Resources Limited $CNQ

NewEdge Wealth LLC raised its holdings in Canadian Natural Resources Limited (NYSE:CNQ) (TSE:CNQ) by 2.2% during the fourth quarter, HoldingsChannel.com reports. The firm owned 1,065,820 shares of the oil and gas producer’s stock after buying an additional 23,161 shares during the period. NewEdge Wealth LLC’s holdings in Canadian Natural Resources were worth $36,078,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. AQR Capital Management LLC increased its stake in shares of Canadian Natural Resources by 85.5% in the first quarter. AQR Capital Management LLC now owns 18,090 shares of the oil and gas producer’s stock worth $557,000 after buying an additional 8,336 shares during the last quarter. Jones Financial Companies Lllp boosted its stake in Canadian Natural Resources by 92.7% during the 1st quarter. Jones Financial Companies Lllp now owns 29,096 shares of the oil and gas producer’s stock valued at $896,000 after acquiring an additional 13,996 shares during the last quarter. Empowered Funds LLC grew its holdings in Canadian Natural Resources by 4.3% during the 1st quarter. Empowered Funds LLC now owns 79,374 shares of the oil and gas producer’s stock worth $2,445,000 after acquiring an additional 3,266 shares in the last quarter. Geneos Wealth Management Inc. grew its holdings in Canadian Natural Resources by 47.3% during the 1st quarter. Geneos Wealth Management Inc. now owns 1,644 shares of the oil and gas producer’s stock worth $51,000 after acquiring an additional 528 shares in the last quarter. Finally, EverSource Wealth Advisors LLC increased its position in shares of Canadian Natural Resources by 65.5% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 4,513 shares of the oil and gas producer’s stock worth $142,000 after purchasing an additional 1,786 shares during the last quarter. 74.03% of the stock is currently owned by hedge funds and other institutional investors.

Canadian Natural Resources Stock Down 0.5%

Shares of NYSE:CNQ opened at $44.52 on Friday. The company’s fifty day moving average is $46.63 and its two-hundred day moving average is $38.73. The company has a debt-to-equity ratio of 0.36, a quick ratio of 0.63 and a current ratio of 0.95. Canadian Natural Resources Limited has a 1-year low of $29.30 and a 1-year high of $51.34. The stock has a market capitalization of $92.87 billion, a price-to-earnings ratio of 13.29 and a beta of 0.47.

Canadian Natural Resources (NYSE:CNQ) (TSE:CNQ) last posted its quarterly earnings results 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. Canadian Natural Resources had a net margin of 22.04% and a return on equity of 17.80%. The business had revenue of $7.72 billion during the quarter, compared to analyst estimates of $7.57 billion. During the same period in the previous year, the business posted $1.16 EPS. Equities analysts anticipate that Canadian Natural Resources Limited will post 3.17 EPS for the current year.

Canadian Natural Resources Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, July 7th. Shareholders of record on Friday, June 19th will be paid a $0.625 dividend. This represents a $2.50 dividend on an annualized basis and a yield of 5.6%. The ex-dividend date is Thursday, June 18th. Canadian Natural Resources’s payout ratio is presently 54.63%.

Key Canadian Natural Resources News

Here are the key news stories impacting Canadian Natural Resources this week:

• Positive Sentiment: Canadian Natural Resources beat Q1 expectations, with earnings and revenue coming in above analyst estimates; that kind of outperformance can support the stock as investors reward better-than-expected operating results. Article Title
• Positive Sentiment: Raymond James upgraded Canadian Natural Resources from “market perform” to “outperform,” while Zacks Research also raised its view to “strong-buy,” signaling improved analyst confidence in CNQ’s outlook. Article Title
• Positive Sentiment: The company declared a quarterly dividend of C$0.625 per share, underscoring its cash-return profile and offering investors a 5.6% annualized yield, which can attract income-focused buyers. Article Title
• Neutral Sentiment: CNQ also released first-quarter results showing strong revenue but softer profitability metrics versus last year, including lower gross profit, operating profit, and EPS year over year, which may temper enthusiasm even after the earnings beat. Article Title

Analysts Set New Price Targets

A number of brokerages have recently issued reports on CNQ. Raymond James Financial upgraded shares of Canadian Natural Resources from a “market perform” rating to an “outperform” rating in a research note on Thursday. Wall Street Zen raised Canadian Natural Resources from a “sell” rating to a “hold” rating in a report on Saturday, January 31st. The Goldman Sachs Group upped their price objective 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. ATB Cormark Capital Markets downgraded Canadian Natural Resources from a “strong-buy” rating to a “moderate buy” rating in a report on Thursday, March 5th. Finally, Royal Bank Of Canada lifted their target price on Canadian Natural Resources from $61.00 to $65.00 and gave the stock an “outperform” rating in a research report on Friday, March 6th. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $57.00.

About Canadian Natural Resources

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.