NewEdge Advisors LLC Has $4.98 Million Holdings in Canadian Natural Resources Limited $CNQ

NewEdge Advisors LLC lifted its stake in Canadian Natural Resources Limited (NYSE:CNQ) (TSE:CNQ) by 72.9% in the 2nd quarter, HoldingsChannel reports. The institutional investor owned 126,078 shares of the oil and gas producer’s stock after purchasing an additional 53,152 shares during the quarter. NewEdge Advisors LLC’s holdings in Canadian Natural Resources were worth $4,980,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in CNQ. Barometer Capital Management Inc. acquired a new stake in Canadian Natural Resources during the first quarter worth about $6,198,000. Bank of New York Mellon Corp bought a new position in Canadian Natural Resources in the second quarter valued at approximately $117,215,000. WCM Investment Management LLC increased its stake in Canadian Natural Resources by 22.4% in the first quarter. WCM Investment Management LLC now owns 5,122,209 shares of the oil and gas producer’s stock valued at $252,883,000 after acquiring an additional 938,210 shares during the last quarter. Bleakley Financial Group LLC raised its position in Canadian Natural Resources by 59.8% during the fourth quarter. Bleakley Financial Group LLC now owns 78,161 shares of the oil and gas producer’s stock valued at $2,646,000 after purchasing an additional 29,249 shares in the last quarter. Finally, Quantitative Investment Management LLC acquired a new position in Canadian Natural Resources during the second quarter valued at approximately $1,785,000. Institutional investors and hedge funds own 74.03% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on CNQ shares. Weiss Ratings downgraded Canadian Natural Resources from a “buy (b)” rating to a “buy (b-)” rating in a report on Friday, September 4th. Desjardins upgraded Canadian Natural Resources to a “hold” rating in a research report on Thursday, July 16th. Canadian Imperial Bank of Commerce reaffirmed an “outperform” rating on shares of Canadian Natural Resources in a research note on Thursday, August 27th. Wall Street Zen raised Canadian Natural Resources from a “hold” rating to a “buy” rating in a research note on Saturday, August 15th. Finally, Zacks Research cut shares of Canadian Natural Resources from a “strong-buy” rating to a “hold” rating in a report on Wednesday, August 19th. Seven analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, Canadian Natural Resources presently has an average rating of “Moderate Buy” and a consensus target price of $57.00.

Canadian Natural Resources Stock Performance

Shares of Canadian Natural Resources stock opened at $50.33 on Tuesday. The stock has a market cap of $103.79 billion, a price-to-earnings ratio of 12.43 and a beta of 0.47. Canadian Natural Resources Limited has a twelve month low of $29.68 and a twelve month high of $52.31. The company has a quick ratio of 0.75, a current ratio of 1.00 and a debt-to-equity ratio of 0.32. The company’s fifty day moving average is $47.32 and its 200 day moving average is $46.23.

Canadian Natural Resources (NYSE:CNQ) (TSE:CNQ) last issued its quarterly earnings results on Thursday, August 6th. The oil and gas producer reported $1.58 earnings per share for the quarter, topping analysts’ consensus estimates of $1.43 by $0.15. The firm had revenue of $14.74 billion during the quarter, compared to the consensus estimate of $9.40 billion. Canadian Natural Resources had a return on equity of 23.91% and a net margin of 22.78%. Sell-side analysts forecast that Canadian Natural Resources Limited will post 4.05 EPS for the current year.

Canadian Natural Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 2nd. Stockholders of record on Friday, September 11th will be paid a $0.625 dividend. This represents a $2.50 dividend on an annualized basis and a dividend yield of 5.0%. The ex-dividend date is Friday, September 11th. Canadian Natural Resources’s payout ratio is presently 44.44%.

About Canadian Natural Resources

Canadian Natural Resources Limited (CNRL) is a Canadian independent crude oil and natural gas exploration, development, production, marketing and refining company headquartered in Calgary, Alberta. The company produces a range of energy products, including heavy and light crude oil, synthetic crude oil, natural gas and natural gas liquids.

CNRL’s operations are concentrated in Western Canada, where it holds significant oil sands, conventional oil and natural gas assets. Its oil sands business includes mining and upgrading operations as well as in situ thermal projects.