Waterfront Wealth Inc. Reduces Stock Holdings in Canadian Natural Resources Limited $CNQ

Waterfront Wealth Inc. reduced its stake in shares of Canadian Natural Resources Limited (NYSE:CNQ) (TSE:CNQ) by 3.5% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 29,063 shares of the oil and gas producer’s stock after selling 1,059 shares during the quarter. Waterfront Wealth Inc.’s holdings in Canadian Natural Resources were worth $913,000 as of its most recent filing with the SEC.

Several other hedge funds have also modified their holdings of CNQ. Goldman Sachs Group Inc. raised its holdings in shares of Canadian Natural Resources by 240.8% during the 1st quarter. Goldman Sachs Group Inc. now owns 22,776,594 shares of the oil and gas producer’s stock valued at $701,519,000 after buying an additional 16,094,168 shares during the period. Bank of Nova Scotia raised its holdings in shares of Canadian Natural Resources by 86.6% during the 1st quarter. Bank of Nova Scotia now owns 24,262,707 shares of the oil and gas producer’s stock valued at $746,675,000 after buying an additional 11,259,267 shares during the period. T. Rowe Price Investment Management Inc. raised its holdings in shares of Canadian Natural Resources by 29.1% during the 1st quarter. T. Rowe Price Investment Management Inc. now owns 43,968,120 shares of the oil and gas producer’s stock valued at $1,354,219,000 after buying an additional 9,915,345 shares during the period. Canada Pension Plan Investment Board raised its holdings in shares of Canadian Natural Resources by 13.0% during the 1st quarter. Canada Pension Plan Investment Board now owns 41,769,153 shares of the oil and gas producer’s stock valued at $1,285,464,000 after buying an additional 4,805,451 shares during the period. Finally, Nuveen LLC purchased a new stake in shares of Canadian Natural Resources during the 1st quarter valued at about $68,342,000. 74.03% of the stock is currently owned by hedge funds and other institutional investors.

Canadian Natural Resources Price Performance

Shares of NYSE CNQ opened at $32.16 on Thursday. Canadian Natural Resources Limited has a twelve month low of $24.65 and a twelve month high of $35.03. The company has a current ratio of 0.85, a quick ratio of 0.54 and a debt-to-equity ratio of 0.38. The company has a market capitalization of $67.11 billion, a price-to-earnings ratio of 11.40 and a beta of 0.97. The business has a 50 day simple moving average of $31.51 and a 200-day simple moving average of $31.09.

Canadian Natural Resources (NYSE:CNQ) (TSE:CNQ) last issued its quarterly earnings results on Thursday, August 7th. The oil and gas producer reported $0.51 earnings per share 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 business had revenue of $6.39 billion during the quarter, compared to the consensus estimate of $8.97 billion. During the same period in the previous year, the business earned $0.88 EPS. As a group, equities research analysts expect that Canadian Natural Resources Limited will post 2.45 earnings per share for the current year.

Canadian Natural Resources Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, October 3rd. Stockholders of record on Friday, September 19th were issued a $0.4269 dividend. This is a positive change from Canadian Natural Resources’s previous quarterly dividend of $0.42. The ex-dividend date was Friday, September 19th. This represents a $1.71 dividend on an annualized basis and a dividend yield of 5.3%. Canadian Natural Resources’s dividend payout ratio (DPR) is presently 60.64%.

Analysts Set New Price Targets

Several equities research analysts recently commented on the company. Zacks Research upgraded Canadian Natural Resources from a “hold” rating to a “strong-buy” rating in a report on Tuesday, August 26th. Raymond James Financial restated an “outperform” rating on shares of Canadian Natural Resources in a report on Friday, August 8th. Wells Fargo & Company upgraded Canadian Natural Resources to a “hold” rating in a report on Thursday, October 16th. Weiss Ratings restated a “hold (c)” rating on shares of Canadian Natural Resources in a report on Wednesday, October 8th. Finally, TD Securities restated a “buy” rating on shares of Canadian Natural Resources in a report on Tuesday, September 30th. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $62.00.

Canadian Natural Resources Company 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).