HITE Hedge Asset Management LLC Acquires Shares of 155,285 Canadian Natural Resources Limited (NYSE:CNQ)

HITE Hedge Asset Management LLC bought a new position in shares of Canadian Natural Resources Limited (NYSE:CNQ) (TSE:CNQ) in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 155,285 shares of the oil and gas producer’s stock, valued at approximately $4,794,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in CNQ. Fifth Third Bancorp increased its holdings in Canadian Natural Resources by 51.0% during the 4th quarter. Fifth Third Bancorp now owns 1,271 shares of the oil and gas producer’s stock worth $39,000 after purchasing an additional 429 shares in the last quarter. Assetmark Inc. grew its holdings in Canadian Natural Resources by 57.3% during the fourth quarter. Assetmark Inc. now owns 1,205 shares of the oil and gas producer’s stock worth $37,000 after buying an additional 439 shares in the last quarter. Orion Portfolio Solutions LLC grew its holdings in Canadian Natural Resources by 0.6% during the fourth quarter. Orion Portfolio Solutions LLC now owns 81,954 shares of the oil and gas producer’s stock worth $2,530,000 after buying an additional 497 shares in the last quarter. Global Retirement Partners LLC raised its position in Canadian Natural Resources by 4.5% in the 4th quarter. Global Retirement Partners LLC now owns 11,993 shares of the oil and gas producer’s stock valued at $370,000 after buying an additional 514 shares during the last quarter. Finally, Waterfront Wealth Inc. lifted its stake in Canadian Natural Resources by 1.8% during the 4th quarter. Waterfront Wealth Inc. now owns 30,132 shares of the oil and gas producer’s stock valued at $930,000 after acquiring an additional 520 shares in the last quarter. Institutional investors and hedge funds own 74.03% of the company’s stock.

Wall Street Analysts Forecast Growth

CNQ has been the subject of several recent analyst reports. Raymond James upgraded shares of Canadian Natural Resources from a “market perform” rating to an “outperform” rating in a research note on Wednesday, April 9th. Evercore ISI upgraded shares of Canadian Natural Resources from an “in-line” rating to an “outperform” rating in a research note on Friday, March 7th. Scotiabank raised shares of Canadian Natural Resources from a “sector perform” rating to a “sector outperform” rating in a research report on Wednesday, March 19th. Tudor Pickering lowered Canadian Natural Resources from a “strong-buy” rating to a “hold” rating in a report on Monday, February 10th. Finally, Royal Bank of Canada reiterated an “outperform” rating and set a $63.00 price target on shares of Canadian Natural Resources in a report on Thursday, March 27th. Three investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $63.00.

Canadian Natural Resources Stock Up 2.3 %

CNQ opened at $28.82 on Friday. Canadian Natural Resources Limited has a twelve month low of $24.65 and a twelve month high of $39.20. The company’s 50-day moving average price is $29.06 and its two-hundred day moving average price is $31.59. The stock has a market cap of $60.45 billion, a price-to-earnings ratio of 11.19 and a beta of 1.10. The company has a quick ratio of 0.53, a current ratio of 0.84 and a debt-to-equity ratio of 0.21.

Canadian Natural Resources Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, April 4th. Shareholders of record on Friday, March 21st were issued a dividend of $0.4117 per share. This represents a $1.65 annualized dividend and a yield of 5.72%. This is a positive change from Canadian Natural Resources’s previous quarterly dividend of $0.39. The ex-dividend date of this dividend was Friday, March 21st. Canadian Natural Resources’s dividend payout ratio is 77.88%.

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).