Elevation Point Wealth Partners LLC Lowers Holdings in Canadian Natural Resources Limited $CNQ

Elevation Point Wealth Partners LLC decreased its holdings in shares of Canadian Natural Resources Limited (NYSE:CNQ) (TSE:CNQ) by 4.4% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 37,995 shares of the oil and gas producer’s stock after selling 1,730 shares during the quarter. Elevation Point Wealth Partners LLC’s holdings in Canadian Natural Resources were worth $1,193,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the business. Epacria Capital Partners LLC increased its position in shares of Canadian Natural Resources by 7.2% during the 2nd quarter. Epacria Capital Partners LLC now owns 222,838 shares of the oil and gas producer’s stock worth $6,997,000 after purchasing an additional 14,879 shares during the last quarter. Employees Retirement System of Texas purchased a new position in Canadian Natural Resources during the second quarter worth about $441,000. Choreo LLC increased its position in shares of Canadian Natural Resources by 4.9% during the second quarter. Choreo LLC now owns 22,002 shares of the oil and gas producer’s stock valued at $700,000 after acquiring an additional 1,030 shares during the last quarter. Northwest & Ethical Investments L.P. raised its stake in shares of Canadian Natural Resources by 7.3% in the 2nd quarter. Northwest & Ethical Investments L.P. now owns 741,744 shares of the oil and gas producer’s stock valued at $23,356,000 after acquiring an additional 50,769 shares during the period. Finally, Russell Investments Group Ltd. raised its stake in shares of Canadian Natural Resources by 7.7% in the 2nd quarter. Russell Investments Group Ltd. now owns 2,053,060 shares of the oil and gas producer’s stock valued at $64,447,000 after acquiring an additional 146,465 shares during the period. 74.03% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms recently weighed in on CNQ. Raymond James Financial reiterated an “outperform” rating on shares of Canadian Natural Resources in a report on Friday, August 8th. Weiss Ratings restated a “hold (c)” rating on shares of Canadian Natural Resources in a research report on Wednesday, October 8th. Zacks Research upgraded Canadian Natural Resources from a “hold” rating to a “strong-buy” rating in a report on Tuesday, August 26th. Royal Bank Of Canada reissued an “outperform” rating and set a $62.00 target price on shares of Canadian Natural Resources in a research note on Wednesday, September 24th. Finally, Wells Fargo & Company raised Canadian Natural Resources to a “hold” rating in a research report on Thursday, October 16th. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and five have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $62.00.

Canadian Natural Resources Price Performance

CNQ stock opened at $33.34 on Friday. The business’s 50-day moving average is $32.07 and its two-hundred day moving average is $31.63. The company has a debt-to-equity ratio of 0.38, a current ratio of 0.85 and a quick ratio of 0.54. The firm has a market capitalization of $69.46 billion, a P/E ratio of 11.82 and a beta of 0.96. Canadian Natural Resources Limited has a 1 year low of $24.65 and a 1 year high of $34.97.

Canadian Natural Resources (NYSE:CNQ) (TSE:CNQ) last released its earnings results on Thursday, November 6th. The oil and gas producer reported $0.62 earnings per share for the quarter, topping analysts’ consensus estimates of $0.54 by $0.08. Canadian Natural Resources had a net margin of 19.00% and a return on equity of 19.67%. The firm had revenue of $6.79 billion for the quarter, compared to analyst estimates of $6.81 billion. During the same period in the prior year, the firm earned $0.97 earnings per share. Analysts anticipate that Canadian Natural Resources Limited will post 2.45 earnings per share for the current fiscal year.

Canadian Natural Resources Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 6th. Stockholders of record on Friday, December 12th will be issued a $0.5875 dividend. This represents a $2.35 dividend on an annualized basis and a dividend yield of 7.0%. The ex-dividend date is Friday, December 12th. This is a positive change from Canadian Natural Resources’s previous quarterly dividend of $0.43. Canadian Natural Resources’s dividend payout ratio (DPR) is 73.89%.

Canadian Natural Resources 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).