Connable Office Inc. Acquires 11,414 Shares of Canadian Natural Resources Limited (NYSE:CNQ)

Connable Office Inc. boosted its holdings in shares of Canadian Natural Resources Limited (NYSE:CNQ) (TSE:CNQ) by 91.5% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 23,892 shares of the oil and gas producer’s stock after purchasing an additional 11,414 shares during the quarter. Connable Office Inc.’s holdings in Canadian Natural Resources were worth $851,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Park Place Capital Corp increased its stake in Canadian Natural Resources by 100.0% in the 2nd quarter. Park Place Capital Corp now owns 716 shares of the oil and gas producer’s stock worth $25,000 after acquiring an additional 358 shares during the last quarter. RFP Financial Group LLC increased its stake in Canadian Natural Resources by 98.3% in the 2nd quarter. RFP Financial Group LLC now owns 710 shares of the oil and gas producer’s stock worth $25,000 after acquiring an additional 352 shares during the last quarter. Sugarloaf Wealth Management LLC increased its stake in Canadian Natural Resources by 100.0% in the 2nd quarter. Sugarloaf Wealth Management LLC now owns 728 shares of the oil and gas producer’s stock worth $26,000 after acquiring an additional 364 shares during the last quarter. Bruce G. Allen Investments LLC increased its stake in Canadian Natural Resources by 91.6% in the 2nd quarter. Bruce G. Allen Investments LLC now owns 868 shares of the oil and gas producer’s stock worth $31,000 after acquiring an additional 415 shares during the last quarter. Finally, GAMMA Investing LLC increased its stake in Canadian Natural Resources by 104.7% in the 2nd quarter. GAMMA Investing LLC now owns 874 shares of the oil and gas producer’s stock worth $31,000 after acquiring an additional 447 shares during the last quarter. Institutional investors own 74.03% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have issued reports on CNQ. Scotiabank reaffirmed a “sector perform” rating on shares of Canadian Natural Resources in a research note on Tuesday, June 11th. Wolfe Research began coverage on Canadian Natural Resources in a report on Thursday, July 18th. They issued a “peer perform” rating for the company. Raymond James upgraded Canadian Natural Resources to a “hold” rating in a report on Tuesday, May 28th. Finally, StockNews.com cut Canadian Natural Resources from a “buy” rating to a “hold” rating in a report on Friday, August 23rd. Six investment analysts have rated the stock with a hold rating and one has issued a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $49.50.

Canadian Natural Resources Price Performance

CNQ opened at $32.21 on Wednesday. The business has a fifty day moving average of $35.31 and a 200 day moving average of $36.52. Canadian Natural Resources Limited has a 52-week low of $29.45 and a 52-week high of $41.29. The company has a quick ratio of 0.59, a current ratio of 0.88 and a debt-to-equity ratio of 0.24. The stock has a market cap of $68.36 billion, a P/E ratio of 12.83 and a beta of 1.51.

Canadian Natural Resources (NYSE:CNQ) (TSE:CNQ) last issued its earnings results on Thursday, August 1st. The oil and gas producer reported $0.88 earnings per share for the quarter, topping the consensus estimate of $0.62 by $0.26. Canadian Natural Resources had a return on equity of 22.09% and a net margin of 18.05%. The business had revenue of $7.76 billion during the quarter, compared to analysts’ expectations of $6.19 billion. During the same period in the prior year, the business earned $0.43 EPS. As a group, sell-side analysts anticipate that Canadian Natural Resources Limited will post 2.49 EPS for the current year.

Canadian Natural Resources Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, October 4th. Shareholders of record on Friday, September 13th will be issued a $0.384 dividend. This represents a $1.54 annualized dividend and a dividend yield of 4.77%. The ex-dividend date of this dividend is Friday, September 13th. Canadian Natural Resources’s dividend payout ratio is 61.35%.

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).