Seven Eight Capital LP Invests $702,000 in Canadian Natural Resources Limited (NYSE:CNQ)

Seven Eight Capital LP acquired a new position in shares of Canadian Natural Resources Limited (NYSE:CNQ) (TSE:CNQ) in the 2nd quarter, HoldingsChannel reports. The institutional investor acquired 19,715 shares of the oil and gas producer’s stock, valued at approximately $702,000.

Other institutional investors have also recently bought and sold shares of the company. TD Asset Management Inc increased its position in Canadian Natural Resources by 96.2% in the 2nd quarter. TD Asset Management Inc now owns 42,518,833 shares of the oil and gas producer’s stock worth $1,514,190,000 after purchasing an additional 20,843,193 shares during the last quarter. Yacktman Asset Management LP increased its holdings in Canadian Natural Resources by 95.9% in the second quarter. Yacktman Asset Management LP now owns 29,456,746 shares of the oil and gas producer’s stock worth $1,048,660,000 after buying an additional 14,418,835 shares during the last quarter. CIBC Asset Management Inc raised its position in Canadian Natural Resources by 93.6% during the second quarter. CIBC Asset Management Inc now owns 22,916,027 shares of the oil and gas producer’s stock valued at $815,751,000 after acquiring an additional 11,077,189 shares in the last quarter. Capital International Investors lifted its stake in Canadian Natural Resources by 103.3% in the fourth quarter. Capital International Investors now owns 9,819,333 shares of the oil and gas producer’s stock valued at $643,348,000 after acquiring an additional 4,989,634 shares during the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund bought a new stake in Canadian Natural Resources in the first quarter worth approximately $305,258,000. Institutional investors and hedge funds own 74.03% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on the stock. Wolfe Research assumed coverage on shares of Canadian Natural Resources in a report on Thursday, July 18th. They set a “peer perform” rating on the stock. Raymond James upgraded Canadian Natural Resources to a “hold” rating in a report on Tuesday, May 28th. StockNews.com downgraded Canadian Natural Resources from a “buy” rating to a “hold” rating in a research note on Friday, August 23rd. Finally, Scotiabank reissued a “sector perform” rating on shares of Canadian Natural Resources in a report on Tuesday, June 11th. Six equities research analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $49.50.

Canadian Natural Resources Stock Down 1.1 %

Canadian Natural Resources stock opened at $33.40 on Friday. The firm has a market cap of $71.07 billion, a price-to-earnings ratio of 13.31 and a beta of 1.51. The firm has a fifty day moving average price of $34.78 and a two-hundred day moving average price of $36.41. Canadian Natural Resources Limited has a fifty-two week low of $29.45 and a fifty-two week high of $41.29. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.88 and a quick ratio of 0.59.

Canadian Natural Resources (NYSE:CNQ) (TSE:CNQ) last posted its quarterly earnings data 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. The business had revenue of $7.76 billion during the quarter, compared to analysts’ expectations of $6.19 billion. Canadian Natural Resources had a return on equity of 22.09% and a net margin of 18.05%. During the same quarter in the previous year, the firm earned $0.43 EPS. As a group, analysts forecast that Canadian Natural Resources Limited will post 2.49 earnings per share for the current year.

Canadian Natural Resources Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 4th. Stockholders of record on Friday, September 13th will be paid a $0.384 dividend. The ex-dividend date is Friday, September 13th. This represents a $1.54 annualized dividend and a dividend yield of 4.60%. Canadian Natural Resources’s payout ratio is 61.75%.

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).