Stock Traders Purchase High Volume of Canadian Natural Resource Call Options (CNQ)

Canadian Natural Resource Ltd (NYSE:CNQ) (TSE:CNQ) was the target of unusually large options trading activity on Tuesday. Stock traders acquired 3,540 call options on the stock. This represents an increase of 849% compared to the typical daily volume of 373 call options.

A number of hedge funds have recently made changes to their positions in CNQ. Mackenzie Financial Corp raised its position in Canadian Natural Resource by 64.3% in the fourth quarter. Mackenzie Financial Corp now owns 10,423,026 shares of the oil and gas producer’s stock worth $372,310,000 after acquiring an additional 4,080,120 shares during the period. The Manufacturers Life Insurance Company raised its position in Canadian Natural Resource by 39.4% in the fourth quarter. The Manufacturers Life Insurance Company now owns 10,882,795 shares of the oil and gas producer’s stock worth $388,734,000 after acquiring an additional 3,074,138 shares during the period. Picton Mahoney Asset Management bought a new stake in Canadian Natural Resource in the fourth quarter worth about $112,571,000. TD Asset Management Inc. raised its position in Canadian Natural Resource by 6.5% in the third quarter. TD Asset Management Inc. now owns 23,511,155 shares of the oil and gas producer’s stock worth $785,617,000 after acquiring an additional 1,437,849 shares during the period. Finally, Ameriprise Financial Inc. raised its position in Canadian Natural Resource by 11.1% in the third quarter. Ameriprise Financial Inc. now owns 10,842,877 shares of the oil and gas producer’s stock worth $363,126,000 after acquiring an additional 1,080,838 shares during the period. 58.87% of the stock is currently owned by institutional investors and hedge funds.

Shares of Canadian Natural Resource (NYSE:CNQ) traded up $1.07 during mid-day trading on Wednesday, reaching $31.72. 3,413,539 shares of the company’s stock traded hands, compared to its average volume of 2,683,956. The company has a market capitalization of $37,510.00, a price-to-earnings ratio of 17.60, a price-to-earnings-growth ratio of 2.61 and a beta of 1.36. The company has a current ratio of 0.71, a quick ratio of 0.56 and a debt-to-equity ratio of 0.67. Canadian Natural Resource has a twelve month low of $27.52 and a twelve month high of $37.63.

Several research analysts recently weighed in on CNQ shares. Zacks Investment Research cut shares of Canadian Natural Resource from a “hold” rating to a “sell” rating in a report on Wednesday, November 15th. Morgan Stanley boosted their price target on shares of Canadian Natural Resource from $52.00 to $58.00 and gave the stock an “overweight” rating in a report on Wednesday, January 24th. AltaCorp Capital restated a “buy” rating and set a $52.00 price target on shares of Canadian Natural Resource in a report on Monday, January 15th. Canaccord Genuity restated a “buy” rating and set a $48.00 price target on shares of Canadian Natural Resource in a report on Thursday, November 2nd. Finally, Wells Fargo & Co cut shares of Canadian Natural Resource from an “outperform” rating to a “market perform” rating in a report on Tuesday, February 6th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, five have given a buy rating and two have issued a strong buy rating to the company. The company presently has an average rating of “Buy” and an average target price of $47.71.

TRADEMARK VIOLATION WARNING: This report was published by American Banking News and is owned by of American Banking News. If you are reading this report on another site, it was illegally stolen and republished in violation of US & international copyright & trademark law. The correct version of this report can be viewed at https://www.americanbankingnews.com/2018/02/14/stock-traders-purchase-high-volume-of-canadian-natural-resource-call-options-cnq.html.

Canadian Natural Resource Company Profile

Canadian Natural Resources Limited is an independent crude oil and natural gas exploration, development and production company. The Company’s segments include Exploration and Production, Oil Sands Mining and Upgrading, and Midstream. The Exploration and Production segment includes exploration, development, production and marketing of crude oil, natural gas liquids (NGLs) and natural gas.

Receive News & Ratings for Canadian Natural Resource Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Canadian Natural Resource and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply