Elevation Point Wealth Partners LLC Acquires 35,898 Shares of Canadian Natural Resources Limited $CNQ

Elevation Point Wealth Partners LLC boosted its holdings in Canadian Natural Resources Limited (NYSE:CNQ) (TSE:CNQ) by 253.0% in the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 50,089 shares of the oil and gas producer’s stock after buying an additional 35,898 shares during the quarter. Elevation Point Wealth Partners LLC’s holdings in Canadian Natural Resources were worth $2,447,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. TD Waterhouse Canada Inc. lifted its position in Canadian Natural Resources by 4.9% during the fourth quarter. TD Waterhouse Canada Inc. now owns 6,758,445 shares of the oil and gas producer’s stock valued at $228,729,000 after purchasing an additional 315,460 shares during the period. Marshall Financial Group LLC bought a new stake in Canadian Natural Resources in the 4th quarter worth approximately $869,000. Numerai GP LLC grew its position in Canadian Natural Resources by 102.5% in the 3rd quarter. Numerai GP LLC now owns 77,164 shares of the oil and gas producer’s stock worth $2,466,000 after purchasing an additional 39,049 shares during the period. Novem Group purchased a new stake in Canadian Natural Resources during the 4th quarter valued at $1,270,000. Finally, Vanguard Group Inc. raised its stake in Canadian Natural Resources by 0.9% during the 4th quarter. Vanguard Group Inc. now owns 93,305,198 shares of the oil and gas producer’s stock valued at $3,160,340,000 after buying an additional 818,809 shares during the last quarter. Institutional investors own 74.03% of the company’s stock.

Canadian Natural Resources Stock Down 0.0%

CNQ opened at $39.63 on Friday. The company has a current ratio of 0.98, a quick ratio of 0.68 and a debt-to-equity ratio of 0.37. Canadian Natural Resources Limited has a 1-year low of $29.30 and a 1-year high of $51.34. The company has a market capitalization of $82.27 billion, a PE ratio of 11.83 and a beta of 0.47. The firm’s 50 day simple moving average is $44.85 and its two-hundred day simple moving average is $42.10.

Canadian Natural Resources (NYSE:CNQ) (TSE:CNQ) last issued its quarterly earnings results on Thursday, May 7th. The oil and gas producer reported $0.85 earnings per share for the quarter, topping the consensus estimate of $0.74 by $0.11. Canadian Natural Resources had a net margin of 22.04% and a return on equity of 17.49%. The business had revenue of $7.72 billion for the quarter, compared to analysts’ expectations of $7.57 billion. During the same quarter last year, the company posted $1.16 EPS. As a group, equities analysts forecast that Canadian Natural Resources Limited will post 4.2 EPS for the current year.

Canadian Natural Resources Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, July 7th. Investors of record on Tuesday, June 23rd will be issued a $0.625 dividend. This represents a $2.50 dividend on an annualized basis and a yield of 6.3%. The ex-dividend date of this dividend is Tuesday, June 23rd. Canadian Natural Resources’s dividend payout ratio (DPR) is currently 54.03%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the company. Zacks Research cut Canadian Natural Resources from a “strong-buy” rating to a “hold” rating in a report on Monday, June 8th. Weiss Ratings cut Canadian Natural Resources from a “buy (b)” rating to a “buy (b-)” rating in a research report on Monday, May 11th. Scotiabank upgraded Canadian Natural Resources to a “hold” rating in a research report on Friday, June 26th. The Goldman Sachs Group increased their target price on Canadian Natural Resources from $37.00 to $49.00 and gave the company a “buy” rating in a report on Thursday, March 12th. Finally, Raymond James Financial upgraded Canadian Natural Resources from a “market perform” rating to an “outperform” rating in a research note on Thursday, May 7th. Six equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. According to MarketBeat, Canadian Natural Resources currently has an average rating of “Moderate Buy” and an average price target of $57.00.

About Canadian Natural Resources

Canadian Natural Resources Limited (NYSE: CNQ) is a Calgary-based independent oil and natural gas exploration and production company. Established in the early 1970s and publicly listed in Canada and the United States, the company is principally engaged in the exploration, development, production, and marketing of crude oil, natural gas and natural gas liquids. Its asset base spans conventional and unconventional reservoirs and includes oil sands mining and in-situ thermal projects, midstream processing and upgrading capacity, and related field operations.

The company’s operations are concentrated in Western Canada, where it develops heavy crude, bitumen from oil sands and conventional light crude and natural gas resources.