Cadence Wealth Management LLC Grows Position in Canadian Natural Resources Limited (NYSE:CNQ)

Cadence Wealth Management LLC increased its holdings in Canadian Natural Resources Limited (NYSE:CNQ) (TSE:CNQ) by 4.4% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 15,439 shares of the oil and gas producer’s stock after acquiring an additional 644 shares during the quarter. Cadence Wealth Management LLC’s holdings in Canadian Natural Resources were worth $477,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in CNQ. Old West Investment Management LLC lifted its stake in Canadian Natural Resources by 73.9% in the third quarter. Old West Investment Management LLC now owns 355,983 shares of the oil and gas producer’s stock worth $11,822,000 after acquiring an additional 151,237 shares during the period. Empowered Funds LLC lifted its stake in Canadian Natural Resources by 8.9% in the third quarter. Empowered Funds LLC now owns 62,831 shares of the oil and gas producer’s stock worth $2,087,000 after acquiring an additional 5,151 shares during the period. Coastline Trust Co purchased a new stake in Canadian Natural Resources in the third quarter worth $33,000. Natixis Advisors LLC lifted its stake in Canadian Natural Resources by 13.7% in the third quarter. Natixis Advisors LLC now owns 510,330 shares of the oil and gas producer’s stock worth $16,948,000 after acquiring an additional 61,473 shares during the period. Finally, Thrivent Financial for Lutherans lifted its stake in Canadian Natural Resources by 49.3% in the third quarter. Thrivent Financial for Lutherans now owns 9,313 shares of the oil and gas producer’s stock worth $309,000 after acquiring an additional 3,076 shares during the period. Hedge funds and other institutional investors own 74.03% of the company’s stock.

Canadian Natural Resources Price Performance

Shares of NYSE:CNQ opened at $29.82 on Tuesday. Canadian Natural Resources Limited has a 1-year low of $25.62 and a 1-year high of $41.29. The company has a debt-to-equity ratio of 0.21, a current ratio of 0.84 and a quick ratio of 0.53. The business has a fifty day moving average price of $30.20 and a 200-day moving average price of $32.35. The company has a market capitalization of $62.63 billion, a PE ratio of 11.58 and a beta of 1.48.

Canadian Natural Resources Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, April 4th. Stockholders of record on Friday, March 21st will be issued a dividend of $0.4117 per share. The ex-dividend date of this dividend is Friday, March 21st. This is an increase from Canadian Natural Resources’s previous quarterly dividend of $0.39. This represents a $1.65 annualized dividend and a dividend yield of 5.52%. Canadian Natural Resources’s dividend payout ratio (DPR) is presently 77.88%.

Wall Street Analysts Forecast Growth

CNQ has been the subject of several recent research reports. Evercore ISI raised Canadian Natural Resources from an “in-line” rating to an “outperform” rating in a research report on Friday, March 7th. Raymond James reissued a “market perform” rating on shares of Canadian Natural Resources in a research report on Friday, March 7th. Royal Bank of Canada raised their price objective on Canadian Natural Resources from $62.00 to $63.00 and gave the company an “outperform” rating in a research report on Friday, March 7th. Finally, Tudor Pickering lowered Canadian Natural Resources from a “strong-buy” rating to a “hold” rating in a research report on Monday, February 10th. Five research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat.com, Canadian Natural Resources currently has a consensus rating of “Hold” and an average price target of $63.00.

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).