Old West Investment Management LLC Purchases 110,096 Shares of Canadian Natural Resources Limited (NYSE:CNQ)

Old West Investment Management LLC lifted its position in Canadian Natural Resources Limited (NYSE:CNQ) (TSE:CNQ) by 116.3% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 204,746 shares of the oil and gas producer’s stock after acquiring an additional 110,096 shares during the quarter. Canadian Natural Resources accounts for approximately 3.2% of Old West Investment Management LLC’s investment portfolio, making the stock its 11th largest holding. Old West Investment Management LLC’s holdings in Canadian Natural Resources were worth $7,289,000 at the end of the most recent quarter.

A number of other hedge funds also recently added to or reduced their stakes in CNQ. Private Advisor Group LLC raised its stake in Canadian Natural Resources by 64.0% in the fourth quarter. Private Advisor Group LLC now owns 7,363 shares of the oil and gas producer’s stock worth $482,000 after buying an additional 2,874 shares in the last quarter. SCP Investment LP bought a new position in shares of Canadian Natural Resources in the 4th quarter worth $425,000. Principal Securities Inc. purchased a new stake in shares of Canadian Natural Resources during the 4th quarter worth $35,000. Kingsview Wealth Management LLC boosted its position in Canadian Natural Resources by 18.0% during the fourth quarter. Kingsview Wealth Management LLC now owns 4,777 shares of the oil and gas producer’s stock valued at $313,000 after purchasing an additional 728 shares in the last quarter. Finally, Financial Advocates Investment Management grew its stake in Canadian Natural Resources by 77.7% in the fourth quarter. Financial Advocates Investment Management now owns 8,380 shares of the oil and gas producer’s stock valued at $549,000 after purchasing an additional 3,663 shares during the last quarter. 74.03% of the stock is owned by hedge funds and other institutional investors.

Canadian Natural Resources Stock Performance

CNQ opened at $32.33 on Tuesday. The company has a market cap of $68.79 billion, a P/E ratio of 12.88 and a beta of 1.51. 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 firm’s 50-day moving average price is $35.00 and its 200-day moving average price is $36.49. Canadian Natural Resources Limited has a 52-week low of $29.45 and a 52-week high of $41.29.

Canadian Natural Resources (NYSE:CNQ) (TSE:CNQ) last released 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. The company had revenue of $7.76 billion for the quarter, compared to the consensus estimate of $6.19 billion. Canadian Natural Resources had a net margin of 18.05% and a return on equity of 22.09%. During the same quarter in the previous year, the firm earned $0.43 EPS. As a group, equities analysts anticipate that Canadian Natural Resources Limited will post 2.49 EPS for the current fiscal year.

Canadian Natural Resources Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, October 4th. Investors of record on Friday, September 13th will be given a $0.384 dividend. This represents a $1.54 annualized dividend and a dividend yield of 4.75%. The ex-dividend date is Friday, September 13th. Canadian Natural Resources’s payout ratio is 61.75%.

Wall Street Analyst Weigh In

CNQ has been the subject of several analyst reports. Wolfe Research began coverage on shares of Canadian Natural Resources in a research report on Thursday, July 18th. They set a “peer perform” rating for the company. Raymond James raised shares of Canadian Natural Resources to a “hold” rating in a research report on Tuesday, May 28th. Scotiabank reaffirmed a “sector perform” rating on shares of Canadian Natural Resources in a report on Tuesday, June 11th. Finally, StockNews.com downgraded Canadian Natural Resources from a “buy” rating to a “hold” rating in a research report on Friday, August 23rd. Six research analysts have rated the stock with a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat, Canadian Natural Resources has a consensus rating of “Hold” and a consensus price target of $49.50.

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).