Sound Income Strategies LLC Acquires New Position in Canadian Natural Resources Limited (NYSE:CNQ)

Sound Income Strategies LLC bought a new position in Canadian Natural Resources Limited (NYSE:CNQ) (TSE:CNQ) during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 1,391 shares of the oil and gas producer’s stock, valued at approximately $46,000.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the stock. Bruce G. Allen Investments LLC lifted its holdings in shares of Canadian Natural Resources by 117.8% in the 1st quarter. Bruce G. Allen Investments LLC now owns 453 shares of the oil and gas producer’s stock worth $35,000 after purchasing an additional 245 shares during the last quarter. RFP Financial Group LLC boosted its holdings in shares of Canadian Natural Resources by 98.3% during the second quarter. RFP Financial Group LLC now owns 710 shares of the oil and gas producer’s stock valued at $25,000 after acquiring an additional 352 shares during the period. Park Place Capital Corp grew its position in shares of Canadian Natural Resources by 100.0% during the second quarter. Park Place Capital Corp now owns 716 shares of the oil and gas producer’s stock worth $25,000 after acquiring an additional 358 shares during the last quarter. Sugarloaf Wealth Management LLC increased its holdings in shares of Canadian Natural Resources by 100.0% in the 2nd quarter. Sugarloaf Wealth Management LLC now owns 728 shares of the oil and gas producer’s stock worth $26,000 after acquiring an additional 364 shares during the period. Finally, GAMMA Investing LLC increased its holdings in shares of Canadian Natural Resources by 104.7% in the 2nd quarter. GAMMA Investing LLC now owns 874 shares of the oil and gas producer’s stock worth $31,000 after acquiring an additional 447 shares during the period. 74.03% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research firms have issued reports on CNQ. Wolfe Research initiated coverage on shares of Canadian Natural Resources in a research note on Thursday, July 18th. They set a “peer perform” rating for the company. Desjardins raised Canadian Natural Resources from a “hold” rating to a “moderate buy” rating in a report on Tuesday, October 8th. Finally, StockNews.com downgraded Canadian Natural Resources from a “buy” rating to a “hold” rating in a research note on Friday, August 23rd. Five equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. According to MarketBeat, Canadian Natural Resources currently has a consensus rating of “Hold” and a consensus target price of $49.50.

Canadian Natural Resources Price Performance

NYSE CNQ opened at $37.00 on Tuesday. The company’s 50 day simple moving average is $34.88 and its 200 day simple moving average is $36.23. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.88 and a quick ratio of 0.59. The firm has a market capitalization of $78.73 billion, a PE ratio of 14.74 and a beta of 1.50. Canadian Natural Resources Limited has a 12 month low of $29.45 and a 12 month high of $41.29.

Canadian Natural Resources (NYSE:CNQ) (TSE:CNQ) last announced its quarterly earnings data on Thursday, August 1st. The oil and gas producer reported $0.88 earnings per share for the quarter, beating the consensus estimate of $0.62 by $0.26. The business had revenue of $7.76 billion during the quarter, compared to analyst estimates 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 prior year, the firm posted $0.43 earnings per share. As a group, equities research analysts forecast that Canadian Natural Resources Limited will post 2.5 EPS for the current fiscal year.

Canadian Natural Resources Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, January 3rd. Stockholders of record on Friday, December 13th will be paid a $0.388 dividend. The ex-dividend date is Friday, December 13th. This represents a $1.55 annualized dividend and a dividend yield of 4.19%. This is a boost from Canadian Natural Resources’s previous quarterly dividend of $0.38. Canadian Natural Resources’s payout ratio is currently 66.14%.

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).