MGB Wealth Management LLC Decreases Position in Canadian Natural Resources Limited (NYSE:CNQ)

MGB Wealth Management LLC cut its stake in shares of Canadian Natural Resources Limited (NYSE:CNQ) (TSE:CNQ) by 9.5% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 99,558 shares of the oil and gas producer’s stock after selling 10,500 shares during the period. Canadian Natural Resources accounts for about 1.2% of MGB Wealth Management LLC’s portfolio, making the stock its 12th biggest position. MGB Wealth Management LLC’s holdings in Canadian Natural Resources were worth $3,306,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in CNQ. Park Place Capital Corp raised its position in 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 valued at $25,000 after purchasing an additional 358 shares during the period. RFP Financial Group LLC raised its position in 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 purchasing an additional 352 shares during the period. Sugarloaf Wealth Management LLC raised its position in Canadian Natural Resources by 100.0% during the second quarter. Sugarloaf Wealth Management LLC now owns 728 shares of the oil and gas producer’s stock valued at $26,000 after purchasing an additional 364 shares during the period. Bruce G. Allen Investments LLC raised its position in Canadian Natural Resources by 91.6% during the second quarter. Bruce G. Allen Investments LLC now owns 868 shares of the oil and gas producer’s stock valued at $31,000 after purchasing an additional 415 shares during the period. Finally, GAMMA Investing LLC raised its position in Canadian Natural Resources by 104.7% during the second quarter. GAMMA Investing LLC now owns 874 shares of the oil and gas producer’s stock valued at $31,000 after purchasing an additional 447 shares during the period. 74.03% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

CNQ has been the topic of a number of recent research reports. Desjardins upgraded Canadian Natural Resources from a “hold” rating to a “moderate buy” rating in a research report on Tuesday, October 8th. StockNews.com downgraded Canadian Natural Resources from a “buy” rating to a “hold” rating in a report on Friday, August 23rd. Five equities research analysts have rated the stock with a hold rating, According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $51.00.

Canadian Natural Resources Trading Up 0.8 %

Shares of NYSE CNQ opened at $34.84 on Friday. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.53 and a current ratio of 0.84. The business’s 50 day moving average price is $34.59 and its 200-day moving average price is $35.35. Canadian Natural Resources Limited has a fifty-two week low of $29.45 and a fifty-two week high of $41.29. The company has a market cap of $73.53 billion, a price-to-earnings ratio of 13.53 and a beta of 1.50.

Canadian Natural Resources (NYSE:CNQ) (TSE:CNQ) last issued its quarterly earnings results on Thursday, October 31st. The oil and gas producer reported $0.97 earnings per share for the quarter, topping the consensus estimate of $0.67 by $0.30. Canadian Natural Resources had a return on equity of 20.07% and a net margin of 18.45%. The firm had revenue of $7.62 billion for the quarter, compared to the consensus estimate of $6.40 billion. During the same period in the prior year, the business posted $0.96 earnings per share. On average, sell-side analysts expect that Canadian Natural Resources Limited will post 2.44 earnings per share for the current year.

Canadian Natural Resources Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, January 3rd. Investors 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 yield of 4.45%. This is a boost from Canadian Natural Resources’s previous quarterly dividend of $0.38. Canadian Natural Resources’s dividend payout ratio is 60.58%.

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).