Seven Eight Capital LP Makes New Investment in Canadian Natural Resources Limited (NYSE:CNQ)

Seven Eight Capital LP acquired a new stake in Canadian Natural Resources Limited (NYSE:CNQ) (TSE:CNQ) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 19,715 shares of the oil and gas producer’s stock, valued at approximately $702,000.

A number of other hedge funds have also made changes to their positions in the stock. Blair William & Co. IL boosted its stake in Canadian Natural Resources by 105.3% during the 2nd quarter. Blair William & Co. IL now owns 6,526 shares of the oil and gas producer’s stock valued at $232,000 after purchasing an additional 3,348 shares in the last quarter. Vanguard Personalized Indexing Management LLC raised its stake in shares of Canadian Natural Resources by 130.5% in the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 51,716 shares of the oil and gas producer’s stock worth $1,830,000 after buying an additional 29,278 shares in the last quarter. Mercer Global Advisors Inc. ADV lifted its holdings in shares of Canadian Natural Resources by 128.9% in the second quarter. Mercer Global Advisors Inc. ADV now owns 13,230 shares of the oil and gas producer’s stock valued at $471,000 after buying an additional 7,449 shares during the period. Argent Trust Co boosted its stake in Canadian Natural Resources by 73.2% during the second quarter. Argent Trust Co now owns 18,492 shares of the oil and gas producer’s stock valued at $658,000 after buying an additional 7,816 shares in the last quarter. Finally, Plancorp LLC grew its holdings in Canadian Natural Resources by 100.0% during the second quarter. Plancorp LLC now owns 7,330 shares of the oil and gas producer’s stock worth $261,000 after acquiring an additional 3,665 shares during the period. Institutional investors and hedge funds own 74.03% of the company’s stock.

Canadian Natural Resources Stock Down 1.1 %

CNQ stock opened at $33.40 on Friday. 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 $71.07 billion, a P/E ratio of 13.31 and a beta of 1.51. Canadian Natural Resources Limited has a 52-week low of $29.45 and a 52-week high of $41.29. The company’s 50 day simple moving average is $34.78 and its 200-day simple moving average is $36.41.

Canadian Natural Resources (NYSE:CNQ) (TSE:CNQ) last announced its earnings results on Thursday, August 1st. The oil and gas producer reported $0.88 earnings per share (EPS) for the quarter, beating 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 period in the previous year, the business earned $0.43 EPS. As a group, equities research analysts anticipate that Canadian Natural Resources Limited will post 2.49 EPS for the current year.

Canadian Natural Resources Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 4th. Shareholders of record on Friday, September 13th will be given a dividend of $0.384 per share. The ex-dividend date is Friday, September 13th. This represents a $1.54 dividend on an annualized basis and a yield of 4.60%. Canadian Natural Resources’s payout ratio is presently 61.75%.

Wall Street Analyst Weigh In

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

About Canadian Natural Resources

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).