Summerhill Capital Management lnc. Makes New $854,000 Investment in Canadian Natural Resources Limited $CNQ

Summerhill Capital Management lnc. bought a new stake in shares of Canadian Natural Resources Limited (NYSE:CNQ) (TSE:CNQ) during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 17,537 shares of the oil and gas producer’s stock, valued at approximately $854,000. Canadian Natural Resources accounts for approximately 0.7% of Summerhill Capital Management lnc.’s investment portfolio, making the stock its 21st largest holding.

Several other hedge funds also recently modified their holdings of CNQ. Union Bancaire Privee UBP SA bought a new stake in shares of Canadian Natural Resources during the first quarter worth approximately $1,955,000. Value Partners Investments Inc. boosted its stake in Canadian Natural Resources by 3.6% in the first quarter. Value Partners Investments Inc. now owns 50,077 shares of the oil and gas producer’s stock valued at $2,438,000 after acquiring an additional 1,744 shares during the last quarter. Venturi Wealth Management LLC boosted its stake in Canadian Natural Resources by 24.2% in the first quarter. Venturi Wealth Management LLC now owns 9,170 shares of the oil and gas producer’s stock valued at $447,000 after acquiring an additional 1,789 shares during the last quarter. Cardinal Point Capital Management ULC grew its holdings in Canadian Natural Resources by 0.9% during the 1st quarter. Cardinal Point Capital Management ULC now owns 230,194 shares of the oil and gas producer’s stock worth $11,207,000 after acquiring an additional 1,973 shares during the period. Finally, Ritholtz Wealth Management grew its holdings in Canadian Natural Resources by 0.9% during the 1st quarter. Ritholtz Wealth Management now owns 32,763 shares of the oil and gas producer’s stock worth $1,597,000 after acquiring an additional 301 shares during the period. Institutional investors own 74.03% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have commented on the stock. Zacks Research cut shares of Canadian Natural Resources from a “strong-buy” rating to a “hold” rating in a research report on Monday, June 8th. The Goldman Sachs Group lifted their price objective on Canadian Natural Resources from $37.00 to $49.00 and gave the stock a “buy” rating in a research note on Thursday, March 12th. Scotiabank reaffirmed an “outperform” rating on shares of Canadian Natural Resources in a research note on Wednesday, May 20th. Weiss Ratings downgraded Canadian Natural Resources from a “buy (b)” rating to a “buy (b-)” rating in a report on Monday, May 11th. Finally, Raymond James Financial raised Canadian Natural Resources from a “market perform” rating to an “outperform” rating in a research note on Thursday, May 7th. Seven investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $57.00.

Canadian Natural Resources Trading Down 0.2%

CNQ opened at $39.53 on Friday. The firm’s fifty day moving average is $45.33 and its two-hundred day moving average is $41.90. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.68 and a current ratio of 0.98. The firm has a market cap of $82.05 billion, a PE ratio of 11.80 and a beta of 0.45. Canadian Natural Resources Limited has a twelve month low of $29.30 and a twelve month high of $51.34.

Canadian Natural Resources (NYSE:CNQ) (TSE:CNQ) last announced its quarterly earnings results on Thursday, May 7th. The oil and gas producer reported $0.85 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.74 by $0.11. Canadian Natural Resources had a net margin of 22.04% and a return on equity of 17.49%. The company had revenue of $7.72 billion during the quarter, compared to analyst estimates of $7.57 billion. During the same quarter in the previous year, the business earned $1.16 EPS. Equities research analysts anticipate that Canadian Natural Resources Limited will post 4.2 EPS for the current year.

Canadian Natural Resources Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, July 7th. Shareholders of record on Tuesday, June 23rd will be issued a dividend of $0.625 per share. The ex-dividend date is Tuesday, June 23rd. This represents a $2.50 annualized dividend and a yield of 6.3%. Canadian Natural Resources’s payout ratio is currently 54.03%.

Canadian Natural Resources Company Profile

Canadian Natural Resources Limited (NYSE: CNQ) is a Calgary-based independent oil and natural gas exploration and production company. Established in the early 1970s and publicly listed in Canada and the United States, the company is principally engaged in the exploration, development, production, and marketing of crude oil, natural gas and natural gas liquids. Its asset base spans conventional and unconventional reservoirs and includes oil sands mining and in-situ thermal projects, midstream processing and upgrading capacity, and related field operations.

The company’s operations are concentrated in Western Canada, where it develops heavy crude, bitumen from oil sands and conventional light crude and natural gas resources.