Gamco Investors INC. ET AL Purchases New Position in Canadian Natural Resources Limited (NYSE:CNQ)

Posted by Defense World Staff on Jun 12th, 2023

Gamco Investors INC. ET AL bought a new position in shares of Canadian Natural Resources Limited (NYSE:CNQ – Get Rating) (TSE:CNQ) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 4,519 shares of the oil and gas producer’s stock, valued at approximately $251,000.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in CNQ. Alterna Wealth Management Inc. purchased a new stake in shares of Canadian Natural Resources in the 4th quarter worth approximately $219,000. Renaissance Technologies LLC grew its stake in shares of Canadian Natural Resources by 299.9% in the 4th quarter. Renaissance Technologies LLC now owns 940,100 shares of the oil and gas producer’s stock worth $52,219,000 after buying an additional 705,000 shares during the last quarter. Texas Yale Capital Corp. purchased a new stake in shares of Canadian Natural Resources in the 4th quarter worth approximately $244,000. American Century Companies Inc. grew its stake in shares of Canadian Natural Resources by 27.8% in the 4th quarter. American Century Companies Inc. now owns 215,756 shares of the oil and gas producer’s stock worth $11,981,000 after buying an additional 46,920 shares during the last quarter. Finally, Delta Asset Management LLC TN bought a new position in Canadian Natural Resources in the 4th quarter valued at approximately $33,000. Hedge funds and other institutional investors own 70.92% of the company’s stock.

Canadian Natural Resources Stock Performance

Shares of NYSE CNQ traded down $1.42 during midday trading on Monday, hitting $54.96. 840,958 shares of the stock traded hands, compared to its average volume of 2,099,424. The firm has a 50-day moving average of $57.70 and a two-hundred day moving average of $56.93. The firm has a market capitalization of $60.26 billion, a P/E ratio of 8.73, a PEG ratio of 0.88 and a beta of 1.58. The company has a debt-to-equity ratio of 0.29, a quick ratio of 0.57 and a current ratio of 0.83. Canadian Natural Resources Limited has a one year low of $44.45 and a one year high of $63.14.

Canadian Natural Resources (NYSE:CNQ – Get Rating) (TSE:CNQ) last released its quarterly earnings results on Thursday, May 4th. The oil and gas producer reported $1.25 earnings per share for the quarter, beating the consensus estimate of $1.20 by $0.05. The firm had revenue of $6.38 billion for the quarter, compared to analysts’ expectations of $6.26 billion. Canadian Natural Resources had a return on equity of 29.39% and a net margin of 20.63%. On average, equities analysts forecast that Canadian Natural Resources Limited will post 5.18 EPS for the current fiscal year.

Canadian Natural Resources Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 5th. Stockholders of record on Friday, June 16th will be paid a $0.664 dividend. The ex-dividend date of this dividend is Thursday, June 15th. This represents a $2.66 annualized dividend and a dividend yield of 4.83%. Canadian Natural Resources’s dividend payout ratio (DPR) is 40.87%.

Analysts Set New Price Targets

Separately, StockNews.com started coverage on Canadian Natural Resources in a research report on Thursday, May 18th. They issued a “hold” rating on the stock. Three research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $94.14.

Canadian Natural Resources Company Profile

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Canadian Natural Resources Ltd. is an oil and natural gas production company, which engages in the exploration, development, marketing, and production of crude oil and natural gas. It operates through the following segments: Oil Sands Mining & Upgrading, Midstream & Refining, and Exploration & Production.