SCP Investment LP Takes Position in Canadian Natural Resources Limited $CNQ

SCP Investment LP purchased a new position in shares of Canadian Natural Resources Limited (NYSE:CNQ) (TSE:CNQ) during the third quarter, Holdings Channel reports. The firm purchased 35,800 shares of the oil and gas producer’s stock, valued at approximately $1,144,000. Canadian Natural Resources comprises about 0.9% of SCP Investment LP’s holdings, making the stock its 23rd largest holding.

Other large investors also recently bought and sold shares of the company. Vanguard Group Inc. lifted its stake in Canadian Natural Resources by 1.9% in the 3rd quarter. Vanguard Group Inc. now owns 92,486,389 shares of the oil and gas producer’s stock worth $2,957,252,000 after purchasing an additional 1,744,290 shares in the last quarter. Fisher Asset Management LLC grew its position in shares of Canadian Natural Resources by 4.5% in the second quarter. Fisher Asset Management LLC now owns 47,939,585 shares of the oil and gas producer’s stock valued at $1,505,303,000 after purchasing an additional 2,051,714 shares in the last quarter. The Manufacturers Life Insurance Company increased its holdings in shares of Canadian Natural Resources by 10.3% in the second quarter. The Manufacturers Life Insurance Company now owns 27,359,777 shares of the oil and gas producer’s stock valued at $855,414,000 after purchasing an additional 2,546,233 shares during the last quarter. Geode Capital Management LLC lifted its position in Canadian Natural Resources by 19.8% during the second quarter. Geode Capital Management LLC now owns 17,146,792 shares of the oil and gas producer’s stock worth $548,214,000 after buying an additional 2,832,155 shares in the last quarter. Finally, JPMorgan Chase & Co. boosted its stake in Canadian Natural Resources by 2.9% during the second quarter. JPMorgan Chase & Co. now owns 14,092,637 shares of the oil and gas producer’s stock worth $442,509,000 after buying an additional 399,945 shares during the last quarter. Hedge funds and other institutional investors own 74.03% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on CNQ. Zacks Research downgraded Canadian Natural Resources from a “strong-buy” rating to a “hold” rating in a research note on Friday, December 19th. Desjardins lowered shares of Canadian Natural Resources from a “buy” rating to a “hold” rating in a report on Monday, November 24th. Evercore cut shares of Canadian Natural Resources from an “outperform” rating to an “in-line” rating in a research report on Tuesday, January 6th. The Goldman Sachs Group set a $35.00 target price on shares of Canadian Natural Resources and gave the company a “buy” rating in a report on Friday, January 2nd. Finally, Wall Street Zen upgraded shares of Canadian Natural Resources from a “sell” rating to a “hold” rating in a report on Saturday, January 31st. Five analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. According to MarketBeat.com, Canadian Natural Resources currently has a consensus rating of “Hold” and an average price target of $48.50.

Canadian Natural Resources Price Performance

Shares of CNQ opened at $40.55 on Wednesday. The company has a debt-to-equity ratio of 0.41, a current ratio of 0.86 and a quick ratio of 0.53. The stock has a market cap of $84.41 billion, a PE ratio of 17.94 and a beta of 0.68. The firm has a 50-day simple moving average of $34.99 and a two-hundred day simple moving average of $32.94. Canadian Natural Resources Limited has a 1-year low of $24.65 and a 1-year high of $41.09.

Canadian Natural Resources 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.