Canadian Natural Resources Limited $CNQ Shares Sold by CIBC Asset Management Inc

CIBC Asset Management Inc decreased its holdings in Canadian Natural Resources Limited (NYSE:CNQ) (TSE:CNQ) by 5.1% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 20,251,436 shares of the oil and gas producer’s stock after selling 1,099,179 shares during the quarter. Canadian Natural Resources accounts for approximately 1.9% of CIBC Asset Management Inc’s holdings, making the stock its 11th largest position. CIBC Asset Management Inc owned approximately 0.97% of Canadian Natural Resources worth $649,192,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Vanguard Group Inc. grew its position in Canadian Natural Resources by 3.4% in the 2nd quarter. Vanguard Group Inc. now owns 90,742,099 shares of the oil and gas producer’s stock valued at $2,852,024,000 after buying an additional 3,003,542 shares in the last quarter. Fisher Asset Management LLC lifted its stake in shares of Canadian Natural Resources by 4.5% in the 2nd quarter. Fisher Asset Management LLC now owns 47,939,585 shares of the oil and gas producer’s stock worth $1,505,303,000 after acquiring an additional 2,051,714 shares during the period. TD Asset Management Inc boosted its holdings in shares of Canadian Natural Resources by 0.8% in the second quarter. TD Asset Management Inc now owns 41,581,125 shares of the oil and gas producer’s stock valued at $1,304,267,000 after acquiring an additional 316,933 shares in the last quarter. The Manufacturers Life Insurance Company increased its stake in shares of Canadian Natural Resources by 10.3% during 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 acquiring an additional 2,546,233 shares during the period. Finally, Geode Capital Management LLC raised its holdings 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 purchasing an additional 2,832,155 shares in the last quarter. 74.03% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of brokerages have issued reports on CNQ. Zacks Research lowered Canadian Natural Resources from a “strong-buy” rating to a “hold” rating in a research note on Friday, December 19th. Evercore ISI cut Canadian Natural Resources from an “outperform” rating to an “in-line” rating in a research note on Tuesday, January 6th. Wall Street Zen lowered Canadian Natural Resources from a “hold” rating to a “sell” rating in a report on Saturday, January 10th. Scotiabank reissued an “outperform” rating on shares of Canadian Natural Resources in a report on Thursday, October 9th. Finally, Wells Fargo & Company raised shares of Canadian Natural Resources to a “hold” rating in a research note on Thursday, October 16th. Five investment analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the stock. According to data from MarketBeat.com, Canadian Natural Resources has a consensus rating of “Hold” and an average price target of $48.50.

Canadian Natural Resources Stock Performance

Shares of CNQ opened at $36.10 on Friday. Canadian Natural Resources Limited has a one year low of $24.65 and a one year high of $36.28. The company has a 50-day moving average of $33.37 and a two-hundred day moving average of $32.09. The stock has a market cap of $75.16 billion, a price-to-earnings ratio of 15.98 and a beta of 0.69. The company has a debt-to-equity ratio of 0.41, a current ratio of 0.86 and a quick ratio of 0.53.

Canadian Natural Resources (NYSE:CNQ) (TSE:CNQ) last released its quarterly earnings results on Thursday, November 6th. The oil and gas producer reported $0.62 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.54 by $0.08. Canadian Natural Resources had a net margin of 14.90% and a return on equity of 18.93%. The business had revenue of $6.79 billion for the quarter, compared to analyst estimates of $6.81 billion. During the same quarter in the previous year, the business earned $0.97 earnings per share. On average, equities research analysts expect that Canadian Natural Resources Limited will post 2.45 earnings per share for the current year.

Canadian Natural Resources Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, January 6th. Stockholders of record on Friday, December 12th were issued a $0.5875 dividend. The ex-dividend date was Friday, December 12th. This is an increase from Canadian Natural Resources’s previous quarterly dividend of $0.43. This represents a $2.35 dividend on an annualized basis and a dividend yield of 6.5%. Canadian Natural Resources’s dividend payout ratio is currently 74.34%.

About Canadian Natural Resources

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.