CIBC Asset Management Inc Sells 1,522,982 Shares of Canadian Natural Resources Limited $CNQ

CIBC Asset Management Inc lessened its position in shares of Canadian Natural Resources Limited (NYSE:CNQ) (TSE:CNQ) by 6.7% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 21,350,615 shares of the oil and gas producer’s stock after selling 1,522,982 shares during the period. Canadian Natural Resources accounts for 2.1% of CIBC Asset Management Inc’s investment portfolio, making the stock its 11th largest position. CIBC Asset Management Inc owned about 1.02% of Canadian Natural Resources worth $673,050,000 at the end of the most recent reporting period.

Several other large investors also recently added to or reduced their stakes in the company. Invesco Ltd. lifted its stake in shares of Canadian Natural Resources by 4.5% during the 1st quarter. Invesco Ltd. now owns 5,919,698 shares of the oil and gas producer’s stock valued at $182,327,000 after buying an additional 253,671 shares in the last quarter. Virtu Financial LLC boosted its holdings in shares of Canadian Natural Resources by 47.6% in the first quarter. Virtu Financial LLC now owns 23,565 shares of the oil and gas producer’s stock worth $726,000 after acquiring an additional 7,601 shares during the period. Nuveen LLC purchased a new position in shares of Canadian Natural Resources in the first quarter valued at $68,342,000. Independent Advisor Alliance lifted its holdings in Canadian Natural Resources by 23.5% during the 1st quarter. Independent Advisor Alliance now owns 10,261 shares of the oil and gas producer’s stock worth $316,000 after purchasing an additional 1,955 shares in the last quarter. Finally, Russell Investments Group Ltd. lifted its holdings in Canadian Natural Resources by 14.5% during the 1st quarter. Russell Investments Group Ltd. now owns 1,906,595 shares of the oil and gas producer’s stock worth $58,698,000 after purchasing an additional 241,951 shares in the last quarter. Hedge funds and other institutional investors own 74.03% of the company’s stock.

Analyst Upgrades and Downgrades

CNQ has been the topic of a number of analyst reports. Desjardins lowered shares of Canadian Natural Resources from a “buy” rating to a “hold” rating in a report on Monday, November 24th. Weiss Ratings reissued a “hold (c)” rating on shares of Canadian Natural Resources in a research note on Wednesday, October 8th. Scotiabank reaffirmed an “outperform” rating on shares of Canadian Natural Resources in a report on Thursday, October 9th. TD Securities restated a “buy” rating on shares of Canadian Natural Resources in a research report on Tuesday, September 30th. Finally, Wells Fargo & Company raised shares of Canadian Natural Resources to a “hold” rating in a research note on Thursday, October 16th. One analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $62.00.

Canadian Natural Resources Trading Down 0.0%

NYSE CNQ opened at $33.73 on Thursday. The stock has a 50 day simple moving average of $32.39 and a two-hundred day simple moving average of $31.82. Canadian Natural Resources Limited has a fifty-two week low of $24.65 and a fifty-two week high of $35.12. The stock has a market cap of $70.26 billion, a P/E ratio of 14.92 and a beta of 0.70. The company has a debt-to-equity ratio of 0.41, a quick ratio of 0.53 and a current ratio of 0.86.

Canadian Natural Resources (NYSE:CNQ) (TSE:CNQ) last announced its earnings results on Thursday, November 6th. The oil and gas producer reported $0.62 earnings per share 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 firm 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 firm posted $0.97 EPS. On average, analysts forecast that Canadian Natural Resources Limited will post 2.45 earnings per share for the current year.

Canadian Natural Resources Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 6th. Shareholders of record on Friday, December 12th will be paid a dividend of $0.5875 per share. The ex-dividend date is Friday, December 12th. This is a positive change from Canadian Natural Resources’s previous quarterly dividend of $0.43. This represents a $2.35 dividend on an annualized basis and a yield of 7.0%. Canadian Natural Resources’s dividend payout ratio (DPR) is presently 75.66%.

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).