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CIBC Asset Management Inc Acquires 717,658 Shares of Canadian Natural Resources Ltd (NYSE:CNQ)

By August 21, 2019 No Comments

CIBC Asset Management Inc increased its holdings in Canadian Natural Resources Ltd (NYSE:CNQ) (TSE:CNQ) by 5.5% in the second quarter, HoldingsChannel.com reports. The institutional investor owned 13,694,488 shares of the oil and gas producer’s stock after purchasing an additional 717,658 shares during the quarter. Canadian Natural Resources accounts for about 2.2% of CIBC Asset Management Inc’s holdings, making the stock its 11th biggest holding. CIBC Asset Management Inc’s holdings in Canadian Natural Resources were worth $369,243,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Toronto Dominion Bank raised its stake in Canadian Natural Resources by 65.5% in the first quarter. Toronto Dominion Bank now owns 8,964,876 shares of the oil and gas producer’s stock worth $246,106,000 after buying an additional 3,549,063 shares in the last quarter. Capital Innovations LLC bought a new position in Canadian Natural Resources in the first quarter worth approximately $988,000. Wetherby Asset Management Inc. raised its stake in Canadian Natural Resources by 3.8% in the first quarter. Wetherby Asset Management Inc. now owns 21,933 shares of the oil and gas producer’s stock worth $603,000 after buying an additional 808 shares in the last quarter. Zions Bancorporation N.A. bought a new position in Canadian Natural Resources in the first quarter worth approximately $28,000. Finally, Letko Brosseau & Associates Inc. raised its stake in Canadian Natural Resources by 0.4% in the second quarter. Letko Brosseau & Associates Inc. now owns 14,907,844 shares of the oil and gas producer’s stock worth $402,828,000 after buying an additional 66,697 shares in the last quarter. 65.83% of the stock is owned by institutional investors.

NYSE CNQ opened at $23.70 on Tuesday. The firm’s fifty day simple moving average is $25.35 and its two-hundred day simple moving average is $27.20. The company has a current ratio of 0.59, a quick ratio of 0.44 and a debt-to-equity ratio of 0.57. Canadian Natural Resources Ltd has a 12-month low of $21.85 and a 12-month high of $35.95. The firm has a market capitalization of $27.81 billion, a P/E ratio of 11.02, a P/E/G ratio of 1.37 and a beta of 1.13.

Canadian Natural Resources (NYSE:CNQ) (TSE:CNQ) last released its quarterly earnings results on Thursday, August 1st. The oil and gas producer reported $0.87 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.62 by $0.25. Canadian Natural Resources had a net margin of 22.22% and a return on equity of 8.62%. The business had revenue of $4.16 billion for the quarter, compared to analyst estimates of $4.36 billion. During the same period in the previous year, the company earned $1.04 earnings per share. As a group, sell-side analysts predict that Canadian Natural Resources Ltd will post 2.4 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Friday, September 13th will be issued a $0.284 dividend. This is a positive change from Canadian Natural Resources’s previous quarterly dividend of $0.28. This represents a $1.14 annualized dividend and a yield of 4.79%. The ex-dividend date is Thursday, September 12th. Canadian Natural Resources’s payout ratio is currently 51.63%.

A number of brokerages recently commented on CNQ. Canaccord Genuity reissued a “buy” rating and issued a $53.00 price objective on shares of Canadian Natural Resources in a research note on Tuesday, July 9th. CIBC reaffirmed a “buy” rating and issued a $48.00 price target on shares of Canadian Natural Resources in a report on Sunday, August 4th. Raymond James reaffirmed a “buy” rating on shares of Canadian Natural Resources in a report on Friday, May 10th. Royal Bank of Canada reaffirmed an “average” rating and issued a $45.00 price target on shares of Canadian Natural Resources in a report on Friday, May 10th. Finally, Edward Jones lowered shares of Canadian Natural Resources from a “buy” rating to a “hold” rating in a report on Thursday, April 25th. Six investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus price target of $41.88.

Canadian Natural Resources Profile

Canadian Natural Resources Limited explores for, develops, produces, and markets crude oil, natural gas, and natural gas liquids (NGLs). The company offers synthetic crude oil (SCO), light and medium crude oil, bitumen (thermal oil), primary heavy crude oil, and Pelican Lake heavy crude oil. Its midstream assets include two crude oil pipeline systems; and a 50% working interest in an 84-megawatt cogeneration plant at Primrose.

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Institutional Ownership by Quarter for Canadian Natural Resources (NYSE:CNQ)

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