CIBC Asset Management Inc Has $578.46 Million Holdings in Canadian Natural Resources Limited $CNQ

CIBC Asset Management Inc lessened its holdings in shares of Canadian Natural Resources Limited (NYSE:CNQ) (TSE:CNQ) by 16.0% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 17,003,831 shares of the oil and gas producer’s stock after selling 3,247,605 shares during the quarter. Canadian Natural Resources accounts for approximately 1.4% of CIBC Asset Management Inc’s holdings, making the stock its 19th largest holding. CIBC Asset Management Inc owned 0.82% of Canadian Natural Resources worth $578,464,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of CNQ. Leonteq Securities AG bought a new position in Canadian Natural Resources in the fourth quarter valued at approximately $31,000. GoalVest Advisory LLC bought a new position in Canadian Natural Resources in the fourth quarter valued at approximately $32,000. Quarry LP bought a new position in Canadian Natural Resources in the third quarter valued at approximately $32,000. LOM Asset Management Ltd acquired a new stake in shares of Canadian Natural Resources in the 4th quarter valued at about $34,000. Finally, Boyd Watterson Asset Management LLC OH acquired a new stake in shares of Canadian Natural Resources in the 4th quarter valued at about $51,000. 74.03% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on CNQ. Scotiabank reissued an “outperform” rating on shares of Canadian Natural Resources in a research note on Wednesday, May 20th. Zacks Research raised Canadian Natural Resources from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, May 5th. ATB Cormark Capital Markets downgraded shares of Canadian Natural Resources from a “strong-buy” rating to a “moderate buy” rating in a report on Thursday, March 5th. The Goldman Sachs Group lifted their price objective on shares of Canadian Natural Resources from $37.00 to $49.00 and gave the company a “buy” rating in a report on Thursday, March 12th. Finally, Weiss Ratings downgraded shares of Canadian Natural Resources from a “buy (b)” rating to a “buy (b-)” rating in a report on Monday, May 11th. One investment analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, Canadian Natural Resources presently has a consensus rating of “Moderate Buy” and an average price target of $57.00.

Canadian Natural Resources Price Performance

NYSE:CNQ opened at $47.25 on Wednesday. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.68 and a current ratio of 0.98. The stock’s 50-day simple moving average is $46.92 and its 200 day simple moving average is $40.62. The company has a market cap of $98.34 billion, a P/E ratio of 14.10 and a beta of 0.45. Canadian Natural Resources Limited has a 52-week low of $29.30 and a 52-week high of $51.34.

Canadian Natural Resources (NYSE:CNQ) (TSE:CNQ) last released its earnings results on Thursday, May 7th. The oil and gas producer reported $0.85 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.74 by $0.11. The business had revenue of $7.72 billion for the quarter, compared to the consensus estimate of $7.57 billion. Canadian Natural Resources had a return on equity of 17.49% and a net margin of 22.04%.During the same quarter in the previous year, the business earned $1.16 earnings per share. As a group, sell-side analysts forecast that Canadian Natural Resources Limited will post 4.2 EPS for the current fiscal year.

Canadian Natural Resources Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, July 7th. Investors of record on Tuesday, June 23rd will be given a $0.625 dividend. The ex-dividend date of this dividend is Tuesday, June 23rd. This represents a $2.50 dividend on an annualized basis and a dividend yield of 5.3%. Canadian Natural Resources’s payout ratio is currently 54.93%.

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.