Canadian Natural Resources Limited $CNQ Shares Sold by Allianz Asset Management GmbH

Key Points

• Allianz Asset Management GmbH reduced its stake in Canadian Natural Resources Limited by 16.5%, selling 138,564 shares to hold a total of 702,510 shares valued at $22 million.
• The company recently announced a quarterly dividend of $0.4269, reflecting an annualized dividend of $1.71 with a yield of 5.7%.
• Analysts have generally maintained a positive outlook, with an average rating of "Moderate Buy" and a consensus target price of $62.00 for CNQ shares.

Allianz Asset Management GmbH cut its holdings in shares of Canadian Natural Resources Limited (NYSE:CNQ - Free Report) TSE: CNQ by 16.5% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 702,510 shares of the oil and gas producer's stock after selling 138,564 shares during the period. Allianz Asset Management GmbH's holdings in Canadian Natural Resources were worth $22,035,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Ameritas Advisory Services LLC acquired a new position in shares of Canadian Natural Resources during the second quarter worth approximately $27,000. Investment Management Corp VA ADV lifted its position in Canadian Natural Resources by 158.3% in the first quarter. Investment Management Corp VA ADV now owns 997 shares of the oil and gas producer's stock worth $31,000 after purchasing an additional 611 shares during the period. Sierra Ocean LLC lifted its position in Canadian Natural Resources by 104.0% in the first quarter. Sierra Ocean LLC now owns 1,569 shares of the oil and gas producer's stock worth $48,000 after purchasing an additional 800 shares during the period. Geneos Wealth Management Inc. lifted its position in Canadian Natural Resources by 47.3% in the first quarter. Geneos Wealth Management Inc. now owns 1,644 shares of the oil and gas producer's stock worth $51,000 after purchasing an additional 528 shares during the period. Finally, Adirondack Trust Co. lifted its position in Canadian Natural Resources by 317.1% in the second quarter. Adirondack Trust Co. now owns 1,710 shares of the oil and gas producer's stock worth $54,000 after purchasing an additional 1,300 shares during the period. 74.03% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on CNQ shares. TD Securities restated a "buy" rating on shares of Canadian Natural Resources in a research report on Tuesday, September 30th. Royal Bank Of Canada restated an "outperform" rating and issued a $62.00 target price on shares of Canadian Natural Resources in a research report on Wednesday, September 24th. Wells Fargo & Company upgraded Canadian Natural Resources to a "hold" rating in a research report on Thursday. National Bankshares restated a "sector perform" rating on shares of Canadian Natural Resources in a research report on Thursday, July 17th. Finally, Weiss Ratings reaffirmed a "hold (c)" rating on shares of Canadian Natural Resources in a report on Wednesday, October 8th. One analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and four have assigned a Hold rating to the company's stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $62.00.

Canadian Natural Resources Price Performance

NYSE CNQ opened at $30.10 on Monday. The stock has a market capitalization of $62.82 billion, a P/E ratio of 10.67 and a beta of 0.97. Canadian Natural Resources Limited has a 1 year low of $24.65 and a 1 year high of $35.93. The business's fifty day moving average is $31.32 and its two-hundred day moving average is $30.85. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.54 and a current ratio of 0.85.

Canadian Natural Resources (NYSE:CNQ - Get Free Report) TSE: CNQ last posted its quarterly earnings results on Thursday, August 7th. The oil and gas producer reported $0.51 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.44 by $0.07. The company had revenue of $6.39 billion for the quarter, compared to analysts' expectations of $8.97 billion. Canadian Natural Resources had a return on equity of 19.67% and a net margin of 19.00%.During the same quarter in the prior year, the company earned $0.88 earnings per share. On average, research analysts forecast that Canadian Natural Resources Limited will post 2.45 earnings per share for the current fiscal year.

Canadian Natural Resources Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, October 3rd. Stockholders of record on Friday, September 19th were given a $0.4269 dividend. This represents a $1.71 annualized dividend and a dividend yield of 5.7%. This is a boost from Canadian Natural Resources's previous quarterly dividend of $0.42. The ex-dividend date of this dividend was Friday, September 19th. Canadian Natural Resources's payout ratio is 60.64%.

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).

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