AGF Management Ltd. Sells 1,416,680 Shares of Canadian Natural Resources Limited (NYSE:CNQ)

Key Points

• AGF Management Ltd. reduced its stake in Canadian Natural Resources Limited (CNQ) by 19.9%, owning approximately 5.7 million shares after selling 1.4 million shares in the first quarter.
• Canadian Natural Resources declared a quarterly dividend of $0.4269, reflecting a boost from its previous dividend, equating to an annual yield of 5.6%.
• Analysts maintain a "Moderate Buy" rating for Canadian Natural Resources, with an average target price set at $62.00.

AGF Management Ltd. cut its stake in shares of Canadian Natural Resources Limited (NYSE:CNQ - Free Report) TSE: CNQ by 19.9% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 5,712,462 shares of the oil and gas producer's stock after selling 1,416,680 shares during the quarter. Canadian Natural Resources accounts for about 1.0% of AGF Management Ltd.'s investment portfolio, making the stock its 21st largest holding. AGF Management Ltd. owned approximately 0.27% of Canadian Natural Resources worth $183,817,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently bought and sold shares of the stock. Thurston Springer Miller Herd & Titak Inc. increased its position in Canadian Natural Resources by 10.2% during the 1st quarter. Thurston Springer Miller Herd & Titak Inc. now owns 5,165 shares of the oil and gas producer's stock valued at $159,000 after buying an additional 480 shares in the last quarter. AdvisorNet Financial Inc increased its position in Canadian Natural Resources by 8.0% during the 1st quarter. AdvisorNet Financial Inc now owns 7,065 shares of the oil and gas producer's stock valued at $218,000 after buying an additional 525 shares in the last quarter. MML Investors Services LLC increased its position in Canadian Natural Resources by 1.0% during the 4th quarter. MML Investors Services LLC now owns 55,045 shares of the oil and gas producer's stock valued at $1,699,000 after buying an additional 528 shares in the last quarter. Peak Financial Advisors LLC increased its holdings in shares of Canadian Natural Resources by 0.7% in the 1st quarter. Peak Financial Advisors LLC now owns 77,253 shares of the oil and gas producer's stock worth $2,379,000 after purchasing an additional 557 shares in the last quarter. Finally, Investment Management Corp VA ADV increased its holdings in shares of Canadian Natural Resources by 158.3% in the 1st 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 in the last quarter. 74.03% of the stock is currently owned by hedge funds and other institutional investors.

Canadian Natural Resources Stock Performance

Shares of CNQ traded up $0.03 during trading hours on Wednesday, hitting $29.93. The stock had a trading volume of 4,322,237 shares, compared to its average volume of 4,602,066. The company has a debt-to-equity ratio of 0.38, a current ratio of 0.85 and a quick ratio of 0.54. Canadian Natural Resources Limited has a 12 month low of $24.65 and a 12 month high of $37.91. The firm has a market capitalization of $62.53 billion, a PE ratio of 10.61 and a beta of 1.05. The stock has a fifty day moving average price of $31.73 and a 200 day moving average price of $30.35.

Canadian Natural Resources (NYSE:CNQ - Get Free Report) TSE: CNQ last issued its quarterly earnings data on Thursday, August 7th. The oil and gas producer reported $0.51 EPS for the quarter, topping the consensus estimate of $0.44 by $0.07. Canadian Natural Resources had a return on equity of 19.67% and a net margin of 19.00%. The company had revenue of $6.39 billion during the quarter, compared to analyst estimates of $8.97 billion. During the same quarter in the previous year, the company posted $0.88 earnings per share. Analysts anticipate that Canadian Natural Resources Limited will post 2.45 EPS for the current year.

Canadian Natural Resources Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 3rd. Investors of record on Friday, September 19th will be issued a $0.4269 dividend. The ex-dividend date of this dividend is Friday, September 19th. This is an increase from Canadian Natural Resources's previous quarterly dividend of $0.42. This represents a $1.71 annualized dividend and a dividend yield of 5.7%. Canadian Natural Resources's dividend payout ratio is presently 60.64%.

Analyst Upgrades and Downgrades

CNQ has been the subject of a number of research analyst reports. Royal Bank Of Canada reduced their target price on Canadian Natural Resources from $64.00 to $62.00 and set an "outperform" rating for the company in a report on Friday, August 8th. Raymond James Financial reissued an "outperform" rating on shares of Canadian Natural Resources in a report on Friday, August 8th. Scotiabank reissued an "outperform" rating on shares of Canadian Natural Resources in a report on Friday, July 11th. Finally, National Bankshares reissued a "sector perform" rating on shares of Canadian Natural Resources in a report on Thursday, July 17th. Three investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $62.00.

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).