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. reduced its position in Canadian Natural Resources Limited (NYSE:CNQ - Free Report) TSE: CNQ by 19.9% in the 1st quarter, according to the company in its most recent disclosure 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 makes up 1.0% of AGF Management Ltd.'s portfolio, making the stock its 21st largest holding. AGF Management Ltd. owned approximately 0.27% of Canadian Natural Resources worth $183,817,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Investment Management Corp VA ADV increased 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. Versant Capital Management Inc grew its position in shares of Canadian Natural Resources by 253.2% during the 1st quarter. Versant Capital Management Inc now owns 1,307 shares of the oil and gas producer's stock worth $40,000 after buying an additional 937 shares during the period. Sierra Ocean LLC lifted its holdings in shares of Canadian Natural Resources by 104.0% during the 1st quarter. Sierra Ocean LLC now owns 1,569 shares of the oil and gas producer's stock valued at $48,000 after purchasing an additional 800 shares in the last quarter. Opal Wealth Advisors LLC bought a new position in shares of Canadian Natural Resources during the 1st quarter valued at about $56,000. Finally, Cloud Capital Management LLC bought a new position in shares of Canadian Natural Resources during the 1st quarter valued at about $68,000. 74.03% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have commented on the company. National Bankshares restated a "sector perform" rating on shares of Canadian Natural Resources in a research note on Thursday, July 17th. Royal Bank Of Canada dropped their price objective on Canadian Natural Resources from $64.00 to $62.00 and set an "outperform" rating on the stock in a research note on Friday, August 8th. Scotiabank reiterated an "outperform" rating on shares of Canadian Natural Resources in a research note on Friday, July 11th. Finally, Raymond James Financial reissued an "outperform" rating on shares of Canadian Natural Resources in a report on Friday, August 8th. Three 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 target price of $62.00.

Canadian Natural Resources Price Performance

Shares of CNQ stock traded up $0.00 on Friday, hitting $29.79. 1,635,537 shares of the company's stock were exchanged, compared to its average volume of 6,439,128. 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 stock has a market cap of $62.24 billion, a P/E ratio of 10.58 and a beta of 1.05. The company has a 50 day moving average of $31.71 and a 200 day moving average of $30.34.

Canadian Natural Resources (NYSE:CNQ - Get Free Report) TSE: CNQ last posted its earnings results on Thursday, August 7th. The oil and gas producer reported $0.51 EPS for the quarter, beating the consensus estimate of $0.44 by $0.07. The firm had revenue of $6.39 billion during the quarter, compared to the consensus estimate 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 period last year, the company earned $0.88 earnings per share. On average, equities research analysts predict that Canadian Natural Resources Limited will post 2.45 EPS for the current year.

Canadian Natural Resources Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, October 3rd. Stockholders of record on Friday, September 19th will be paid a $0.4269 dividend. The ex-dividend date of this dividend is Friday, September 19th. This is a positive change 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 payout ratio is currently 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).