Cidel Asset Management Inc. Sells 216,453 Shares of Canadian Natural Resources Limited $CNQ

Key Points

• Cidel Asset Management cut its Canadian Natural Resources position by 44.1% in the third quarter, selling 216,453 shares and retaining 274,902 shares valued at approximately $13 million. Institutional investors collectively own 74.03% of the company.
• CNQ reported quarterly EPS of $1.58, surpassing the $1.43 analyst estimate, on revenue of $14.74 billion. The company also pays an annualized dividend of C$2.50 per share, yielding about 4.4%.
• Analyst sentiment remains positive, with the stock carrying a consensus “Moderate Buy” rating and an average price target of $57.00; shares recently opened at $56.20.

Cidel Asset Management Inc. reduced its position in shares of Canadian Natural Resources Limited (NYSE:CNQ - Free Report) TSE: CNQ by 44.1% in the third quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 274,902 shares of the oil and gas producer's stock after selling 216,453 shares during the quarter. Cidel Asset Management Inc.'s holdings in Canadian Natural Resources were worth $12,959,000 at the end of the most recent quarter.

Other large investors have also bought and sold shares of the company. Legacy Financial Advisors Inc. grew its holdings in shares of Canadian Natural Resources by 3.0% during the second quarter. Legacy Financial Advisors Inc. now owns 7,447 shares of the oil and gas producer's stock valued at $294,000 after buying an additional 219 shares during the last quarter. Personal CFO Solutions LLC increased its position in shares of Canadian Natural Resources by 1.7% during the first quarter. Personal CFO Solutions LLC now owns 15,199 shares of the oil and gas producer's stock valued at $747,000 after acquiring an additional 251 shares in the last quarter. Allworth Financial LP raised its holdings in Canadian Natural Resources by 2.5% in the 2nd quarter. Allworth Financial LP now owns 10,854 shares of the oil and gas producer's stock worth $429,000 after acquiring an additional 262 shares during the last quarter. AdvisorNet Financial Inc raised its holdings in Canadian Natural Resources by 2.0% in the 3rd quarter. AdvisorNet Financial Inc now owns 15,084 shares of the oil and gas producer's stock worth $782,000 after acquiring an additional 291 shares during the last quarter. Finally, CoreCap Advisors LLC raised its holdings in Canadian Natural Resources by 15.4% in the 2nd quarter. CoreCap Advisors LLC now owns 2,202 shares of the oil and gas producer's stock worth $87,000 after acquiring an additional 294 shares during the last quarter. 74.03% of the stock is owned by hedge funds and other institutional investors.

Canadian Natural Resources Stock Performance

CNQ stock opened at $56.20 on Friday. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.00 and a quick ratio of 0.75. Canadian Natural Resources Limited has a 1 year low of $30.13 and a 1 year high of $56.27. The company has a market cap of $115.49 billion, a P/E ratio of 13.88 and a beta of 0.53. The stock's fifty day moving average price is $50.76 and its 200-day moving average price is $45.85.

Canadian Natural Resources (NYSE:CNQ - Get Free Report) TSE: CNQ last posted its quarterly earnings data on Thursday, August 6th. The oil and gas producer reported $1.58 EPS for the quarter, beating analysts' consensus estimates of $1.43 by $0.15. Canadian Natural Resources had a return on equity of 23.91% and a net margin of 22.78%. The company had revenue of $14.74 billion during the quarter, compared to analysts' expectations of $9.40 billion. On average, equities analysts forecast that Canadian Natural Resources Limited will post 4.10 earnings per share for the current year.

Canadian Natural Resources Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, October 2nd. Shareholders of record on Friday, September 11th were paid a dividend of C$0.62 per share. This represents a $2.50 dividend on an annualized basis and a dividend yield of 4.4%. The ex-dividend date was Friday, September 11th. Canadian Natural Resources's payout ratio is currently 44.44%.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on CNQ shares. Zacks Research raised Canadian Natural Resources from a "hold" rating to a "strong-buy" rating in a research report on Monday, October 5th. Scotiabank reissued a "sector perform" rating on shares of Canadian Natural Resources in a report on Monday, October 19th. Canadian Imperial Bank of Commerce restated an "outperform" rating on shares of Canadian Natural Resources in a research note on Friday, October 9th. Wall Street Zen raised Canadian Natural Resources from a "hold" rating to a "buy" rating in a report on Saturday, August 15th. Finally, TD Securities reaffirmed a "buy" rating on shares of Canadian Natural Resources in a research report on Friday, August 7th. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and four have issued a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $57.00.

About Canadian Natural Resources

Canadian Natural Resources Limited is an independent energy company engaged in the exploration, development, production, marketing and sale of crude oil, natural gas and natural gas liquids. Its portfolio includes conventional and unconventional petroleum assets, heavy crude oil operations, and oil sands projects that produce bitumen and synthetic crude oil.

The company's principal operations are located in Western Canada, including oil sands and conventional assets in Alberta and natural gas properties in Alberta and British Columbia.

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