Acadian Asset Management LLC Sells 1,400 Shares of Canadian Natural Resources Limited (CNQ)

Acadian Asset Management LLC cut its stake in shares of Canadian Natural Resources Limited (NYSE:CNQ) (TSE:CNQ) by 28.0% during the second quarter, Holdings Channel reports. The institutional investor owned 3,600 shares of the oil and gas producer’s stock after selling 1,400 shares during the period. Acadian Asset Management LLC’s holdings in Canadian Natural Resources Limited were worth $104,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Greenleaf Trust purchased a new position in Canadian Natural Resources Limited during the second quarter valued at about $204,000. Gulf International Bank UK Ltd increased its position in Canadian Natural Resources Limited by 0.9% in the second quarter. Gulf International Bank UK Ltd now owns 346,960 shares of the oil and gas producer’s stock valued at $10,022,000 after buying an additional 2,953 shares in the last quarter. US Bancorp DE increased its position in Canadian Natural Resources Limited by 12.5% in the second quarter. US Bancorp DE now owns 753,456 shares of the oil and gas producer’s stock valued at $21,731,000 after buying an additional 83,794 shares in the last quarter. Marathon Asset Management LLP increased its position in Canadian Natural Resources Limited by 9.6% in the second quarter. Marathon Asset Management LLP now owns 3,767,196 shares of the oil and gas producer’s stock valued at $109,301,000 after buying an additional 330,717 shares in the last quarter. Finally, Mn Services Vermogensbeheer B.V. purchased a new position in Canadian Natural Resources Limited during the second quarter valued at about $5,193,000. 60.27% of the stock is owned by institutional investors.

Canadian Natural Resources Limited (NYSE:CNQ) traded up 0.49% during mid-day trading on Friday, reaching $30.90. 1,018,487 shares of the company’s stock were exchanged. Canadian Natural Resources Limited has a one year low of $27.52 and a one year high of $35.28. The stock has a 50-day moving average of $30.26 and a 200-day moving average of $30.65. The stock has a market cap of $37.55 billion, a price-to-earnings ratio of 28.19 and a beta of 1.48.

The business also recently declared a quarterly dividend, which will be paid on Sunday, October 1st. Shareholders of record on Friday, September 15th will be paid a $0.2212 dividend. This is a boost from Canadian Natural Resources Limited’s previous quarterly dividend of $0.20. This represents a $0.88 dividend on an annualized basis and a yield of 2.88%. The ex-dividend date is Thursday, September 14th. Canadian Natural Resources Limited’s payout ratio is 78.43%.

Canadian Natural Resources Limited declared that its Board of Directors has approved a share buyback program on Wednesday, May 17th that authorizes the company to repurchase 27,930,000 outstanding shares. This repurchase authorization authorizes the oil and gas producer to purchase shares of its stock through open market purchases. Shares repurchase programs are often a sign that the company’s board of directors believes its shares are undervalued.

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Several research analysts have recently issued reports on the company. Zacks Investment Research raised Canadian Natural Resources Limited from a “strong sell” rating to a “hold” rating in a research note on Thursday. Citigroup Inc. downgraded Canadian Natural Resources Limited from a “buy” rating to a “neutral” rating and lowered their price objective for the company from $40.00 to $33.00 in a research note on Friday, July 21st. They noted that the move was a valuation call. Morgan Stanley raised Canadian Natural Resources Limited from an “equal weight” rating to an “overweight” rating and set a $46.00 price objective for the company in a research note on Wednesday, July 19th. ValuEngine raised Canadian Natural Resources Limited from a “sell” rating to a “hold” rating in a research note on Wednesday, July 12th. Finally, BidaskClub raised Canadian Natural Resources Limited from a “strong sell” rating to a “sell” rating in a research note on Friday, June 30th. One research analyst has rated the stock with a sell rating, four have given a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus price target of $45.50.

About Canadian Natural Resources Limited

Canadian Natural Resources Limited is an independent crude oil and natural gas exploration, development and production company. The Company’s segments include Exploration and Production, Oil Sands Mining and Upgrading, and Midstream. The Exploration and Production segment includes exploration, development, production and marketing of crude oil, natural gas liquids (NGLs) and natural gas.

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