Canadian Natural Resources (TSE:CNQ) Stock Price Crosses Above 200 Day Moving Average – Time to Sell?

Shares of Canadian Natural Resources Limited (TSE:CNQ) (NYSE:CNQ) passed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of C$43.14 and traded as high as C$45.44. Canadian Natural Resources shares last traded at C$45.01, with a volume of 7,359,951 shares.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on CNQ shares. Raymond James Financial increased their price target on shares of Canadian Natural Resources from C$52.00 to C$54.00 and gave the stock an “outperform” rating in a research note on Friday, August 8th. Scotiabank upped their price objective on shares of Canadian Natural Resources from C$54.00 to C$58.00 and gave the stock an “outperform” rating in a report on Thursday, October 9th. Royal Bank Of Canada cut their price objective on shares of Canadian Natural Resources from C$64.00 to C$62.00 and set an “outperform” rating on the stock in a report on Friday, August 8th. Finally, Wells Fargo & Company set a C$47.00 price objective on shares of Canadian Natural Resources and gave the stock an “equal weight” rating in a report on Friday, October 17th. One investment analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of C$54.70.

Canadian Natural Resources Trading Up 1.9%

The stock’s fifty day moving average price is C$44.00 and its 200 day moving average price is C$43.14. The company has a quick ratio of 0.54, a current ratio of 0.84 and a debt-to-equity ratio of 25.79. The stock has a market cap of C$93.65 billion, a PE ratio of 11.42, a PEG ratio of 0.53 and a beta of 0.67.

Insider Activity

In other news, Director Stephen W. Laut sold 7,000 shares of the stock in a transaction that occurred on Thursday, October 2nd. The shares were sold at an average price of C$43.92, for a total transaction of C$307,440.00. Following the sale, the director owned 895,350 shares in the company, valued at C$39,323,772. This represents a 0.78% decrease in their ownership of the stock. Also, insider Brenda Gayle Balog sold 4,500 shares of the stock in a transaction that occurred on Tuesday, October 7th. The shares were sold at an average price of C$45.55, for a total transaction of C$204,975.00. Following the sale, the insider owned 47,965 shares in the company, valued at approximately C$2,184,805.75. The trade was a 8.58% decrease in their position. Insiders have sold a total of 31,500 shares of company stock worth $1,415,815 over the last 90 days. 4.26% of the stock is currently owned by insiders.

About Canadian Natural Resources

Canadian Natural Resources is one of the largest oil and natural gas producers in western Canada, supplemented by operations in the North Sea and Offshore Africa. The company’s portfolio includes light and medium oil, heavy oil, bitumen, synthetic oil, natural gas liquids, and natural gas. Production averaged 1.16 million barrels of oil equivalent per day in 2020, and the company estimates that it holds over 11.5 billion boe of proven and probable crude oil and natural gas reserves.