Royal Bank Of Canada Reiterates “C$62.00” Price Target for Canadian Natural Resources (TSE:CNQ)

Canadian Natural Resources (TSE:CNQ) (NYSE:CNQ) has been assigned a C$62.00 target price by stock analysts at Royal Bank Of Canada in a report issued on Thursday,BayStreet.CA reports. The brokerage presently has an “outperform” rating on the stock. Royal Bank Of Canada’s price target would suggest a potential upside of 28.84% from the company’s current price.

Several other analysts also recently issued reports on CNQ. Raymond James Financial raised their price target on Canadian Natural Resources from C$55.00 to C$56.00 in a report on Monday, November 10th. Wells Fargo & Company set a C$47.00 target price on Canadian Natural Resources and gave the company an “equal weight” rating in a research note on Friday, October 17th. Scotiabank upped their price target on shares of Canadian Natural Resources from C$54.00 to C$58.00 and gave the stock an “outperform” rating in a research report on Thursday, October 9th. National Bankshares boosted their target price on shares of Canadian Natural Resources from C$45.00 to C$48.00 and gave the company a “sector perform” rating in a research note on Friday, November 7th. Finally, TD Securities raised their price target on shares of Canadian Natural Resources from C$53.00 to C$54.00 in a research note on Monday, November 10th. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of C$54.40.

Canadian Natural Resources Stock Up 0.7%

CNQ traded up C$0.33 on Thursday, reaching C$48.12. The company’s stock had a trading volume of 5,602,846 shares, compared to its average volume of 14,338,836. The business’s 50 day moving average is C$44.57 and its 200 day moving average is C$43.54. Canadian Natural Resources has a 1 year low of C$34.92 and a 1 year high of C$49.20. The stock has a market cap of C$100.24 billion, a price-to-earnings ratio of 15.18, a price-to-earnings-growth ratio of 0.53 and a beta of 0.67. The company has a debt-to-equity ratio of 25.79, a current ratio of 0.84 and a quick ratio of 0.54.

Canadian Natural Resources (TSE:CNQ) (NYSE:CNQ) last posted its quarterly earnings data on Thursday, November 6th. The company reported C$0.29 EPS for the quarter. Canadian Natural Resources had a net margin of 21.25% and a return on equity of 19.14%. The firm had revenue of C$9.52 billion for the quarter. As a group, research analysts forecast that Canadian Natural Resources will post 3.833989 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director Stephen W. Laut sold 7,000 shares of the company’s stock in a transaction dated Thursday, October 2nd. The shares were sold at an average price of C$43.92, for a total value of C$307,440.00. Following the sale, the director owned 895,350 shares of the company’s stock, valued at approximately C$39,323,772. This represents a 0.78% decrease in their position. Also, insider Ronald Keith Laing sold 20,000 shares of the stock in a transaction dated Monday, October 6th. The stock was sold at an average price of C$45.17, for a total transaction of C$903,400.00. Following the sale, the insider directly owned 2,049 shares in the company, valued at approximately C$92,553.33. This represents a 90.71% decrease in their position. Insiders sold a total of 31,500 shares of company stock worth $1,415,815 over the last quarter. Company insiders own 4.26% of the company’s stock.

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.