Canadian Natural Resources (TSE:CNQ) Reaches New 52-Week High – Here’s Why

Canadian Natural Resources Limited (TSE:CNQ) (NYSE:CNQ) shares hit a new 52-week high on Tuesday . The company traded as high as C$50.00 and last traded at C$49.63, with a volume of 1689010 shares changing hands. The stock had previously closed at C$49.43.

Analysts Set New Price Targets

CNQ has been the topic of a number of research reports. TD Securities raised their target price on shares of Canadian Natural Resources from C$53.00 to C$54.00 in a research report on Monday, November 10th. Evercore ISI cut Canadian Natural Resources from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, January 6th. Desjardins set a C$52.00 price objective on Canadian Natural Resources and gave the stock a “hold” rating in a report on Wednesday, December 17th. Royal Bank Of Canada lowered their target price on Canadian Natural Resources from C$62.00 to C$61.00 and set an “outperform” rating for the company in a report on Tuesday, January 13th. Finally, Wells Fargo & Company set a C$47.00 price target on Canadian Natural Resources and gave the stock an “equal weight” rating in a research report on Friday, October 17th. Three investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of C$53.36.

Canadian Natural Resources Price Performance

The firm has a 50-day simple moving average of C$46.47 and a 200-day simple moving average of C$44.66. The firm has a market cap of C$106.28 billion, a P/E ratio of 16.09, a PEG ratio of 0.53 and a beta of 0.71. The company has a current ratio of 0.84, a quick ratio of 0.54 and a debt-to-equity ratio of 25.79.

Canadian Natural Resources (TSE:CNQ) (NYSE:CNQ) last issued its quarterly earnings data on Thursday, November 6th. The company reported C$0.86 earnings per share for the quarter. Canadian Natural Resources had a return on equity of 19.14% and a net margin of 21.25%.The firm had revenue of C$9.52 billion during the quarter. As a group, analysts forecast that Canadian Natural Resources Limited will post 3.833989 EPS for the current year.

Insider Buying and Selling at Canadian Natural Resources

In related news, insider Trevor Wagil sold 2,469 shares of the business’s stock in a transaction that occurred on Wednesday, December 24th. The shares were sold at an average price of C$45.19, for a total transaction of C$111,574.11. Following the completion of the transaction, the insider owned 14,779 shares in the company, valued at C$667,863.01. The trade was a 14.31% decrease in their position. Corporate 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.