Canadian Natural Resources (TSE:CNQ) Reaches New 1-Year High After Analyst Upgrade

Canadian Natural Resources Limited (TSE:CNQ) (NYSE:CNQ)’s stock price reached a new 52-week high during mid-day trading on Wednesday after National Bankshares raised their price target on the stock from C$47.00 to C$54.00. National Bankshares currently has a sector perform rating on the stock. Canadian Natural Resources traded as high as C$52.01 and last traded at C$51.80, with a volume of 1739104 shares trading hands. The stock had previously closed at C$51.11.

Several other brokerages have also recently weighed in on CNQ. TD Securities raised their target price on shares of Canadian Natural Resources from C$53.00 to C$54.00 in a report on Monday, November 10th. Evercore Partners lowered shares of Canadian Natural Resources from an “outperform” rating to an “in-line” rating and set a C$50.00 price objective on the stock. in a report on Tuesday, January 6th. Raymond James Financial lifted their price objective on shares of Canadian Natural Resources from C$55.00 to C$56.00 in a research report on Monday, November 10th. Desjardins set a C$52.00 price objective on shares of Canadian Natural Resources and gave the stock a “hold” rating in a research report on Wednesday, December 17th. Finally, Wells Fargo & Company set a C$47.00 target price on Canadian Natural Resources and gave the company an “equal weight” rating in a report on Friday, October 17th. Three analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of C$54.40.

Insider Activity

In other news, insider Trevor Wagil sold 2,469 shares of the firm’s stock in a transaction that occurred on Wednesday, December 24th. The stock was sold at an average price of C$45.19, for a total value of C$111,574.11. Following the completion of the sale, the insider directly owned 14,779 shares of the company’s stock, valued at C$667,863.01. This trade represents a 14.31% decrease in their position. Company insiders own 4.26% of the company’s stock.

Canadian Natural Resources Price Performance

The stock has a market cap of C$107.97 billion, a price-to-earnings ratio of 16.35, a PEG ratio of 0.53 and a beta of 0.70. The company’s 50 day moving average is C$46.70 and its 200 day moving average is C$44.85. 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 issued its earnings results on Thursday, November 6th. The company reported C$0.86 earnings per share (EPS) for the quarter. The company had revenue of C$9.52 billion during the quarter. Canadian Natural Resources had a net margin of 21.25% and a return on equity of 19.14%. Research analysts forecast that Canadian Natural Resources Limited will post 3.833989 earnings per share for the current fiscal year.

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.