Canadian Natural Resources (TSE:CNQ) Shares Cross Above 200 Day Moving Average – Here’s Why

Canadian Natural Resources Limited (TSE:CNQ) (NYSE:CNQ)’s stock price passed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of C$60.84 and traded as high as C$65.26. Canadian Natural Resources shares last traded at C$64.93, with a volume of 5,960,431 shares changing hands.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on CNQ shares. Royal Bank Of Canada lowered their price target on Canadian Natural Resources from C$80.00 to C$79.00 in a research report on Wednesday, July 15th. Gerdes Energy Research upgraded Canadian Natural Resources from a “neutral” rating to a “buy” rating and lifted their target price for the stock from C$67.00 to C$69.00 in a research note on Monday, June 29th. Desjardins set a C$70.00 target price on Canadian Natural Resources and gave the stock a “hold” rating in a report on Friday, July 17th. Scotiabank upgraded Canadian Natural Resources to a “hold” rating in a research note on Friday, June 26th. Finally, Raymond James Financial upgraded Canadian Natural Resources from a “hold” rating to a “moderate buy” rating and increased their price target for the company from C$65.00 to C$67.00 in a research note on Thursday, May 7th. Seven investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of C$64.88.

Canadian Natural Resources Price Performance

The company’s 50-day simple moving average is C$61.39 and its 200-day simple moving average is C$61.06. The company has a debt-to-equity ratio of 44.85, a current ratio of 0.98 and a quick ratio of 0.54. The stock has a market capitalization of C$133.13 billion, a price-to-earnings ratio of 12.37, a P/E/G ratio of 0.53 and a beta of 0.27.

Canadian Natural Resources (TSE:CNQ) (NYSE:CNQ) last announced its earnings results on Thursday, August 6th. The company reported C$2.19 earnings per share for the quarter. The company had revenue of C$14.74 billion for the quarter. Canadian Natural Resources had a return on equity of 22.74% and a net margin of 24.51%. 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.