Canadian Natural Resources (TSE:CNQ) Given New C$62.00 Price Target at Scotiabank

Canadian Natural Resources (TSE:CNQ) (NYSE:CNQ) had its price objective raised by equities researchers at Scotiabank from C$58.00 to C$62.00 in a research note issued to investors on Friday,BayStreet.CA reports. The brokerage currently has an “outperform” rating on the stock. Scotiabank’s target price would indicate a potential downside of 1.85% from the stock’s previous close.

Several other research firms have also issued reports on CNQ. Morgan Stanley dropped their price objective on Canadian Natural Resources from C$51.00 to C$50.00 in a research note on Friday, January 23rd. TD Securities lifted their price target on Canadian Natural Resources from C$51.00 to C$64.00 and gave the company a “buy” rating in a research report on Friday. Evercore cut shares of Canadian Natural Resources from an “outperform” rating to a “hold” rating and set a C$50.00 price objective on the stock. in a research report on Tuesday, January 6th. Raymond James Financial raised their target price on shares of Canadian Natural Resources from C$53.00 to C$55.00 and gave the company an “outperform” rating in a research note on Friday. Finally, BMO Capital Markets boosted their price target on shares of Canadian Natural Resources from C$50.00 to C$70.00 and gave the stock an “outperform” rating in a research note on Friday. Six equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat.com, Canadian Natural Resources presently has a consensus rating of “Moderate Buy” and an average price target of C$58.42.

Canadian Natural Resources Stock Performance

CNQ stock traded up C$1.21 during midday trading on Friday, reaching C$63.17. 5,804,543 shares of the company’s stock traded hands, compared to its average volume of 12,278,394. Canadian Natural Resources has a 52 week low of C$34.92 and a 52 week high of C$64.00. The company has a 50-day moving average price of C$51.50 and a two-hundred day moving average price of C$47.00. The company has a debt-to-equity ratio of 42.68, a quick ratio of 0.54 and a current ratio of 0.86. The firm has a market capitalization of C$131.59 billion, a PE ratio of 19.93, a price-to-earnings-growth ratio of 0.53 and a beta of 0.81.

Canadian Natural Resources (TSE:CNQ) (NYSE:CNQ) last announced its quarterly earnings results on Thursday, March 5th. The company reported C$0.82 earnings per share for the quarter. Canadian Natural Resources had a return on equity of 16.47% and a net margin of 15.49%. As a group, equities analysts anticipate that Canadian Natural Resources will post 3.833989 EPS for the current year.

Insider Transactions at Canadian Natural Resources

In other news, insider Ronald Keith Laing sold 20,000 shares of the stock in a transaction dated Wednesday, January 28th. The shares were sold at an average price of C$49.83, for a total transaction of C$996,600.00. Following the completion of the sale, the insider directly owned 2,049 shares in the company, valued at approximately C$102,101.67. This represents a 90.71% decrease in their ownership of the stock. Also, insider Stephanie Ann Graham sold 1,930 shares of the business’s stock in a transaction dated Monday, February 2nd. The shares were sold at an average price of C$49.19, for a total value of C$94,936.70. Following the transaction, the insider owned 16,367 shares in the company, valued at approximately C$805,092.73. This represents a 10.55% decrease in their position. In the last ninety days, insiders have sold 51,775 shares of company stock valued at $2,571,074. 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.