Gerdes Energy Research Upgrades Canadian Natural Resources (TSE:CNQ) to Buy

Canadian Natural Resources (TSE:CNQ) (NYSE:CNQ) was upgraded by equities research analysts at Gerdes Energy Research from a “neutral” rating to a “buy” rating in a note issued to investors on Monday,BayStreet.CA reports. The firm currently has a C$69.00 price objective on the stock, up from their prior price objective of C$67.00. Gerdes Energy Research’s price target points to a potential upside of 22.71% from the stock’s previous close.

Other equities analysts also recently issued research reports about the stock. BMO Capital Markets lifted their price target on shares of Canadian Natural Resources from C$50.00 to C$70.00 and gave the company an “outperform” rating in a report on Friday, March 6th. Canadian Imperial Bank of Commerce raised their price objective on shares of Canadian Natural Resources from C$52.00 to C$54.00 in a research report on Tuesday, March 31st. TD Securities lifted their target price on shares of Canadian Natural Resources from C$51.00 to C$64.00 and gave the company a “buy” rating in a research note on Friday, March 6th. Raymond James Financial upgraded Canadian Natural Resources from a “hold” rating to a “moderate buy” rating and increased their price target for the stock from C$65.00 to C$67.00 in a research note on Thursday, May 7th. Finally, JPMorgan Chase & Co. raised their price target on Canadian Natural Resources from C$48.00 to C$70.00 in a report on Tuesday, April 7th. Eight research analysts have rated the stock with a Buy rating and four have given 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$64.06.

Canadian Natural Resources Stock Performance

Canadian Natural Resources stock traded up C$0.21 during mid-day trading on Monday, reaching C$56.23. 3,727,852 shares of the stock traded hands, compared to its average volume of 15,636,826. Canadian Natural Resources has a 12-month low of C$40.62 and a 12-month high of C$70.99. The business’s 50-day moving average is C$62.66 and its 200-day moving average is C$57.78. 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$117.28 billion, a PE ratio of 10.90, a price-to-earnings-growth ratio of 0.53 and a beta of 0.24.

Canadian Natural Resources (TSE:CNQ) (NYSE:CNQ) last announced its earnings results on Thursday, May 7th. The company reported C$1.17 earnings per share (EPS) for the quarter. The business had revenue of C$10.81 billion for the quarter. Canadian Natural Resources had a return on equity of 22.74% and a net margin of 24.51%. As a group, sell-side analysts predict that Canadian Natural Resources will post 3.833989 EPS for the current fiscal year.

Canadian Natural Resources Company Profile

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.