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

Canadian Natural Resources Limited (TSE:CNQ) (NYSE:CNQ) shares crossed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of C$62.17 and traded as high as C$69.65. Canadian Natural Resources shares last traded at C$68.48, with a volume of 15,367,488 shares traded.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on CNQ shares. Gerdes Energy Research upgraded Canadian Natural Resources from a “neutral” rating to a “buy” rating and boosted their price target for the company from C$67.00 to C$69.00 in a research note on Monday, June 29th. Scotiabank upgraded Canadian Natural Resources to a “hold” rating in a research note on Friday, June 26th. TD lifted their price objective on Canadian Natural Resources from C$72.00 to C$73.00 and gave the company a “buy” rating in a report on Friday, August 7th. Scotia upped their target price on Canadian Natural Resources from C$71.00 to C$73.00 and gave the company a “sector perform” rating in a research report on Friday, August 7th. Finally, 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. Seven research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. According to MarketBeat, Canadian Natural Resources currently has a consensus rating of “Moderate Buy” and a consensus price target of C$65.65.

Canadian Natural Resources Price Performance

The firm has a market capitalization of C$145.97 billion, a P/E ratio of 12.60, a PEG ratio of 0.53 and a beta of 0.27. The company has a quick ratio of 0.54, a current ratio of 1.00 and a debt-to-equity ratio of 36.64. The business’s 50 day moving average is C$62.12 and its 200-day moving average is C$62.36.

Canadian Natural Resources (TSE:CNQ) (NYSE:CNQ) last released its earnings results on Thursday, August 6th. The company reported C$2.19 earnings per share for the quarter. The firm had revenue of C$14.74 billion during the quarter. Canadian Natural Resources had a return on equity of 26.67% and a net margin of 24.93%. As a group, sell-side analysts predict that Canadian Natural Resources Limited 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.