Canadian Natural Resources (TSE:CNQ) Hits New 52-Week High – Still a Buy?

Canadian Natural Resources Limited (TSE:CNQ) (NYSE:CNQ)’s stock price hit a new 52-week high on Monday. The company traded as high as C$76.44 and last traded at C$76.20, with a volume of 2,280,390 shares. The stock had previously closed at C$76.10.

Wall Street Analyst Weigh In

CNQ has been the topic of several recent research reports. Gerdes Energy Research upgraded shares of Canadian Natural Resources from a “neutral” rating to a “buy” rating and lifted their price target for the stock from C$67.00 to C$69.00 in a research report on Monday, June 29th. JPMorgan Chase & Co. increased their price objective on Canadian Natural Resources from C$67.00 to C$75.00 in a research report on Wednesday, August 12th. Scotiabank raised Canadian Natural Resources to a “hold” rating in a research note on Friday, June 26th. National Bank Financial raised their price objective on Canadian Natural Resources from C$84.00 to C$86.00 and gave the stock a “sector perform” rating in a research note on Tuesday. Finally, TD lifted their target price on Canadian Natural Resources from C$72.00 to C$73.00 and gave the stock a “buy” rating in a report on Friday, August 7th. Six investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of C$68.75.

Canadian Natural Resources Trading Down 0.3%

The company has a current ratio of 1.00, a quick ratio of 0.54 and a debt-to-equity ratio of 36.64. The stock has a market cap of C$157.15 billion, a price-to-earnings ratio of 13.56, a P/E/G ratio of 0.53 and a beta of 0.38. The company has a fifty day simple moving average of C$69.80 and a 200-day simple moving average of C$65.13.

Canadian Natural Resources (TSE:CNQ) (NYSE:CNQ) last announced its earnings results on Thursday, August 6th. The company reported C$2.19 EPS for the quarter. Canadian Natural Resources had a net margin of 24.93% and a return on equity of 26.67%. The company had revenue of C$14.74 billion during the quarter. On average, research analysts forecast that Canadian Natural Resources Limited will post 3.83 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Shelley Ann Marie Brown purchased 709 shares of Canadian Natural Resources stock in a transaction that occurred on Tuesday, September 15th. The stock was acquired at an average price of C$70.44 per share, for a total transaction of C$49,941.96. Following the transaction, the director owned 1,780 shares in the company, valued at C$125,383.20. The trade was a 66.20% increase in their ownership of the stock. 4.26% of the stock is owned by corporate insiders.

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.