Canadian Natural Resources (TSE:CNQ) Reaches New 12-Month High After Analyst Upgrade

Canadian Natural Resources Limited (TSE:CNQ) (NYSE:CNQ)’s share price reached a new 52-week high during mid-day trading on Tuesday after Royal Bank Of Canada raised their price target on the stock from C$79.00 to C$86.00. The stock traded as high as C$72.71 and last traded at C$72.68, with a volume of 476,488 shares trading hands. The stock had previously closed at C$70.80.

Other research analysts have also issued research reports about the stock. Raymond James Financial lifted their price target on shares of Canadian Natural Resources from C$66.00 to C$70.00 and gave the stock an “outperform” rating in a research report on Wednesday, September 16th. Scotiabank raised shares of Canadian Natural Resources to a “hold” rating in a research report on Friday, June 26th. Canadian Imperial Bank of Commerce lifted their price objective on Canadian Natural Resources from C$70.00 to C$75.00 in a research report on Thursday, August 27th. Desjardins set a C$70.00 target price on shares of Canadian Natural Resources and gave the company a “hold” rating in a research note on Friday, July 17th. Finally, Gerdes Energy Research upgraded Canadian Natural Resources from a “neutral” rating to a “buy” rating and upped their price target for the stock from C$67.00 to C$69.00 in a research note on Monday, June 29th. Seven investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of C$67.53.

Insider Buying and Selling at Canadian Natural Resources

In other news, Director Shelley Ann Marie Brown acquired 709 shares of the stock in a transaction dated Tuesday, September 15th. The shares were acquired at an average cost of C$70.44 per share, for a total transaction of C$49,941.96. Following the completion of the transaction, the director owned 1,780 shares in the company, valued at approximately C$125,383.20. This trade represents a 66.20% increase in their position. Insiders own 4.26% of the company’s stock.

Canadian Natural Resources Stock Down 0.5%

The stock has a market capitalization of C$152.20 billion, a price-to-earnings ratio of 13.14, a price-to-earnings-growth ratio of 0.53 and a beta of 0.38. The company has a debt-to-equity ratio of 36.64, a current ratio of 1.00 and a quick ratio of 0.54. The firm has a 50 day simple moving average of C$68.94 and a 200-day simple moving average of C$64.90.

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