Canadian Natural Resources (TSE:CNQ) Reaches New 52-Week High – Time to Buy?

Canadian Natural Resources Limited (TSE:CNQ) (NYSE:CNQ)’s share price hit a new 52-week high during trading on Wednesday . The company traded as high as C$49.95 and last traded at C$49.85, with a volume of 5666296 shares trading hands. The stock had previously closed at C$47.62.

Wall Street Analysts Forecast Growth

CNQ has been the topic of several recent research reports. TD Securities raised their price target on shares of Canadian Natural Resources from C$53.00 to C$54.00 in a research report on Monday, November 10th. Evercore Partners downgraded Canadian Natural Resources from an “outperform” rating to an “in-line” rating and set a C$50.00 price target for the company. in a report on Tuesday, January 6th. Wells Fargo & Company set a C$47.00 price objective on Canadian Natural Resources and gave the company an “equal weight” rating in a research note on Friday, October 17th. Evercore ISI lowered shares of Canadian Natural Resources from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, January 6th. Finally, Scotiabank lifted their price target on Canadian Natural Resources from C$54.00 to C$58.00 and gave the stock an “outperform” rating in a report on Thursday, October 9th. Three investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average price target of C$53.36.

Canadian Natural Resources Trading Up 1.2%

The stock has a 50 day moving average of C$46.27 and a 200 day moving average of C$44.49. The company has a debt-to-equity ratio of 25.79, a current ratio of 0.84 and a quick ratio of 0.54. The firm has a market cap of C$103.05 billion, a P/E ratio of 15.61, a PEG ratio of 0.53 and a beta of 0.71.

Canadian Natural Resources (TSE:CNQ) (NYSE:CNQ) last announced its quarterly earnings data on Thursday, November 6th. The company reported C$0.86 EPS for the quarter. Canadian Natural Resources had a return on equity of 19.14% and a net margin of 21.25%.The firm had revenue of C$9.52 billion for the quarter. As a group, equities research analysts predict that Canadian Natural Resources Limited will post 3.833989 EPS for the current 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.