Canadian Natural Resources (TSE:CNQ) Upgraded by Raymond James to “Outperform” Rating

Raymond James upgraded shares of Canadian Natural Resources (TSE:CNQ) (NYSE:CNQ) from a market perform rating to an outperform rating in a research note published on Wednesday morning,BayStreet.CA reports. They currently have C$49.00 price objective on the stock, down from their prior price objective of C$52.00.

Several other brokerages have also commented on CNQ. Jefferies Financial Group dropped their price target on shares of Canadian Natural Resources from C$54.00 to C$50.00 in a research note on Thursday, January 30th. BMO Capital Markets reduced their price target on shares of Canadian Natural Resources from C$60.00 to C$58.00 in a research report on Friday, December 13th. Wells Fargo & Company dropped their price objective on Canadian Natural Resources from C$44.00 to C$40.00 and set an “equal weight” rating on the stock in a report on Wednesday. Scotiabank raised Canadian Natural Resources from a “sector perform” rating to an “outperform” rating and set a C$56.00 target price for the company in a report on Wednesday, March 19th. Finally, Tudor Pickering lowered Canadian Natural Resources from a “strong-buy” rating to a “hold” rating in a research report on Monday, February 10th. Five research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of C$60.15.

Canadian Natural Resources Stock Down 7.2 %

Canadian Natural Resources stock traded down C$2.81 during midday trading on Wednesday, reaching C$36.45. The company’s stock had a trading volume of 2,877,231 shares, compared to its average volume of 13,085,909. The business has a 50-day simple moving average of C$42.11 and a 200-day simple moving average of C$44.96. The company has a market cap of C$76.49 billion, a P/E ratio of 10.12, a P/E/G ratio of 0.53 and a beta of 1.89. Canadian Natural Resources has a fifty-two week low of C$34.92 and a fifty-two week high of C$56.42. The company has a quick ratio of 0.54, a current ratio of 0.84 and a debt-to-equity ratio of 25.79.

Insiders Place Their Bets

In related news, Senior Officer Troy John Peter Andersen sold 19,000 shares of the company’s stock in a transaction that occurred on Friday, January 10th. The stock was sold at an average price of C$47.45, for a total value of C$901,607.00. Also, Senior Officer Scott Gerald Stauth acquired 27,000 shares of Canadian Natural Resources stock in a transaction that occurred on Monday, January 13th. The shares were purchased at an average cost of C$46.52 per share, with a total value of C$1,256,121.00. In the last ninety days, insiders have purchased 29,380 shares of company stock worth $1,351,509 and have sold 147,184 shares worth $6,592,395. Insiders own 4.26% of the company’s stock.

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.