National Bank Financial Forecasts Strong Price Appreciation for Canadian Natural Resources (TSE:CNQ) Stock

Canadian Natural Resources (TSE:CNQ) (NYSE:CNQ) had its target price boosted by investment analysts at National Bank Financial from C$59.00 to C$90.00 in a report issued on Tuesday,BayStreet.CA reports. The brokerage presently has a “sector perform” rating on the stock. National Bank Financial’s price objective would suggest a potential upside of 34.65% from the stock’s previous close.

Several other research analysts have also commented on CNQ. BMO Capital Markets raised their price objective on shares of Canadian Natural Resources from C$50.00 to C$70.00 and gave the company an “outperform” rating in a research note on Friday, March 6th. Morgan Stanley cut their target price on shares of Canadian Natural Resources from C$51.00 to C$50.00 in a research note on Friday, January 23rd. Gerdes Energy Research lowered shares of Canadian Natural Resources from a “buy” rating to a “neutral” rating in a report on Thursday, February 12th. TD Securities raised their price target on shares of Canadian Natural Resources from C$51.00 to C$64.00 and gave the company a “buy” rating in a research report on Friday, March 6th. Finally, Scotiabank upped their price objective on Canadian Natural Resources from C$58.00 to C$62.00 and gave the stock an “outperform” rating in a research report on Friday, March 6th. Five research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of C$61.31.

Canadian Natural Resources Price Performance

Shares of TSE:CNQ traded down C$1.99 during trading on Tuesday, reaching C$66.84. 4,812,907 shares of the company’s stock traded hands, compared to its average volume of 16,394,777. The company has a quick ratio of 0.54, a current ratio of 0.95 and a debt-to-equity ratio of 44.46. Canadian Natural Resources has a fifty-two week low of C$34.92 and a fifty-two week high of C$70.99. The company has a 50-day simple moving average of C$58.56 and a 200-day simple moving average of C$49.92. The firm has a market cap of C$139.48 billion, a PE ratio of 12.95, a P/E/G ratio of 0.53 and a beta of 0.81.

Canadian Natural Resources (TSE:CNQ) (NYSE:CNQ) last announced its earnings results on Thursday, March 5th. The company reported C$0.82 EPS for the quarter. The company had revenue of C$9.61 billion during the quarter. Canadian Natural Resources had a return on equity of 25.98% and a net margin of 26.06%. As a group, analysts predict that Canadian Natural Resources will post 3.833989 earnings per share for the current year.

Insider Buying and Selling

In other news, insider Erin Louise Lunn sold 2,252 shares of the firm’s stock in a transaction on Wednesday, January 28th. The shares were sold at an average price of C$49.68, for a total value of C$111,879.36. Following the sale, the insider directly owned 51,142 shares in the company, valued at approximately C$2,540,734.56. This trade represents a 4.22% decrease in their position. Also, Director Gordon D. Giffin sold 25,000 shares of Canadian Natural Resources stock in a transaction on Tuesday, March 24th. The stock was sold at an average price of C$68.01, for a total transaction of C$1,700,250.00. Following the sale, the director directly owned 171,210 shares of the company’s stock, valued at approximately C$11,643,992.10. This trade represents a 12.74% decrease in their ownership of the stock. In the last 90 days, insiders sold 74,306 shares of company stock worth $4,159,750. Corporate insiders own 4.26% of the company’s stock.

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.