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

Canadian Natural Resources Limited (TSE:CNQ) (NYSE:CNQ) shares reached a new 52-week high during trading on Wednesday after National Bankshares raised their price target on the stock from C$47.00 to C$54.00. National Bankshares currently has a sector perform rating on the stock. Canadian Natural Resources traded as high as C$52.01 and last traded at C$51.80, with a volume of 1739104 shares traded. The stock had previously closed at C$51.11.

Other research analysts also recently issued reports about the company. Evercore ISI downgraded Canadian Natural Resources from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, January 6th. Desjardins set a C$52.00 price target on Canadian Natural Resources and gave the stock a “hold” rating in a research note on Wednesday, December 17th. Wells Fargo & Company set a C$47.00 price objective on shares of Canadian Natural Resources and gave the company an “equal weight” rating in a report on Friday, October 17th. Raymond James Financial lifted their target price on shares of Canadian Natural Resources from C$55.00 to C$56.00 in a research note on Monday, November 10th. Finally, TD Securities boosted their target price on shares of Canadian Natural Resources from C$53.00 to C$54.00 in a research report on Monday, November 10th. Three equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of C$54.40.

Insider Activity

In other news, insider Trevor Wagil sold 2,469 shares of the firm’s stock in a transaction dated Wednesday, December 24th. The stock was sold at an average price of C$45.19, for a total transaction of C$111,574.11. Following the sale, the insider directly owned 14,779 shares in the company, valued at C$667,863.01. This trade represents a 14.31% decrease in their position. 4.26% of the stock is currently owned by insiders.

Canadian Natural Resources Trading Up 1.4%

The stock has a market capitalization of C$107.97 billion, a PE ratio of 16.35, a P/E/G ratio of 0.53 and a beta of 0.70. 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 company’s 50 day moving average price is C$46.70 and its two-hundred day moving average price is C$44.85.

Canadian Natural Resources (TSE:CNQ) (NYSE:CNQ) last issued its earnings results on Thursday, November 6th. The company reported C$0.86 earnings per share (EPS) for the quarter. The company had revenue of C$9.52 billion during the quarter. Canadian Natural Resources had a return on equity of 19.14% and a net margin of 21.25%. As a group, analysts expect that Canadian Natural Resources Limited will post 3.833989 earnings per share 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.