Canadian Natural Resources (TSE:CNQ) Sets New 1-Year High – Here’s What Happened

Canadian Natural Resources Limited (TSE:CNQ) (NYSE:CNQ) shares hit a new 52-week high during trading on Monday . The company traded as high as C$70.99 and last traded at C$70.39, with a volume of 1069957 shares. The stock had previously closed at C$69.46.

Analysts Set New Price Targets

Several research analysts recently weighed in on the company. BMO Capital Markets lifted their price target on Canadian Natural Resources from C$50.00 to C$70.00 and gave the company an “outperform” rating in a research report on Friday, March 6th. Desjardins upped their price objective on Canadian Natural Resources from C$52.00 to C$56.00 and gave the stock a “hold” rating in a research report on Monday, March 9th. Royal Bank Of Canada raised their price objective on shares of Canadian Natural Resources from C$61.00 to C$65.00 and gave the stock an “outperform” rating in a research note on Friday, March 6th. Jefferies Financial Group lifted their target price on shares of Canadian Natural Resources from C$48.00 to C$59.00 in a report on Monday, March 16th. Finally, TD Securities increased their price target on shares of Canadian Natural Resources from C$51.00 to C$64.00 and gave the stock a “buy” rating in a report on Friday, March 6th. Six investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat, Canadian Natural Resources has a consensus rating of “Moderate Buy” and an average target price of C$58.77.

Canadian Natural Resources Trading Up 1.1%

The stock has a market cap of C$146.46 billion, a PE ratio of 13.61, a price-to-earnings-growth ratio of 0.53 and a beta of 0.81. The company has a debt-to-equity ratio of 44.46, a quick ratio of 0.54 and a current ratio of 0.95. The company has a 50 day moving average of C$58.15 and a two-hundred day moving average of C$49.74.

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

Insider Activity

In related news, insider Erin Louise Lunn sold 2,252 shares of Canadian Natural Resources 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 owned 51,142 shares of the company’s stock, 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 the business’s 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 completion of the sale, the director directly owned 171,210 shares of the company’s stock, valued at approximately C$11,643,992.10. The trade was a 12.74% decrease in their position. Over the last ninety days, insiders have sold 74,306 shares of company stock worth $4,159,750. 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.