Canadian Natural Resources (TSE:CNQ) Share Price Crosses Above 200 Day Moving Average – Here’s Why

Canadian Natural Resources Limited (TSE:CNQ) (NYSE:CNQ)’s share price crossed above its two hundred day moving average during trading on Friday . The stock has a two hundred day moving average of C$59.73 and traded as high as C$66.62. Canadian Natural Resources shares last traded at C$65.48, with a volume of 4,065,520 shares trading hands.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on CNQ. Royal Bank Of Canada lowered their target price on shares of Canadian Natural Resources from C$80.00 to C$79.00 in a research note on Wednesday, July 15th. Desjardins set a C$70.00 price target on shares of Canadian Natural Resources and gave the stock a “hold” rating in a research note on Friday, July 17th. Scotiabank raised Canadian Natural Resources to a “hold” rating in a report on Friday, June 26th. National Bank Financial upped their price objective on Canadian Natural Resources from C$59.00 to C$90.00 and gave the company a “sector perform” rating in a research note on Tuesday, March 31st. Finally, JPMorgan Chase & Co. increased their target price on Canadian Natural Resources from C$48.00 to C$70.00 in a report on Tuesday, April 7th. Seven 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.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of C$64.88.

Canadian Natural Resources Price Performance

The company has a debt-to-equity ratio of 44.85, a current ratio of 0.98 and a quick ratio of 0.54. The stock has a market capitalization of C$136.57 billion, a P/E ratio of 12.69, a PEG ratio of 0.53 and a beta of 0.27. The company’s 50 day simple moving average is C$61.58 and its two-hundred day simple moving average is C$59.73.

Canadian Natural Resources (TSE:CNQ) (NYSE:CNQ) last posted its earnings results on Thursday, May 7th. The company reported C$1.17 earnings per share (EPS) for the quarter. The company had revenue of C$10.81 billion during the quarter. Canadian Natural Resources had a net margin of 24.51% and a return on equity of 22.74%. As a group, equities analysts expect that Canadian Natural Resources Limited will post 3.833989 EPS for the current fiscal 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.