TD Securities Forecasts Strong Price Appreciation for Canadian Natural Resources (TSE:CNQ) Stock

Canadian Natural Resources (TSE:CNQ) (NYSE:CNQ) had its price objective lifted by research analysts at TD Securities from C$51.00 to C$64.00 in a research note issued to investors on Friday,BayStreet.CA reports. The firm presently has a “buy” rating on the stock. TD Securities’ price objective suggests a potential upside of 1.31% from the company’s current price.

A number of other equities analysts have also recently weighed in on CNQ. Desjardins set a C$52.00 price target on Canadian Natural Resources and gave the stock a “hold” rating in a report on Wednesday, December 17th. 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. Raymond James Financial raised their price target on shares of Canadian Natural Resources from C$53.00 to C$55.00 and gave the stock an “outperform” rating in a research note on Friday. National Bank Financial lifted their price target on shares of Canadian Natural Resources from C$47.00 to C$54.00 and gave the stock a “sector perform” rating in a report on Tuesday, February 3rd. Finally, Evercore downgraded shares of Canadian Natural Resources from an “outperform” rating to a “hold” rating and set a C$50.00 price objective on the stock. in a research note on Tuesday, January 6th. Six 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, Canadian Natural Resources currently has a consensus rating of “Moderate Buy” and an average price target of C$58.42.

Canadian Natural Resources Price Performance

Shares of Canadian Natural Resources stock traded up C$1.21 on Friday, hitting C$63.17. The company’s stock had a trading volume of 5,804,543 shares, compared to its average volume of 12,278,394. The company has a quick ratio of 0.54, a current ratio of 0.86 and a debt-to-equity ratio of 42.68. The firm has a fifty day moving average price of C$51.50 and a 200-day moving average price of C$47.00. Canadian Natural Resources has a 52-week low of C$34.92 and a 52-week high of C$64.00. The company has a market capitalization of C$131.59 billion, a P/E ratio of 19.93, a price-to-earnings-growth ratio of 0.53 and a beta of 0.81.

Canadian Natural Resources (TSE:CNQ) (NYSE:CNQ) last announced its quarterly earnings results on Thursday, March 5th. The company reported C$0.82 earnings per share (EPS) for the quarter. Canadian Natural Resources had a net margin of 15.49% and a return on equity of 16.47%. On average, equities research analysts expect that Canadian Natural Resources will post 3.833989 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Canadian Natural Resources news, insider Brenda Gayle Balog sold 2,252 shares of Canadian Natural Resources stock in a transaction that occurred on Monday, February 2nd. The shares were sold at an average price of C$49.98, for a total transaction of C$112,554.96. Following the transaction, the insider directly owned 47,965 shares of the company’s stock, valued at C$2,397,290.70. The trade was a 4.48% decrease in their ownership of the stock. Also, insider Erin Louise Lunn sold 2,252 shares of the stock in a transaction on Wednesday, January 28th. The stock was sold at an average price of C$49.68, for a total transaction of C$111,879.36. Following the completion of the sale, the insider directly owned 51,142 shares of the company’s stock, valued at C$2,540,734.56. The trade was a 4.22% decrease in their position. Over the last quarter, insiders sold 51,775 shares of company stock worth $2,571,074. Corporate 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.