Canadian Natural Resources (TSE:CNQ) Price Target Raised to C$70.00

Key Points

• Raymond James raised Canadian Natural Resources’ price target from C$66.00 to C$70.00 while maintaining an “outperform” rating. Analysts overall assign the stock a “Moderate Buy” consensus rating with an average target of C$67.12.
• CNQ shares fell 1.6% to C$70.57, near the revised target, but remain well above their 50-day and 200-day moving averages. The stock has traded between C$41.67 and C$72.35 over the past year.
• The company reported quarterly EPS of C$2.19 on C$14.74 billion in revenue, with a 26.67% return on equity and 24.93% net margin. Director Shelley Ann Marie Brown also purchased 709 shares for roughly C$49,942.

Canadian Natural Resources (TSE:CNQ - Get Free Report) NYSE: CNQ had its target price lifted by research analysts at Raymond James Financial from C$66.00 to C$70.00 in a research note issued on Wednesday, BayStreet reports. The brokerage presently has an "outperform" rating on the stock. Raymond James Financial's price objective suggests a potential downside of 0.81% from the stock's current price.

CNQ has been the subject of several other reports. TD upped their price target on Canadian Natural Resources from C$72.00 to C$73.00 and gave the stock a "buy" rating in a research note on Friday, August 7th. JPMorgan Chase & Co. increased their price objective on shares of Canadian Natural Resources from C$67.00 to C$75.00 in a research report on Wednesday, August 12th. Desjardins set a C$70.00 target price on shares of Canadian Natural Resources and gave the company a "hold" rating in a report on Friday, July 17th. Gerdes Energy Research raised shares of Canadian Natural Resources from a "neutral" rating to a "buy" rating and upped their price target for the stock from C$67.00 to C$69.00 in a research report on Monday, June 29th. Finally, Royal Bank Of Canada decreased their price target on shares of Canadian Natural Resources from C$80.00 to C$79.00 in a research report on Wednesday, July 15th. Seven equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of C$67.12.

Canadian Natural Resources Trading Down 1.6%

Canadian Natural Resources stock traded down C$1.13 during trading on Wednesday, hitting C$70.57. The company's stock had a trading volume of 11,807,468 shares, compared to its average volume of 15,100,510. The stock's fifty day moving average is C$66.35 and its 200 day moving average is C$64.23. Canadian Natural Resources has a 1-year low of C$41.67 and a 1-year high of C$72.35. The stock has a market capitalization of C$145.48 billion, a price-to-earnings ratio of 12.56, a P/E/G ratio of 0.53 and a beta of 0.32. The company has a debt-to-equity ratio of 36.64, a quick ratio of 0.54 and a current ratio of 1.00.

Canadian Natural Resources (TSE:CNQ - Get Free Report) NYSE: CNQ last posted its quarterly earnings results on Thursday, August 6th. The company reported C$2.19 EPS for the quarter. Canadian Natural Resources had a return on equity of 26.67% and a net margin of 24.93%.The company had revenue of C$14.74 billion during the quarter. As a group, equities research analysts predict that Canadian Natural Resources will post 3.833989 EPS for the current year.

Insider Activity at Canadian Natural Resources

In other news, Director Shelley Ann Marie Brown bought 709 shares of the firm's stock in a transaction dated Tuesday, September 15th. The stock was acquired at an average cost of C$70.44 per share, for a total transaction of C$49,941.96. Following the completion of the purchase, the director owned 1,780 shares of the company's stock, valued at C$125,383.20. This trade represents a 66.20% increase in their ownership of the stock. 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.

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