Canadian Natural Resources (TSE:CNQ) Price Target Raised to C$85.00

Key Points

• ATB Cormark raised Canadian Natural Resources’ price target to C$85.00 from C$70.00 and maintained an “outperform” rating, implying 12.58% upside.
• Analyst sentiment is broadly positive, with six Buy and six Hold ratings; the stock has a “Moderate Buy” consensus, though the average price target is C$70.00.
• CNQ shares fell 0.9% to C$75.50, while the company reported C$2.19 in quarterly EPS and C$14.74 billion in revenue in its latest earnings release.

Canadian Natural Resources (TSE:CNQ - Get Free Report) NYSE: CNQ had its price objective boosted by analysts at ATB Cormark Capital Markets from C$70.00 to C$85.00 in a research report issued on Thursday, BayStreet reports. The firm currently has an "outperform" rating on the stock. ATB Cormark Capital Markets's price objective would suggest a potential upside of 12.58% from the company's current price.

A number of other analysts have also issued reports on CNQ. Scotiabank raised Canadian Natural Resources to a "hold" rating in a research report on Friday, June 26th. JPMorgan Chase & Co. upped their price target on Canadian Natural Resources from C$67.00 to C$75.00 in a research note on Wednesday, August 12th. Scotia raised their price target on Canadian Natural Resources from C$71.00 to C$73.00 and gave the stock a "sector perform" rating in a research report on Friday, August 7th. Canadian Imperial Bank of Commerce lifted their price objective on Canadian Natural Resources from C$70.00 to C$75.00 in a research note on Thursday, August 27th. Finally, Royal Bank Of Canada boosted their price objective on Canadian Natural Resources from C$79.00 to C$86.00 in a report on Tuesday, October 13th. Six research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of C$70.00.

Canadian Natural Resources Trading Down 0.9%

Shares of CNQ traded down C$0.70 during trading on Thursday, reaching C$75.50. 4,417,864 shares of the company traded hands, compared to its average volume of 14,782,507. The stock has a 50-day simple moving average of C$70.00 and a 200-day simple moving average of C$65.20. The stock has a market cap of C$155.64 billion, a PE ratio of 13.43, a price-to-earnings-growth ratio of 0.53 and a beta of 0.38. Canadian Natural Resources has a twelve month low of C$41.68 and a twelve month high of C$77.60. The company has a quick ratio of 0.54, a current ratio of 1.00 and a debt-to-equity ratio of 36.64.

Canadian Natural Resources (TSE:CNQ - Get Free Report) NYSE: CNQ last issued its quarterly earnings data on Thursday, August 6th. The company reported C$2.19 EPS for the quarter. The firm had revenue of C$14.74 billion for the quarter. Canadian Natural Resources had a net margin of 24.93% and a return on equity of 26.67%. On average, analysts anticipate that Canadian Natural Resources will post 3.83 earnings per share for the current year.

Insider Buying and Selling at Canadian Natural Resources

In other Canadian Natural Resources news, Director Shelley Ann Marie Brown bought 709 shares of the business's stock in a transaction that occurred on Tuesday, September 15th. The shares were purchased at an average cost of C$70.44 per share, with a total value of C$49,941.96. Following the purchase, the director directly owned 1,780 shares in the company, valued at approximately C$125,383.20. This represents a 66.20% increase in their ownership of the stock. Company insiders own 4.26% of the company's stock.

Canadian Natural Resources Company Profile

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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