Canadian Natural Resources (TSE:CNQ) Stock Dropped to Hold by Raymond James Financial

Key Points

• Raymond James downgraded Canadian Natural Resources from “moderate buy” to “hold,” contributing to an overall consensus “Hold” rating. Analysts’ average target price is C$67.53.
• CNQ shares opened at C$73.83, near their 52-week high of C$74.99, with a market capitalization of approximately C$152.2 billion.
• The company reported quarterly revenue of C$14.74 billion and EPS of C$2.19, while director Shelley Ann Marie Brown bought 709 shares worth nearly C$49,942.

Canadian Natural Resources (TSE:CNQ - Get Free Report) NYSE: CNQ was downgraded by research analysts at Raymond James Financial from a "moderate buy" rating to a "hold" rating in a report released on Wednesday, Zacks reports.

Several other analysts also recently issued reports on CNQ. JPMorgan Chase & Co. boosted their target price on shares of Canadian Natural Resources from C$67.00 to C$75.00 in a research note on Wednesday, August 12th. Scotia increased their target price on Canadian Natural Resources from C$71.00 to C$73.00 and gave the company a "sector perform" rating in a report on Friday, August 7th. Desjardins set a C$70.00 target price on Canadian Natural Resources and gave the stock a "hold" rating in a research report on Friday, July 17th. Canadian Imperial Bank of Commerce lifted their price target on Canadian Natural Resources from C$70.00 to C$75.00 in a report on Thursday, August 27th. Finally, Scotiabank upgraded Canadian Natural Resources to a "hold" rating in a report on Friday, June 26th. Six research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of C$67.53.

Canadian Natural Resources Stock Down 0.5%

CNQ stock opened at C$73.83 on Wednesday. Canadian Natural Resources has a 52-week low of C$41.67 and a 52-week high of C$74.99. The company's 50 day simple moving average is C$68.94 and its 200-day simple moving average is C$64.90. The company has a debt-to-equity ratio of 36.64, a current ratio of 1.00 and a quick ratio of 0.54. The firm has a market capitalization of C$152.20 billion, a P/E ratio of 13.14, a P/E/G ratio of 0.53 and a beta of 0.38.

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

Insider Transactions at Canadian Natural Resources

In related news, Director Shelley Ann Marie Brown bought 709 shares of the firm's stock in a transaction on Tuesday, September 15th. The stock was bought at an average price 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 of the company's stock, valued at approximately C$125,383.20. This represents a 66.20% increase in their position. 4.26% of the stock is currently owned by insiders.

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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