Canadian Natural Resources (TSE:CNQ) Stock Gets Price Target Boost from National Bank Financial

Key Points

• National Bank Financial raised Canadian Natural Resources’ price target to C$86 from C$84 while maintaining a “sector perform” rating, implying 12.7% upside from the prior close.
• Analyst sentiment is mixed but leans positive: six analysts rate the stock Buy and six rate it Hold, producing a consensus “Moderate Buy” rating and an average price target of C$68.75.
• The stock traded at C$76.31, near its 12-month high of C$77.49, and has risen above both its 50-day and 200-day moving averages. The company reported C$2.19 in quarterly EPS and C$14.74 billion in revenue.

Canadian Natural Resources (TSE:CNQ - Get Free Report) NYSE: CNQ had its price target lifted by National Bank Financial from C$84.00 to C$86.00 in a report issued on Tuesday, BayStreet reports. The brokerage presently has a "sector perform" rating on the stock. National Bank Financial's target price indicates a potential upside of 12.70% from the stock's previous close.

Other equities research analysts have also issued research reports about the company. Canadian Imperial Bank of Commerce lifted their price objective on Canadian Natural Resources from C$70.00 to C$75.00 in a report on Thursday, August 27th. Desjardins boosted their price objective on Canadian Natural Resources from C$73.00 to C$74.00 and gave the company a "hold" rating in a research note on Tuesday. Scotia upped their price objective on shares of 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. Gerdes Energy Research upgraded shares of Canadian Natural Resources from a "neutral" rating to a "buy" rating and increased their target price for the stock from C$67.00 to C$69.00 in a research report on Monday, June 29th. Finally, Raymond James Financial lowered shares of Canadian Natural Resources from a "moderate buy" rating to a "hold" rating and cut their target price for the stock from C$70.00 to C$69.00 in a research report on Wednesday, October 14th. Six analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of C$68.75.

Canadian Natural Resources Stock Performance

TSE:CNQ traded down C$0.15 during trading hours on Tuesday, reaching C$76.31. The stock had a trading volume of 3,278,196 shares, compared to its average volume of 14,873,748. The stock has a market cap of C$157.31 billion, a P/E ratio of 13.58, a price-to-earnings-growth ratio of 0.53 and a beta of 0.38. The stock has a 50 day simple moving average of C$69.60 and a 200 day simple moving average of C$65.05. 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 has a 12-month low of C$41.67 and a 12-month high of C$77.49.

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 return on equity of 26.67% and a net margin of 24.93%. The firm had revenue of C$14.74 billion for the quarter. On average, research analysts forecast that Canadian Natural Resources will post 3.83 EPS for the current fiscal year.

Insider Activity

In other news, Director Shelley Ann Marie Brown bought 709 shares of Canadian Natural Resources stock in a transaction that occurred on Tuesday, September 15th. The shares were acquired at an average price of C$70.44 per share, with a total value of C$49,941.96. Following the completion of the purchase, the director directly owned 1,780 shares in the company, valued at C$125,383.20. The trade was a 66.20% increase in their ownership of the stock. Corporate 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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