Canadian Natural Resources (NYSE:CNQ) Downgraded to "Hold" Rating by Zacks Research

Key Points

• Zacks Research downgraded Canadian Natural Resources from “strong buy” to “hold,” though the broader analyst consensus remains “Moderate Buy,” with six buy ratings and five hold ratings and an average price target of $57.
• CNQ reported quarterly EPS of $1.58, beating the $1.43 consensus estimate, while revenue reached $14.74 billion versus expectations of $9.40 billion.
• The stock opened at $51.04, near its 52-week high of $51.34, and institutional investors and hedge funds own approximately 74.03% of the company.

Canadian Natural Resources (NYSE:CNQ - Get Free Report) TSE: CNQ was downgraded by investment analysts at Zacks Research from a "strong-buy" rating to a "hold" rating in a report issued on Wednesday,Zacks.com reports.

CNQ has been the topic of a number of other research reports. TD Securities reaffirmed a "buy" rating on shares of Canadian Natural Resources in a research note on Friday, August 7th. Scotiabank reaffirmed a "sector perform" rating on shares of Canadian Natural Resources in a research note on Friday, August 7th. Raymond James Financial raised Canadian Natural Resources from a "market perform" rating to an "outperform" rating in a research note on Thursday, May 7th. Weiss Ratings reissued a "buy (b-)" rating on shares of Canadian Natural Resources in a research note on Friday, August 7th. Finally, Desjardins upgraded shares of Canadian Natural Resources to a "hold" rating in a research report on Thursday, July 16th. Six analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat.com, Canadian Natural Resources presently has a consensus rating of "Moderate Buy" and an average target price of $57.00.

Canadian Natural Resources Stock Performance

Shares of CNQ opened at $51.04 on Wednesday. The company has a quick ratio of 0.75, a current ratio of 1.00 and a debt-to-equity ratio of 0.32. Canadian Natural Resources has a 52-week low of $29.48 and a 52-week high of $51.34. The company has a 50-day simple moving average of $44.02 and a 200-day simple moving average of $44.98. The company has a market capitalization of $105.26 billion, a PE ratio of 12.60 and a beta of 0.46.

Canadian Natural Resources (NYSE:CNQ - Get Free Report) TSE: CNQ last posted its quarterly earnings results on Thursday, August 6th. The oil and gas producer reported $1.58 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.43 by $0.15. The company had revenue of $14.74 billion during the quarter, compared to the consensus estimate of $9.40 billion. Canadian Natural Resources had a net margin of 22.78% and a return on equity of 23.91%. Equities research analysts predict that Canadian Natural Resources will post 4.05 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Canadian Natural Resources

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Capital Research Global Investors increased its position in Canadian Natural Resources by 31.5% during the 4th quarter. Capital Research Global Investors now owns 146,331,336 shares of the oil and gas producer's stock worth $4,956,204,000 after purchasing an additional 35,067,143 shares in the last quarter. Arrowstreet Capital Limited Partnership acquired a new position in Canadian Natural Resources during the first quarter valued at approximately $1,411,619,000. AQR Capital Management LLC lifted its position in Canadian Natural Resources by 11,020.4% during the fourth quarter. AQR Capital Management LLC now owns 3,680,735 shares of the oil and gas producer's stock valued at $124,672,000 after buying an additional 3,647,636 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund grew its stake in Canadian Natural Resources by 10.0% during the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 37,457,500 shares of the oil and gas producer's stock worth $1,826,578,000 after buying an additional 3,397,500 shares during the period. Finally, Mufg Securities Canada LTD. grew its stake in Canadian Natural Resources by 105.7% during the second quarter. Mufg Securities Canada LTD. now owns 6,350,644 shares of the oil and gas producer's stock worth $250,892,000 after buying an additional 3,262,880 shares during the period. 74.03% of the stock is currently owned by institutional investors and hedge funds.

Canadian Natural Resources Company Profile

Canadian Natural Resources Limited NYSE: CNQ is a Calgary-based independent oil and natural gas exploration and production company. Established in the early 1970s and publicly listed in Canada and the United States, the company is principally engaged in the exploration, development, production, and marketing of crude oil, natural gas and natural gas liquids. Its asset base spans conventional and unconventional reservoirs and includes oil sands mining and in-situ thermal projects, midstream processing and upgrading capacity, and related field operations.

The company's operations are concentrated in Western Canada, where it develops heavy crude, bitumen from oil sands and conventional light crude and natural gas resources.

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