Canadian Natural Resources (NYSE:CNQ) Given New $62.00 Price Target at Royal Bank Of Canada

Key Points

• Royal Bank of Canada has lowered its price target for Canadian Natural Resources from $64.00 to $62.00, while maintaining an "outperform" rating, suggesting a potential upside of 104.24% from the current share price.
• The company reported $0.51 earnings per share for its latest quarter, beating expectations, but revenue fell short of consensus estimates.
• Institutional investors have shown significant interest, with Goldman Sachs increasing its holdings by 240.8% in the first quarter, indicating strong support for the stock among large financial players.

Canadian Natural Resources (NYSE:CNQ - Get Free Report) TSE: CNQ had its price objective cut by equities research analysts at Royal Bank Of Canada from $64.00 to $62.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage presently has an "outperform" rating on the oil and gas producer's stock. Royal Bank Of Canada's price objective would suggest a potential upside of 104.24% from the company's previous close.

A number of other research analysts have also weighed in on CNQ. Scotiabank reaffirmed an "outperform" rating on shares of Canadian Natural Resources in a research note on Friday, July 11th. National Bankshares reissued a "sector perform" rating on shares of Canadian Natural Resources in a research report on Thursday, July 17th. Three research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $62.00.

Canadian Natural Resources Price Performance

Shares of NYSE:CNQ traded down $0.07 during midday trading on Friday, reaching $30.36. 4,169,643 shares of the company's stock were exchanged, compared to its average volume of 6,507,288. The company's 50 day simple moving average is $31.80 and its two-hundred day simple moving average is $30.39. The firm has a market capitalization of $63.47 billion, a PE ratio of 11.90 and a beta of 1.05. Canadian Natural Resources has a 12 month low of $24.65 and a 12 month high of $37.91. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.53 and a current ratio of 0.84.

Canadian Natural Resources (NYSE:CNQ - Get Free Report) TSE: CNQ last announced its quarterly earnings results on Thursday, August 7th. The oil and gas producer reported $0.51 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.44 by $0.07. Canadian Natural Resources had a net margin of 16.92% and a return on equity of 20.90%. The firm had revenue of $6.39 billion during the quarter, compared to the consensus estimate of $8.97 billion. During the same period last year, the firm posted $0.88 EPS. Equities research analysts expect that Canadian Natural Resources will post 2.45 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Canadian Natural Resources

A number of institutional investors have recently added to or reduced their stakes in CNQ. Goldman Sachs Group Inc. increased its holdings in Canadian Natural Resources by 240.8% during the first quarter. Goldman Sachs Group Inc. now owns 22,776,594 shares of the oil and gas producer's stock worth $701,519,000 after buying an additional 16,094,168 shares during the last quarter. Bank of Nova Scotia increased its holdings in Canadian Natural Resources by 86.6% during the first quarter. Bank of Nova Scotia now owns 24,262,707 shares of the oil and gas producer's stock worth $746,675,000 after buying an additional 11,259,267 shares during the last quarter. T. Rowe Price Investment Management Inc. increased its holdings in Canadian Natural Resources by 29.1% during the first quarter. T. Rowe Price Investment Management Inc. now owns 43,968,120 shares of the oil and gas producer's stock worth $1,354,219,000 after buying an additional 9,915,345 shares during the last quarter. Canada Pension Plan Investment Board increased its holdings in Canadian Natural Resources by 13.0% during the first quarter. Canada Pension Plan Investment Board now owns 41,769,153 shares of the oil and gas producer's stock worth $1,285,464,000 after buying an additional 4,805,451 shares during the last quarter. Finally, Canoe Financial LP increased its holdings in shares of Canadian Natural Resources by 403.7% in the first quarter. Canoe Financial LP now owns 4,738,577 shares of the oil and gas producer's stock valued at $145,828,000 after purchasing an additional 3,797,846 shares during the last quarter. 74.03% of the stock is currently owned by institutional investors and hedge funds.

Canadian Natural Resources Company Profile

Canadian Natural Resources Limited acquires, explores for, develops, produces, markets, and sells crude oil, natural gas, and natural gas liquids (NGLs). The company offers light and medium crude oil, primary heavy crude oil, Pelican Lake heavy crude oil, bitumen (thermal oil), and synthetic crude oil (SCO).

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