Canadian Natural Resources (NYSE:CNQ) Stock Rating Upgraded by Wells Fargo & Company

Key Points

• Wells Fargo & Company has upgraded Canadian Natural Resources (NYSE:CNQ) to a "hold" rating, reflecting a positive shift in market sentiment towards the stock.
• Canadian Natural Resources has received a variety of ratings from analysts, with one strong buy, five buy, and four hold ratings, leading to an average rating of "Moderate Buy" and a consensus target price of $62.00.
• The company reported Q2 earnings of $0.51 per share, surpassing analysts' expectations, despite revenue falling short at $6.39 billion compared to anticipated figures.

Canadian Natural Resources (NYSE:CNQ - Get Free Report) TSE: CNQ was upgraded by equities research analysts at Wells Fargo & Company to a "hold" rating in a note issued to investors on Thursday,Zacks.com reports.

Several other analysts have also recently weighed in on CNQ. Zacks Research raised shares of Canadian Natural Resources from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, August 26th. TD Securities reaffirmed a "buy" rating on shares of Canadian Natural Resources in a research note on Tuesday, September 30th. National Bankshares reaffirmed a "sector perform" rating on shares of Canadian Natural Resources in a research note on Thursday, July 17th. Raymond James Financial reiterated an "outperform" rating on shares of Canadian Natural Resources in a research report on Friday, August 8th. Finally, Weiss Ratings reiterated a "hold (c)" rating on shares of Canadian Natural Resources in a research report on Wednesday, October 8th. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and four have given a Hold rating to the stock. According to MarketBeat.com, Canadian Natural Resources currently has an average rating of "Moderate Buy" and a consensus target price of $62.00.

Canadian Natural Resources Stock Performance

NYSE:CNQ opened at $30.10 on Thursday. The company has a market cap of $62.82 billion, a price-to-earnings ratio of 10.67 and a beta of 0.97. The firm's 50-day moving average is $31.32 and its 200-day moving average is $30.85. Canadian Natural Resources has a 52-week low of $24.65 and a 52-week high of $35.93. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.54 and a current ratio of 0.85.

Canadian Natural Resources (NYSE:CNQ - Get Free Report) TSE: CNQ last posted its earnings results on Thursday, August 7th. The oil and gas producer reported $0.51 earnings per share for the quarter, beating analysts' consensus estimates of $0.44 by $0.07. The business had revenue of $6.39 billion for the quarter, compared to analysts' expectations of $8.97 billion. Canadian Natural Resources had a net margin of 19.00% and a return on equity of 19.67%. During the same quarter in the previous year, the firm posted $0.88 earnings per share. Equities research analysts anticipate that Canadian Natural Resources will post 2.45 earnings per share for the current year.

Institutional Investors Weigh In On Canadian Natural Resources

Several hedge funds have recently bought and sold shares of CNQ. Wealth Enhancement Advisory Services LLC raised its holdings in Canadian Natural Resources by 8.1% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 36,803 shares of the oil and gas producer's stock worth $1,134,000 after purchasing an additional 2,756 shares during the period. Janney Montgomery Scott LLC acquired a new stake in Canadian Natural Resources in the first quarter worth $757,000. Canoe Financial LP raised its holdings in 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 worth $145,828,000 after purchasing an additional 3,797,846 shares during the period. Jamison Private Wealth Management Inc. raised its holdings in Canadian Natural Resources by 29.9% in the first quarter. Jamison Private Wealth Management Inc. now owns 15,228 shares of the oil and gas producer's stock worth $469,000 after purchasing an additional 3,509 shares during the period. Finally, Intact Investment Management Inc. increased its position in shares of Canadian Natural Resources by 86.4% during the first quarter. Intact Investment Management Inc. now owns 1,818,610 shares of the oil and gas producer's stock worth $55,967,000 after acquiring an additional 842,730 shares in the last quarter. 74.03% of the stock is currently owned by institutional investors and hedge funds.

About Canadian Natural Resources

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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