Canadian Natural Resources (NYSE:CNQ) Upgraded to Strong-Buy at Zacks Research

Key Points

• Zacks Research upgraded Canadian Natural Resources (NYSE:CNQ) from a "hold" to a "strong-buy" rating.
• Analyst consensus remains positive with one Strong Buy, six Buy and five Hold ratings, an average rating of "Moderate Buy" and a consensus target price of $57.00, while brokers like Goldman Sachs and RBC recently raised price targets.
• CNQ beat Q1 estimates with $0.59 EPS versus $0.53 expected and $6.89B in revenue; the stock trades around $45.61 (1‑year range $28.27–$51.34), has a market cap near $95B, and about 74% institutional ownership.

Canadian Natural Resources (NYSE:CNQ - Get Free Report) TSE: CNQ was upgraded by Zacks Research from a "hold" rating to a "strong-buy" rating in a report released on Tuesday,Zacks.com reports.

CNQ has been the subject of several other reports. Evercore lowered shares of Canadian Natural Resources from an "outperform" rating to an "in-line" rating in a research report on Tuesday, January 6th. Wall Street Zen upgraded Canadian Natural Resources from a "sell" rating to a "hold" rating in a report on Saturday, January 31st. The Goldman Sachs Group raised their price objective on Canadian Natural Resources from $37.00 to $49.00 and gave the stock a "buy" rating in a research report on Thursday, March 12th. Weiss Ratings raised Canadian Natural Resources from a "hold (c+)" rating to a "buy (b)" rating in a research report on Friday, March 27th. Finally, Royal Bank Of Canada upped their target price on Canadian Natural Resources from $61.00 to $65.00 and gave the company an "outperform" rating in a research report on Friday, March 6th. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and five have given a Hold rating to the company. According to MarketBeat.com, Canadian Natural Resources currently has an average rating of "Moderate Buy" and a consensus target price of $57.00.

Canadian Natural Resources Stock Down 4.7%

NYSE:CNQ opened at $45.61 on Tuesday. Canadian Natural Resources has a 1-year low of $28.27 and a 1-year high of $51.34. The company has a 50-day moving average of $46.58 and a 200 day moving average of $38.63. The firm has a market cap of $95.13 billion, a PE ratio of 12.36 and a beta of 0.47. The company has a debt-to-equity ratio of 0.36, a current ratio of 0.95 and a quick ratio of 0.63.

Canadian Natural Resources (NYSE:CNQ - Get Free Report) TSE: CNQ last released its quarterly earnings results on Thursday, March 5th. The oil and gas producer reported $0.59 EPS for the quarter, beating the consensus estimate of $0.53 by $0.06. The business had revenue of $6.89 billion during the quarter, compared to analyst estimates of $6.64 billion. Canadian Natural Resources had a net margin of 24.48% and a return on equity of 17.84%. During the same period in the prior year, the firm posted $0.93 earnings per share. As a group, research analysts anticipate that Canadian Natural Resources will post 3.17 EPS for the current fiscal year.

Hedge Funds Weigh In On Canadian Natural Resources

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Personal CFO Solutions LLC raised its position in shares of Canadian Natural Resources by 1.7% in the 1st quarter. Personal CFO Solutions LLC now owns 15,199 shares of the oil and gas producer's stock valued at $747,000 after purchasing an additional 251 shares during the last quarter. Ted Buchan & Co raised its position in shares of Canadian Natural Resources by 0.6% in the 4th quarter. Ted Buchan & Co now owns 43,814 shares of the oil and gas producer's stock valued at $1,483,000 after purchasing an additional 260 shares during the last quarter. FDx Advisors Inc. raised its position in shares of Canadian Natural Resources by 2.7% in the 4th quarter. FDx Advisors Inc. now owns 10,312 shares of the oil and gas producer's stock valued at $349,000 after purchasing an additional 270 shares during the last quarter. Peak Financial Advisors LLC raised its position in shares of Canadian Natural Resources by 0.3% in the 1st quarter. Peak Financial Advisors LLC now owns 93,840 shares of the oil and gas producer's stock valued at $4,573,000 after purchasing an additional 290 shares during the last quarter. Finally, Ritholtz Wealth Management raised its position in shares of Canadian Natural Resources by 0.9% in the 1st quarter. Ritholtz Wealth Management now owns 32,763 shares of the oil and gas producer's stock valued at $1,597,000 after purchasing an additional 301 shares during the last quarter. 74.03% of the stock is owned by hedge funds and other institutional investors.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.