Canadian Natural Resources (TSE:CNQ) Given New C$65.00 Price Target at ATB Cormark Capital Markets

Key Points

• ATB Cormark Capital Markets raised its price target on Canadian Natural Resources to C$65.00 (from C$56.00) and maintained an outperform rating, implying roughly a 2.9% upside from the prior close.
• Analyst consensus is a Moderate Buy with an average target of C$58.42 (six Buys and five Holds), while the stock trades around C$63.17 with a market cap of C$131.6B and a P/E of about 19.9.
• Insiders sold a total of 51,775 shares worth approximately $2.57M last quarter (including two large disposals), leaving insiders with a 4.26% ownership stake.

Canadian Natural Resources (TSE:CNQ - Get Free Report) NYSE: CNQ had its price objective raised by investment analysts at ATB Cormark Capital Markets from C$56.00 to C$65.00 in a research report issued to clients and investors on Friday,BayStreet.CA reports. The firm currently has an "outperform" rating on the stock. ATB Cormark Capital Markets' target price would indicate a potential upside of 2.90% from the stock's previous close.

A number of other analysts have also recently weighed in on the stock. Evercore cut shares of Canadian Natural Resources from an "outperform" rating to a "hold" rating and set a C$50.00 price objective on the stock. in a report on Tuesday, January 6th. Raymond James Financial lifted their price target on shares of Canadian Natural Resources from C$55.00 to C$56.00 in a research note on Monday, November 10th. Royal Bank Of Canada reduced their price target on shares of Canadian Natural Resources from C$62.00 to C$61.00 and set an "outperform" rating for the company in a research report on Tuesday, January 13th. Gerdes Energy Research downgraded shares of Canadian Natural Resources from a "buy" rating to a "neutral" rating in a research note on Thursday, February 12th. Finally, TD Securities lifted their target price on Canadian Natural Resources from C$53.00 to C$54.00 in a research report on Monday, November 10th. Six research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of C$58.42.

Canadian Natural Resources Stock Up 2.0%

Canadian Natural Resources stock traded up C$1.21 during midday trading on Friday, reaching C$63.17. The company's stock had a trading volume of 5,804,543 shares, compared to its average volume of 12,278,394. The company has a market cap of C$131.59 billion, a P/E ratio of 19.93, a P/E/G ratio of 0.53 and a beta of 0.81. The company has a quick ratio of 0.54, a current ratio of 0.86 and a debt-to-equity ratio of 42.68. The business has a 50-day simple moving average of C$51.50 and a 200-day simple moving average of C$47.00. Canadian Natural Resources has a fifty-two week low of C$34.92 and a fifty-two week high of C$64.00.

Canadian Natural Resources (TSE:CNQ - Get Free Report) NYSE: CNQ last released its quarterly earnings data on Thursday, March 5th. The company reported C$0.82 earnings per share (EPS) for the quarter. Canadian Natural Resources had a return on equity of 16.47% and a net margin of 15.49%. On average, research analysts expect that Canadian Natural Resources will post 3.833989 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Canadian Natural Resources news, insider Brenda Gayle Balog sold 2,252 shares of the stock in a transaction that occurred on Monday, February 2nd. The stock was sold at an average price of C$49.98, for a total transaction of C$112,554.96. Following the completion of the sale, the insider directly owned 47,965 shares of the company's stock, valued at approximately C$2,397,290.70. This trade represents a 4.48% decrease in their position. Also, insider Trevor Wagil sold 14,500 shares of Canadian Natural Resources stock in a transaction that occurred on Monday, February 2nd. The shares were sold at an average price of C$49.96, for a total value of C$724,420.00. Following the completion of the transaction, the insider owned 14,779 shares in the company, valued at C$738,358.84. This trade represents a 49.52% decrease in their ownership of the stock. Insiders sold a total of 51,775 shares of company stock valued at $2,571,074 in the last quarter. Corporate insiders own 4.26% of the company's stock.

About Canadian Natural Resources

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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