Canadian Natural Resources (TSE:CNQ) Given New C$65.00 Price Target at Royal Bank Of Canada

Key Points

• Royal Bank of Canada raised its price target on Canadian Natural Resources from C$61 to C$65 and kept an "outperform" rating, implying about a 2.9% upside from the recent stock price.
• Analysts have a consensus Moderate Buy with an average price target of C$58.42; CNQ was trading around C$63.17 near its 1‑year high of C$64 and has a market cap of approximately C$131.6B.
• Insiders sold 51,775 shares (about C$2.57M) over the last three months, leaving insiders owning 4.26% of the company.

Canadian Natural Resources (TSE:CNQ - Get Free Report) NYSE: CNQ had its target price raised by equities researchers at Royal Bank Of Canada from C$61.00 to C$65.00 in a note issued to investors on Friday,BayStreet.CA reports. The firm presently has an "outperform" rating on the stock. Royal Bank Of Canada's price objective would suggest a potential upside of 2.90% from the stock's current price.

A number of other equities research analysts also recently issued reports on the stock. TD Securities boosted their target price on shares of Canadian Natural Resources from C$53.00 to C$54.00 in a report on Monday, November 10th. Morgan Stanley decreased their target price on Canadian Natural Resources from C$51.00 to C$50.00 in a research report on Friday, January 23rd. ATB Cormark Capital Markets raised their price target on shares of Canadian Natural Resources from C$56.00 to C$65.00 and gave the company an "outperform" rating in a report on Friday. Gerdes Energy Research lowered Canadian Natural Resources from a "buy" rating to a "neutral" rating in a research report on Thursday, February 12th. Finally, Evercore downgraded Canadian Natural Resources from an "outperform" rating to a "hold" rating and set a C$50.00 price target for the company. in a report on Tuesday, January 6th. Six equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company's stock. According to data from MarketBeat.com, Canadian Natural Resources currently has an average rating of "Moderate Buy" and a consensus price target of C$58.42.

Canadian Natural Resources Price Performance

Canadian Natural Resources stock traded up C$1.21 during midday trading on Friday, reaching C$63.17. 5,804,543 shares of the company were exchanged, compared to its average volume of 12,278,394. The firm's 50-day simple moving average is C$51.50 and its 200-day simple moving average is C$47.00. Canadian Natural Resources has a 1 year low of C$34.92 and a 1 year high of C$64.00. The company has a market capitalization of C$131.59 billion, a price-to-earnings ratio of 19.93, a P/E/G ratio of 0.53 and a beta of 0.81. The company has a debt-to-equity ratio of 42.68, a quick ratio of 0.54 and a current ratio of 0.86.

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

Insider Activity

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