Canadian Natural Resources (TSE:CNQ) Given New C$79.00 Price Target at Royal Bank Of Canada

Key Points

• Royal Bank of Canada trimmed its price target on Canadian Natural Resources to C$79.00 from C$80.00, implying about 32% upside from the prior close.
• Analyst sentiment remains constructive overall, with 7 Buy ratings and 5 Hold ratings; MarketBeat’s consensus view is Moderate Buy with a C$64.00 target price.
• The stock fell 0.2% to C$59.86 and the company continues to trade at a modest valuation, with recent quarterly EPS of C$1.17 on C$10.81 billion in revenue.

Canadian Natural Resources (TSE:CNQ - Get Free Report) NYSE: CNQ had its price objective lowered by stock analysts at Royal Bank Of Canada from C$80.00 to C$79.00 in a note issued to investors on Wednesday,BayStreet.CA reports. Royal Bank Of Canada's target price would suggest a potential upside of 31.97% from the company's previous close.

A number of other analysts also recently issued reports on CNQ. National Bank Financial lifted their price target on Canadian Natural Resources from C$59.00 to C$90.00 and gave the stock a "sector perform" rating in a report on Tuesday, March 31st. Gerdes Energy Research upgraded Canadian Natural Resources from a "neutral" rating to a "buy" rating and increased their price objective for the company from C$67.00 to C$69.00 in a report on Monday, June 29th. Canadian Imperial Bank of Commerce raised their target price on Canadian Natural Resources from C$52.00 to C$54.00 in a research report on Tuesday, March 31st. TD boosted their target price on Canadian Natural Resources from C$64.00 to C$72.00 and gave the stock a "buy" rating in a research note on Thursday, April 16th. Finally, Scotiabank raised Canadian Natural Resources to a "hold" rating in a report on Friday, June 26th. Seven equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company's stock. According to MarketBeat, Canadian Natural Resources has a consensus rating of "Moderate Buy" and a consensus target price of C$64.00.

Canadian Natural Resources Stock Down 0.2%

Shares of TSE:CNQ traded down C$0.14 during trading hours on Wednesday, reaching C$59.86. The stock had a trading volume of 2,121,098 shares, compared to its average volume of 15,772,537. Canadian Natural Resources has a 1 year low of C$40.62 and a 1 year high of C$70.99. The firm's 50 day moving average is C$61.64 and its 200-day moving average is C$58.88. The stock has a market capitalization of C$124.85 billion, a price-to-earnings ratio of 11.60, a P/E/G ratio of 0.53 and a beta of 0.27. The company has a debt-to-equity ratio of 44.85, a quick ratio of 0.54 and a current ratio of 0.98.

Canadian Natural Resources (TSE:CNQ - Get Free Report) NYSE: CNQ last released its quarterly earnings data on Thursday, May 7th. The company reported C$1.17 earnings per share (EPS) for the quarter. The business had revenue of C$10.81 billion during the quarter. Canadian Natural Resources had a net margin of 24.51% and a return on equity of 22.74%. Research analysts predict that Canadian Natural Resources will post 3.833989 earnings per share for the current fiscal year.

Canadian Natural Resources Company Profile

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.

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.