Canadian Natural Resources (TSE:CNQ) Price Target Raised to C$58.00 at Scotiabank

Key Points

• Scotiabank has raised its price target for Canadian Natural Resources (TSE:CNQ) from C$54.00 to C$58.00, indicating a potential upside of 26.44% from the current price.
• Other firms, including Raymond James and Wells Fargo, have also increased their price targets, with the consensus price target now at C$54.64.
• Canadian Natural Resources' stock saw a trading increase of C$0.32 to reach C$45.87 recently, amidst significant insider trading activity.

Canadian Natural Resources (TSE:CNQ - Get Free Report) NYSE: CNQ had its target price upped by analysts at Scotiabank from C$54.00 to C$58.00 in a research note issued on Thursday,BayStreet.CA reports. The firm presently has an "outperform" rating on the stock. Scotiabank's price objective would suggest a potential upside of 26.44% from the stock's current price.

Other research analysts have also recently issued research reports about the company. Raymond James Financial raised their price target on Canadian Natural Resources from C$52.00 to C$54.00 and gave the company an "outperform" rating in a research report on Friday, August 8th. Wells Fargo & Company lifted their price target on Canadian Natural Resources from C$42.00 to C$46.00 and gave the stock an "equal weight" rating in a research note on Thursday, June 26th. Finally, Royal Bank Of Canada cut their price target on Canadian Natural Resources from C$64.00 to C$62.00 and set an "outperform" rating for the company in a research note on Friday, August 8th. One analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and three have issued a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of C$54.64.

Canadian Natural Resources Price Performance

Shares of Canadian Natural Resources stock traded up C$0.32 during trading on Thursday, reaching C$45.87. The company's stock had a trading volume of 2,865,330 shares, compared to its average volume of 14,909,229. The company has a quick ratio of 0.54, a current ratio of 0.84 and a debt-to-equity ratio of 25.79. Canadian Natural Resources has a 12-month low of C$34.92 and a 12-month high of C$52.15. The company has a market capitalization of C$95.44 billion, a P/E ratio of 11.64, a price-to-earnings-growth ratio of 0.53 and a beta of 0.88. The business has a 50 day moving average price of C$43.31 and a 200-day moving average price of C$42.67.

Insider Activity

In other Canadian Natural Resources news, Senior Officer Troy John Peter Andersen sold 60,000 shares of the company's stock in a transaction dated Friday, July 11th. The stock was sold at an average price of C$43.87, for a total transaction of C$2,632,410.00. Also, Director Stephen W. Laut sold 7,000 shares of the company's stock in a transaction dated Thursday, October 2nd. The stock was sold at an average price of C$43.92, for a total value of C$307,440.00. Following the sale, the director owned 895,350 shares of the company's stock, valued at C$39,323,772. This represents a 0.78% decrease in their ownership of the stock. Corporate insiders own 4.26% of the company's stock.

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.

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