Canadian Natural Resources (TSE:CNQ) Share Price Crosses Above 200 Day Moving Average - Here's What Happened

Key Points

• Canadian Natural Resources shares crossed above its 200-day moving average (200‑day MA C$43.51), trading as high as C$47.80 and last at C$47.56 on volume of about 17.46 million shares, signalling a technical bullish move.
• Several brokers have raised price targets (Scotiabank to C$58, Raymond James to C$56, TD to C$54, among others) and MarketBeat shows a consensus rating of Moderate Buy with an average target of C$54.40.
• Fundamentals remain solid: market capitalization ~C$99.07 billion, P/E of 15.0, quarterly EPS C$0.29 on C$9.52 billion revenue, ROE 19.14% and net margin 21.25%, with production ~1.16 million boe/d and over 11.5 billion boe of reserves.

Canadian Natural Resources Limited (TSE:CNQ - Get Free Report) NYSE: CNQ shares crossed above its two hundred day moving average during trading on Tuesday . The stock has a two hundred day moving average of C$43.51 and traded as high as C$47.80. Canadian Natural Resources shares last traded at C$47.56, with a volume of 17,464,972 shares traded.

Analyst Ratings Changes

CNQ has been the subject of a number of research reports. Scotiabank lifted their target price on Canadian Natural Resources from C$54.00 to C$58.00 and gave the company an "outperform" rating in a research note on Thursday, October 9th. TD Securities raised their price target on Canadian Natural Resources from C$53.00 to C$54.00 in a report on Monday, November 10th. Wells Fargo & Company set a C$47.00 price objective on Canadian Natural Resources and gave the company an "equal weight" rating in a research report on Friday, October 17th. Raymond James Financial increased their target price on Canadian Natural Resources from C$55.00 to C$56.00 in a research report on Monday, November 10th. Finally, National Bankshares raised their target price on Canadian Natural Resources from C$45.00 to C$48.00 and gave the company a "sector perform" rating in a research note on Friday, November 7th. One investment analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, Canadian Natural Resources has a consensus rating of "Moderate Buy" and an average target price of C$54.40.

Canadian Natural Resources Trading Up 1.5%

The firm has a 50-day moving average of C$44.48 and a 200 day moving average of C$43.51. The company has a current ratio of 0.84, a quick ratio of 0.54 and a debt-to-equity ratio of 25.79. The stock has a market capitalization of C$99.07 billion, a price-to-earnings ratio of 15.00, a PEG ratio of 0.53 and a beta of 0.67.

Canadian Natural Resources (TSE:CNQ - Get Free Report) NYSE: CNQ last announced its quarterly earnings results on Thursday, November 6th. The company reported C$0.29 earnings per share (EPS) for the quarter. The company had revenue of C$9.52 billion during the quarter. Canadian Natural Resources had a return on equity of 19.14% and a net margin of 21.25%. As a group, equities analysts predict that Canadian Natural Resources Limited will post 3.833989 EPS for the current fiscal year.

Insider Activity at Canadian Natural Resources

In related news, insider Brenda Gayle Balog sold 4,500 shares of the stock in a transaction dated Tuesday, October 7th. The shares were sold at an average price of C$45.55, for a total value of C$204,975.00. Following the completion of the transaction, the insider owned 47,965 shares in the company, valued at C$2,184,805.75. This represents a 8.58% decrease in their position. Also, Director Stephen W. Laut sold 7,000 shares of the business's stock in a transaction dated Thursday, October 2nd. The stock was sold at an average price of C$43.92, for a total transaction of C$307,440.00. Following the sale, the director owned 895,350 shares in the company, valued at C$39,323,772. This trade represents a 0.78% decrease in their ownership of the stock. Insiders sold 31,500 shares of company stock worth $1,415,815 in the last 90 days. 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.

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.