Canadian Natural Resources (TSE:CNQ) Share Price Passes Above 200 Day Moving Average - What's Next?

Key Points

• Canadian Natural Resources shares moved above their 200-day moving average, reaching C$69.65 before closing at C$68.48, compared with a 200-day average of C$62.17.
• Analyst sentiment is positive overall, with seven Buy ratings and six Holds producing a “Moderate Buy” consensus. The average price target is C$65.65, while several analysts recently raised their targets to between C$69 and C$73.
• The company reported quarterly EPS of C$2.19 and revenue of C$14.74 billion, alongside a 24.93% net margin and 26.67% return on equity. Canadian Natural Resources has a market capitalization of about C$141.17 billion.

Canadian Natural Resources Limited (TSE:CNQ - Get Free Report) NYSE: CNQ shares passed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of C$62.17 and traded as high as C$69.65. Canadian Natural Resources shares last traded at C$68.48, with a volume of 15,367,488 shares traded.

Analyst Ratings Changes

CNQ has been the subject of several research reports. Raymond James Financial increased their target price on Canadian Natural Resources from C$65.00 to C$66.00 and gave the company an "outperform" rating in a research report on Friday, August 7th. Gerdes Energy Research raised Canadian Natural Resources from a "neutral" rating to a "buy" rating and upped their price objective for the company from C$67.00 to C$69.00 in a research note on Monday, June 29th. TD upped their price objective on Canadian Natural Resources from C$72.00 to C$73.00 and gave the company a "buy" rating in a research note on Friday, August 7th. Desjardins set a C$70.00 price objective on shares of Canadian Natural Resources and gave the company a "hold" rating in a report on Friday, July 17th. Finally, Scotia lifted their target price on shares of Canadian Natural Resources from C$71.00 to C$73.00 and gave the stock a "sector perform" rating in a research report on Friday, August 7th. Seven research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat, Canadian Natural Resources presently has an average rating of "Moderate Buy" and an average target price of C$65.65.

Canadian Natural Resources Stock Performance

The firm has a market capitalization of C$141.17 billion, a P/E ratio of 12.19, a price-to-earnings-growth ratio of 0.53 and a beta of 0.27. The company has a current ratio of 1.00, a quick ratio of 0.54 and a debt-to-equity ratio of 36.64. The company has a 50-day moving average of C$61.83 and a 200-day moving average of C$62.17.

Canadian Natural Resources (TSE:CNQ - Get Free Report) NYSE: CNQ last announced its earnings results on Thursday, August 6th. The company reported C$2.19 EPS for the quarter. Canadian Natural Resources had a return on equity of 26.67% and a net margin of 24.93%.The firm had revenue of C$14.74 billion for the quarter. On average, equities analysts anticipate that Canadian Natural Resources Limited will post 3.833989 earnings per share for the current fiscal year.

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.

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.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source