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

Key Points

• Shares passed above its 200-day moving average (200‑day MA C$52.35), trading as high as C$61.89 and last at C$60.69 on ~13.0M shares, signaling a technical breakout.
• Multiple brokers raised targets (RBC C$80, BMO C$70, TD C$64) and MarketBeat shows a consensus "Moderate Buy" with a consensus price target of C$63.60.
• The stock trades at a market cap of C$126.65B and P/E of 11.76 with strong profitability (quarterly EPS C$0.82, ROE 25.98%), though insiders have sold ~74,306 shares (~US$4.16M) in the past 90 days.

Canadian Natural Resources Limited (TSE:CNQ - Get Free Report) NYSE: CNQ shares passed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of C$52.35 and traded as high as C$61.89. Canadian Natural Resources shares last traded at C$60.69, with a volume of 13,025,313 shares traded.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on CNQ. Canadian Imperial Bank of Commerce increased their price target on Canadian Natural Resources from C$52.00 to C$54.00 in a research note on Tuesday, March 31st. BMO Capital Markets increased their price target on Canadian Natural Resources from C$50.00 to C$70.00 and gave the stock an "outperform" rating in a research note on Friday, March 6th. TD Securities increased their price target on Canadian Natural Resources from C$51.00 to C$64.00 and gave the stock a "buy" rating in a research note on Friday, March 6th. Royal Bank Of Canada increased their price target on Canadian Natural Resources from C$65.00 to C$80.00 and gave the stock an "outperform" rating in a research note on Wednesday, April 8th. Finally, Desjardins increased their price target on Canadian Natural Resources from C$52.00 to C$56.00 and gave the stock a "hold" rating in a research note on Monday, March 9th. Six investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat, Canadian Natural Resources currently has a consensus rating of "Moderate Buy" and a consensus price target of C$63.60.

Canadian Natural Resources Stock Performance

The company has a market cap of C$126.65 billion, a P/E ratio of 11.76, a PEG ratio of 0.53 and a beta of 0.40. The stock has a fifty day moving average price of C$63.18 and a two-hundred day moving average price of C$52.35. The company has a debt-to-equity ratio of 44.46, a current ratio of 0.95 and a quick ratio of 0.54.

Canadian Natural Resources (TSE:CNQ - Get Free Report) NYSE: CNQ last announced its earnings results on Thursday, March 5th. The company reported C$0.82 EPS for the quarter. Canadian Natural Resources had a return on equity of 25.98% and a net margin of 26.06%.The firm had revenue of C$9.61 billion for the quarter. On average, equities analysts forecast that Canadian Natural Resources Limited will post 3.833989 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Gordon D. Giffin sold 25,000 shares of the business's stock in a transaction on Tuesday, March 24th. The shares were sold at an average price of C$68.01, for a total transaction of C$1,700,250.00. Following the transaction, the director directly owned 171,210 shares in the company, valued at C$11,643,992.10. The trade was a 12.74% decrease in their position. Also, insider Erin Louise Lunn sold 2,252 shares of the firm's stock in a transaction that occurred on Wednesday, January 28th. The shares were sold at an average price of C$49.68, for a total value of C$111,879.36. Following the completion of the transaction, the insider directly owned 51,142 shares in the company, valued at C$2,540,734.56. The trade was a 4.22% decrease in their ownership of the stock. In the last 90 days, insiders sold 74,306 shares of company stock worth $4,159,750. 4.26% of the stock is owned by corporate insiders.

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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