Canadian Natural Resources (TSE:CNQ) Share Price Passes Below 200-Day Moving Average - Time to Sell?

Key Points

• Canadian Natural Resources Limited's shares have fallen below their 200-day moving average, trading at C$42.23, which raises concerns among investors about selling opportunities.
• Brokerages have revised their price targets for the stock, with Wells Fargo setting a target of C$47.00 and Royal Bank of Canada reducing theirs from C$64.00 to C$62.00, showing a mix of sentiments regarding the stock's performance.
• Insiders sold a total of 31,500 shares of the company stock over the past 90 days, with significant sales from key insiders, indicating potential lack of confidence in the stock's near-term performance.

Canadian Natural Resources Limited (TSE:CNQ - Get Free Report) NYSE: CNQ shares crossed below its 200-day moving average during trading on Monday . The stock has a 200-day moving average of C$42.65 and traded as low as C$42.03. Canadian Natural Resources shares last traded at C$42.23, with a volume of 18,081,050 shares trading hands.

Analysts Set New Price Targets

A number of brokerages have weighed in on CNQ. Wells Fargo & Company set a C$47.00 price target on shares of Canadian Natural Resources and gave the company an "equal weight" rating in a research report on Friday. Royal Bank Of Canada reduced their target price on shares of Canadian Natural Resources from C$64.00 to C$62.00 and set an "outperform" rating on the stock in a report on Friday, August 8th. Scotiabank raised their price target on shares of Canadian Natural Resources from C$54.00 to C$58.00 and gave the company an "outperform" rating in a research report on Thursday, October 9th. Finally, Raymond James Financial boosted their price target on shares of Canadian Natural Resources from C$52.00 to C$54.00 and gave the stock an "outperform" rating 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 assigned a Hold rating to the stock. Based on data from MarketBeat, Canadian Natural Resources has an average rating of "Moderate Buy" and an average price target of C$54.73.

Canadian Natural Resources Trading Up 0.1%

The company's 50 day simple moving average is C$43.45 and its 200 day simple moving average is C$42.65. The company has a debt-to-equity ratio of 25.79, a current ratio of 0.84 and a quick ratio of 0.54. The firm has a market cap of C$87.86 billion, a price-to-earnings ratio of 10.72, a P/E/G ratio of 0.53 and a beta of 0.88.

Insider Buying and Selling

In related news, insider Ronald Keith Laing sold 20,000 shares of Canadian Natural Resources stock in a transaction that occurred on Monday, October 6th. The shares were sold at an average price of C$45.17, for a total value of C$903,400.00. Following the completion of the transaction, the insider owned 2,049 shares in the company, valued at C$92,553.33. The trade was a 90.71% decrease in their ownership of the stock. Also, insider Brenda Gayle Balog sold 4,500 shares of Canadian Natural Resources stock in a transaction that occurred on Tuesday, October 7th. The stock was sold at an average price of C$45.55, for a total transaction of C$204,975.00. Following the completion of the transaction, the insider owned 47,965 shares of the company's stock, valued at C$2,184,805.75. This represents a 8.58% decrease in their position. Insiders sold 31,500 shares of company stock worth $1,415,815 over the last 90 days. 4.26% of the stock is owned by insiders.

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.

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