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

Key Points

• Canadian Natural Resources (TSE:CNQ) shares moved above their 200-day moving average, trading as high as C$66.62 and last changing hands at C$65.48.
• Analysts remain constructive on the stock: recent upgrades and higher price targets have left CNQ with a consensus “Moderate Buy” rating and an average target of C$64.88.
• The company reported solid recent results, including C$1.17 EPS on C$10.81 billion in revenue, while its market cap stands at C$136.57 billion and the stock shows a relatively low beta of 0.27.

Canadian Natural Resources Limited (TSE:CNQ - Get Free Report) NYSE: CNQ's share price passed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of C$59.73 and traded as high as C$66.62. Canadian Natural Resources shares last traded at C$65.48, with a volume of 4,065,520 shares changing hands.

Analysts Set New Price Targets

CNQ has been the topic of a number of research reports. Raymond James Financial upgraded Canadian Natural Resources from a "hold" rating to a "moderate buy" rating and raised their price target for the stock from C$65.00 to C$67.00 in a research note on Thursday, May 7th. JPMorgan Chase & Co. boosted their price objective on Canadian Natural Resources from C$48.00 to C$70.00 in a research note on Tuesday, April 7th. TD raised their target price on shares of Canadian Natural Resources from C$64.00 to C$72.00 and gave the stock a "buy" rating in a research report on Thursday, April 16th. Gerdes Energy Research raised shares of Canadian Natural Resources from a "neutral" rating to a "buy" rating and lifted their target price for the company from C$67.00 to C$69.00 in a report on Monday, June 29th. Finally, Royal Bank Of Canada cut their target price on shares of Canadian Natural Resources from C$80.00 to C$79.00 in a report on Wednesday, July 15th. Seven investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company's stock. According to data from MarketBeat.com, Canadian Natural Resources currently has a consensus rating of "Moderate Buy" and a consensus price target of C$64.88.

Canadian Natural Resources Price Performance

The stock has a market cap of C$136.57 billion, a price-to-earnings ratio of 12.69, a PEG ratio of 0.53 and a beta of 0.27. The company's 50 day moving average is C$61.58 and its 200 day moving average is C$59.73. The company has a debt-to-equity ratio of 44.85, a current ratio of 0.98 and a quick ratio of 0.54.

Canadian Natural Resources (TSE:CNQ - Get Free Report) NYSE: CNQ last issued its earnings results on Thursday, May 7th. The company reported C$1.17 earnings per share for the quarter. Canadian Natural Resources had a net margin of 24.51% and a return on equity of 22.74%. The company had revenue of C$10.81 billion for the quarter. Research analysts forecast that Canadian Natural Resources Limited will post 3.833989 earnings per share for the current fiscal year.

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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