Canadian Natural Resources (TSE:CNQ) Stock Passes Above 200 Day Moving Average - Here's Why

Key Points

• Canadian Natural Resources shares rose above their 200-day moving average of C$60.84, reaching C$65.26 before last trading at C$64.93 on volume of nearly 6 million shares.
• Analyst sentiment is generally positive: seven analysts rate the stock a Buy and five rate it a Hold, producing a “Moderate Buy” consensus and an average price target of C$64.88.
• The company reported quarterly revenue of C$10.81 billion and earnings of C$1.17 per share, with a 24.51% net margin and 22.74% return on equity.

Canadian Natural Resources Limited (TSE:CNQ - Get Free Report) NYSE: CNQ's stock price passed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of C$60.84 and traded as high as C$65.26. Canadian Natural Resources shares last traded at C$64.93, with a volume of 5,960,431 shares traded.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on CNQ. Desjardins set a C$70.00 target price on shares of Canadian Natural Resources and gave the company a "hold" rating in a research note on Friday, July 17th. Gerdes Energy Research raised shares of Canadian Natural Resources from a "neutral" rating to a "buy" rating and increased their target price for the stock from C$67.00 to C$69.00 in a research report on Monday, June 29th. TD raised their target price on Canadian Natural Resources from C$64.00 to C$72.00 and gave the company a "buy" rating in a report on Thursday, April 16th. Scotiabank raised Canadian Natural Resources to a "hold" rating in a research report on Friday, June 26th. Finally, Royal Bank Of Canada reduced their price target on Canadian Natural Resources from C$80.00 to C$79.00 in a research report on Wednesday, July 15th. Seven research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of C$64.88.

Canadian Natural Resources Trading Down 2.8%

The stock has a market capitalization of C$135.43 billion, a price-to-earnings ratio of 12.58, a PEG ratio of 0.53 and a beta of 0.27. The company's 50 day moving average is C$61.39 and its 200 day moving average is C$60.84. The company has a debt-to-equity ratio of 44.85, a quick ratio of 0.54 and a current ratio of 0.98.

Canadian Natural Resources (TSE:CNQ - Get Free Report) NYSE: CNQ last issued its quarterly 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 firm had revenue of C$10.81 billion during the quarter. On average, research analysts forecast that Canadian Natural Resources Limited will post 3.833989 EPS 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.

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