Canadian Natural Resources (TSE:CNQ) Shares Cross Above 200 Day Moving Average - Here's What Happened

Key Points

• Canadian Natural Resources Limited shares have recently crossed above the 200-day moving average, signaling a potential bullish trend as they traded above C$44.00.
• Analyst ratings show a mix of upgrades and adjustments, with Scotiabank raising its price target to C$54.00, while others show varying target adjustments reflecting differing market outlooks.
• Insider selling activity was noted, with Senior Officer Scott Gerald Stauth selling 55,000 shares, raising concerns about insider sentiment in the company.

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$42.54 and traded as high as C$44.11. Canadian Natural Resources shares last traded at C$43.12, with a volume of 8,908,087 shares traded.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on CNQ shares. Scotiabank upped their price objective on Canadian Natural Resources from C$50.00 to C$54.00 in a research report on Friday, July 11th. Wells Fargo & Company upped their price objective on Canadian Natural Resources from C$42.00 to C$46.00 and gave the company an "equal weight" rating in a research report on Thursday, June 26th. Desjardins lowered their price objective on Canadian Natural Resources from C$51.00 to C$49.00 and set a "buy" rating on the stock in a research report on Tuesday, April 15th. Raymond James Financial upped their price objective on Canadian Natural Resources from C$52.00 to C$54.00 and gave the company an "outperform" rating in a research report on Friday. Finally, Royal Bank Of Canada lowered their price objective on Canadian Natural Resources from C$64.00 to C$62.00 and set an "outperform" rating on the stock in a research report on Friday. Four investment analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, Canadian Natural Resources currently has an average rating of "Moderate Buy" and a consensus price target of C$54.75.

Canadian Natural Resources Price Performance

The company has a current ratio of 0.84, a quick ratio of 0.54 and a debt-to-equity ratio of 25.79. The stock has a market capitalization of C$87.53 billion, a PE ratio of 11.58, a price-to-earnings-growth ratio of 0.53 and a beta of 1.89. The firm has a 50 day moving average price of C$43.55 and a 200 day moving average price of C$42.46.

Insider Transactions at Canadian Natural Resources

In other news, Director Stephen W. Laut bought 1,006 shares of the company's stock in a transaction that occurred on Wednesday, July 2nd. The stock was bought at an average price of C$43.47 per share, with a total value of C$43,730.82. Also, Senior Officer Troy John Peter Andersen sold 60,000 shares of the company's stock in a transaction on Friday, July 11th. The stock was sold at an average price of C$43.87, for a total transaction of C$2,632,410.00. Insiders sold a total of 309,676 shares of company stock worth $13,897,529 over the last three months. 4.26% of the stock is currently owned by 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.