Canadian Natural Resources (TSE:CNQ) Stock Price Crosses Above Two Hundred Day Moving Average - Time to Sell?

Key Points

• The stock price of Canadian Natural Resources Limited (TSE: CNQ) has recently crossed above its 200-day moving average, currently trading at C$44.50.
• Analysts have adjusted their price targets, with Royal Bank of Canada decreasing its target from C$64.00 to C$62.00, while Scotiabank has increased its target from C$50.00 to C$54.00.
• The company has a market cap of C$92.59 billion and a P/E ratio of 11.29, indicating solid valuation metrics for investors to consider.

Shares of Canadian Natural Resources Limited (TSE:CNQ - Get Free Report) NYSE: CNQ passed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of C$42.61 and traded as high as C$45.04. Canadian Natural Resources shares last traded at C$44.50, with a volume of 9,492,207 shares trading hands.

Analysts Set New Price Targets

CNQ has been the subject of a number of research analyst reports. Royal Bank Of Canada dropped their price objective on shares of Canadian Natural Resources from C$64.00 to C$62.00 and set an "outperform" rating for the company in a research note on Friday, August 8th. Scotiabank upped their price objective on shares of Canadian Natural Resources from C$50.00 to C$54.00 in a research note on Friday, July 11th. Raymond James Financial upped their price objective on shares of Canadian Natural Resources from C$52.00 to C$54.00 and gave the company an "outperform" rating in a research note on Friday, August 8th. Finally, Wells Fargo & Company upped their price objective on shares of Canadian Natural Resources from C$42.00 to C$46.00 and gave the company an "equal weight" rating in a research note on Thursday, June 26th. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat, Canadian Natural Resources has an average rating of "Moderate Buy" and a consensus price target of C$54.75.

Canadian Natural Resources Stock Performance

The stock has a market cap of C$92.59 billion, a price-to-earnings ratio of 11.29, a P/E/G ratio of 0.53 and a beta of 0.97. The stock's 50-day moving average is C$43.15 and its 200-day moving average is C$42.61. The company has a current ratio of 0.84, a quick ratio of 0.54 and a debt-to-equity ratio of 25.79.

Insiders Place Their Bets

In other Canadian Natural Resources news, Senior Officer Troy John Peter Andersen sold 60,000 shares of the company's stock in a transaction that occurred on Friday, July 11th. The stock was sold at an average price of C$43.87, for a total value of C$2,632,410.00. 4.26% of the stock is currently owned by corporate 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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