Canadian Natural Resources (TSE:CNQ) Stock Price Expected to Rise, JPMorgan Chase & Co. Analyst Says

Key Points

• JPMorgan raised Canadian Natural Resources’ price target from C$67 to C$75, implying 12.44% upside from the reported share price and signaling a bullish outlook.
• Analyst sentiment is broadly positive: seven analysts rate CNQ a Buy and six rate it a Hold, resulting in a “Moderate Buy” consensus, though the average target is C$65.65.
• CNQ shares rose 0.6% to C$66.70, while the company reported C$2.19 in quarterly EPS and C$14.74 billion in revenue; its market capitalization was approximately C$137.5 billion.

Canadian Natural Resources (TSE:CNQ - Get Free Report) NYSE: CNQ had its price objective increased by stock analysts at JPMorgan Chase & Co. from C$67.00 to C$75.00 in a research note issued on Wednesday,BayStreet.CA reports. JPMorgan Chase & Co.'s target price indicates a potential upside of 12.44% from the company's current price.

Several other research firms have also issued reports on CNQ. Desjardins set a C$70.00 price target on shares of Canadian Natural Resources and gave the stock a "hold" rating in a report on Friday, July 17th. Gerdes Energy Research raised shares of Canadian Natural Resources from a "neutral" rating to a "buy" rating and upped their price objective for the company from C$67.00 to C$69.00 in a research note on Monday, June 29th. Scotia increased their price objective on shares of Canadian Natural Resources from C$71.00 to C$73.00 and gave the stock a "sector perform" rating in a research report on Friday, August 7th. Royal Bank Of Canada lowered their target price on shares of Canadian Natural Resources from C$80.00 to C$79.00 in a research note on Wednesday, July 15th. Finally, TD boosted their target price on shares of Canadian Natural Resources from C$72.00 to C$73.00 and gave the company a "buy" rating in a report on Friday, August 7th. Seven investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of C$65.65.

Canadian Natural Resources Trading Up 0.6%

Shares of CNQ stock traded up C$0.38 on Wednesday, hitting C$66.70. The company had a trading volume of 1,113,510 shares, compared to its average volume of 14,646,896. The firm has a market cap of C$137.50 billion, a P/E ratio of 11.87, a P/E/G ratio of 0.53 and a beta of 0.27. The stock's 50-day moving average is C$61.47 and its two-hundred day moving average is C$61.42. The company has a debt-to-equity ratio of 36.64, a quick ratio of 0.54 and a current ratio of 1.00. Canadian Natural Resources has a twelve month low of C$40.62 and a twelve month high of C$70.99.

Canadian Natural Resources (TSE:CNQ - Get Free Report) NYSE: CNQ last announced its earnings results on Thursday, August 6th. The company reported C$2.19 EPS for the quarter. Canadian Natural Resources had a return on equity of 26.67% and a net margin of 24.93%.The business had revenue of C$14.74 billion for the quarter. On average, equities research analysts anticipate that Canadian Natural Resources 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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