Canadian Natural Resources (TSE:CNQ) Stock Price Expected to Rise, Scotia Analyst Says

Key Points

• Scotia raised Canadian Natural Resources’ price target to C$73 from C$71 while maintaining a “sector perform” rating, implying approximately 14.9% upside from the reported share price.
• Analyst sentiment is generally positive: seven analysts rate the stock “Buy” and six rate it “Hold,” producing a consensus “Moderate Buy” rating and an average target of C$65.35.
• Shares fell 0.5% to C$63.53 in Friday trading, while the company reported quarterly EPS of C$2.19, revenue of C$14.74 billion, a 24.51% net margin, and a 22.74% return on equity.

Canadian Natural Resources (TSE:CNQ - Get Free Report) NYSE: CNQ had its target price increased by research analysts at Scotia from C$71.00 to C$73.00 in a report released on Friday,BayStreet.CA reports. The firm presently has a "sector perform" rating on the stock. Scotia's target price would suggest a potential upside of 14.91% from the stock's current price.

Several other equities analysts also recently issued reports on the stock. Desjardins set a C$70.00 price target on shares of Canadian Natural Resources and gave the company a "hold" rating in a research note on Friday, July 17th. Gerdes Energy Research upgraded Canadian Natural Resources from a "neutral" rating to a "buy" rating and increased their price objective for the company from C$67.00 to C$69.00 in a report on Monday, June 29th. Scotiabank raised Canadian Natural Resources to a "hold" rating in a research report on Friday, June 26th. Raymond James Financial raised Canadian Natural Resources from a "hold" rating to a "moderate buy" rating and lifted their target price for the stock from C$65.00 to C$67.00 in a report on Thursday, May 7th. Finally, TD upped their price target on Canadian Natural Resources from C$64.00 to C$72.00 and gave the company a "buy" rating in a research report on Thursday, April 16th. Seven investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of C$65.35.

Canadian Natural Resources Trading Down 0.5%

Shares of TSE:CNQ traded down C$0.30 during midday trading on Friday, hitting C$63.53. 2,195,584 shares of the stock were exchanged, compared to its average volume of 14,813,485. The business's 50-day moving average price is C$61.39 and its 200 day moving average price is C$61.06. Canadian Natural Resources has a 12 month low of C$40.62 and a 12 month high of C$70.99. The company has a debt-to-equity ratio of 44.85, a quick ratio of 0.54 and a current ratio of 0.98. The stock has a market capitalization of C$132.51 billion, a price-to-earnings ratio of 12.31, a P/E/G ratio of 0.53 and a beta of 0.27.

Canadian Natural Resources (TSE:CNQ - Get Free Report) NYSE: CNQ last issued its quarterly earnings data on Thursday, August 6th. The company reported C$2.19 earnings per share (EPS) for the quarter. Canadian Natural Resources had a net margin of 24.51% and a return on equity of 22.74%. The business had revenue of C$14.74 billion during the quarter. Analysts predict that Canadian Natural Resources will post 3.833989 earnings per share for the current 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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