Canadian Natural Resources (TSE:CNQ) Stock Price Passes Above 200 Day Moving Average After Insider Selling

Key Points

• Canadian Natural Resources' stock (TSE:CNQ) surpassed its 200-day moving average, trading at C$45.55 after reaching a high of C$46.05 on Wednesday following insider buying.
• Director Stephen W. Laut purchased 988 shares at C$44.27 each, increasing his holdings to approximately C$39.9 million.
• Analysts have raised their price targets, with Raymond James setting a new target of C$54.00 and the stock receiving a consensus rating of "Moderate Buy."

Canadian Natural Resources Limited (TSE:CNQ - Get Free Report) NYSE: CNQ passed above its two hundred day moving average during trading on Wednesday following insider buying activity. The stock has a two hundred day moving average of C$42.67 and traded as high as C$46.05. Canadian Natural Resources shares last traded at C$45.55, with a volume of 19,271,186 shares trading hands.

Specifically, Director Stephen W. Laut purchased 988 shares of the business's stock in a transaction that occurred on Thursday, October 2nd. The stock was purchased at an average cost of C$44.27 per share, with a total value of C$43,738.76. Following the acquisition, the director directly owned 902,350 shares of the company's stock, valued at approximately C$39,947,034.50. This trade represents a 0.11% increase in their position.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the stock. Raymond James Financial lifted their price target on shares of Canadian Natural Resources from C$52.00 to C$54.00 and gave the stock an "outperform" rating in a research report on Friday, August 8th. Wells Fargo & Company boosted 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 report on Thursday, June 26th. Royal Bank Of Canada decreased 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 report on Friday, August 8th. Finally, Scotiabank boosted their price objective on shares of Canadian Natural Resources from C$50.00 to C$54.00 in a report on Friday, July 11th. One analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, Canadian Natural Resources currently has a consensus rating of "Moderate Buy" and a consensus price target of C$54.27.

Canadian Natural Resources Stock Performance

The company has a debt-to-equity ratio of 25.79, a current ratio of 0.84 and a quick ratio of 0.54. The stock's 50 day simple moving average is C$43.31 and its two-hundred day simple moving average is C$42.67. The stock has a market cap of C$94.77 billion, a P/E ratio of 11.56, a price-to-earnings-growth ratio of 0.53 and a beta of 0.88.

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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