Canadian Natural Resources (TSE:CNQ) Stock Crosses Above 200-Day Moving Average - Time to Sell?

Key Points

• Canadian Natural Resources Limited's stock surpassed its 200-day moving average and traded at C$41.86, indicating potential upward momentum.
• Analysts have raised their price targets for the stock, with Scotiabank increasing it to C$54.00, while the average target now stands at C$54.75.
• Insider selling has been observed, with executives offloading a total of 234,676 shares valued at over C$10 million in the past three months.

Canadian Natural Resources Limited (TSE:CNQ - Get Free Report) NYSE: CNQ's share price passed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of C$42.22 and traded as high as C$42.61. Canadian Natural Resources shares last traded at C$41.86, with a volume of 25,585,249 shares changing hands.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the company. Scotiabank upped their price objective on Canadian Natural Resources from C$50.00 to C$54.00 in a report on Friday, July 11th. Wells Fargo & Company increased their price objective on shares of Canadian Natural Resources from C$42.00 to C$46.00 and gave the stock an "equal weight" rating in a research note on Thursday, June 26th. Royal Bank Of Canada lowered their target price on shares of Canadian Natural Resources from C$64.00 to C$62.00 and set an "outperform" rating on the stock in a research note on Friday, August 8th. Finally, Raymond James Financial increased their price objective on Canadian Natural Resources from C$52.00 to C$54.00 and gave the stock an "outperform" rating in a research note on Friday, August 8th. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and four have given a Hold rating to the company's stock. Based on data from MarketBeat.com, Canadian Natural Resources presently has an average rating of "Moderate Buy" and an average target price of C$54.75.

Canadian Natural Resources Stock Down 0.1%

The firm has a market capitalization of C$89.84 billion, a price-to-earnings ratio of 10.96, a price-to-earnings-growth ratio of 0.53 and a beta of 0.97. The firm has a 50 day moving average of C$42.75 and a two-hundred day moving average of C$42.23. The company has a quick ratio of 0.54, a current ratio of 0.84 and a debt-to-equity ratio of 25.79.

Insider Transactions at Canadian Natural Resources

In related news, Senior Officer Mark Anthony Overwater sold 8,260 shares of the business's stock in a transaction dated Thursday, June 19th. The stock was sold at an average price of C$46.44, for a total transaction of C$383,594.40. Also, Senior Officer Jay Ellery Froc sold 12,000 shares of the company's stock in a transaction dated Friday, June 13th. The stock was sold at an average price of C$45.49, for a total transaction of C$545,880.00. Over the last three months, insiders have sold 234,676 shares of company stock valued at $10,537,774. 4.26% of the stock is currently owned by 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.