Canadian Natural Resources (TSE:CNQ) Shares Pass 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 shares crossed above its two hundred day moving average during trading on Monday . The stock has a two hundred 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 trading hands.

Analyst Ratings Changes

CNQ has been the subject of several recent research reports. Wells Fargo & Company lifted their price objective on 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 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. Raymond James Financial lifted their price objective on Canadian Natural Resources from C$52.00 to C$54.00 and gave the company an "outperform" rating in a report on Friday, August 8th. Finally, Scotiabank lifted their price objective on Canadian Natural Resources from C$50.00 to C$54.00 in a report on Friday, July 11th. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat.com, Canadian Natural Resources presently has a consensus rating of "Moderate Buy" and an average target price of C$54.75.

Canadian Natural Resources Price 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 firm has a market capitalization of C$89.90 billion, a P/E ratio of 10.97, a P/E/G ratio of 0.53 and a beta of 0.97. The stock's fifty day simple moving average is C$42.73 and its 200 day simple moving average is C$42.27.

Insider Activity

In other news, Senior Officer Scott Gerald Stauth sold 55,000 shares of the company's stock in a transaction dated Thursday, June 19th. The shares were sold at an average price of C$46.22, for a total transaction of C$2,542,100.00. Also, Senior Officer Troy John Peter Andersen sold 60,000 shares of the company's stock in a transaction dated Friday, July 11th. The shares were sold at an average price of C$43.87, for a total transaction of C$2,632,410.00. Over the last quarter, insiders have sold 218,172 shares of company stock valued at $9,787,233. 4.26% of the stock is owned by company insiders.

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.