Canadian Natural Resources (TSE:CNQ) Upgraded to Hold at Wells Fargo & Company

Key Points

• Canadian Natural Resources was upgraded to a "hold" rating by Wells Fargo & Company, reflecting a cautious outlook from investment analysts.
• Recent ratings from other firms show varying outlooks, with Royal Bank of Canada lowering its price target from C$64 to C$62, while Scotiabank increased its target from C$54 to C$58.
• The stock opened at C$42.19 and is experiencing some insider selling, with director Stephen W. Laut reducing his holdings by about 0.78%.

Canadian Natural Resources (TSE:CNQ - Get Free Report) NYSE: CNQ was upgraded by investment analysts at Wells Fargo & Company to a "hold" rating in a research note issued on Thursday,Zacks.com reports.

A number of other research firms have also recently weighed in on CNQ. Royal Bank Of Canada cut their price objective on shares of Canadian Natural Resources from C$64.00 to C$62.00 and set an "outperform" rating on the stock in a report on Friday, August 8th. Scotiabank boosted their price objective on shares of Canadian Natural Resources from C$54.00 to C$58.00 and gave the company an "outperform" rating in a research note on Thursday, October 9th. Finally, Raymond James Financial boosted their price objective on shares of Canadian Natural Resources from C$52.00 to C$54.00 and gave the company an "outperform" rating in a research note on Friday, August 8th. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and three have given a Hold rating to the company's stock. Based on data from MarketBeat.com, Canadian Natural Resources has an average rating of "Moderate Buy" and an average target price of C$54.73.

Canadian Natural Resources Stock Down 0.7%

CNQ stock opened at C$42.19 on Thursday. The company's 50 day moving average price is C$43.43 and its 200 day moving average price is C$42.64. The company has a debt-to-equity ratio of 25.79, a quick ratio of 0.54 and a current ratio of 0.84. Canadian Natural Resources has a fifty-two week low of C$34.92 and a fifty-two week high of C$49.68. The firm has a market capitalization of C$87.78 billion, a price-to-earnings ratio of 10.71, a PEG ratio of 0.53 and a beta of 0.88.

Insider Transactions at Canadian Natural Resources

In other Canadian Natural Resources news, Director Stephen W. Laut sold 7,000 shares of the company's stock in a transaction dated Thursday, October 2nd. The shares were sold at an average price of C$43.92, for a total value of C$307,440.00. Following the transaction, the director directly owned 895,350 shares in the company, valued at approximately C$39,323,772. This represents a 0.78% decrease in their position. Also, insider Ronald Keith Laing sold 20,000 shares of the company's stock in a transaction dated Monday, October 6th. The shares were sold at an average price of C$45.17, for a total transaction of C$903,400.00. Following the completion of the transaction, the insider owned 2,049 shares in the company, valued at approximately C$92,553.33. This trade represents a 90.71% decrease in their ownership of the stock. 4.26% of the stock is currently owned by corporate 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.

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