Desjardins Forecasts Strong Price Appreciation for Canadian Natural Resources (TSE:CNQ) Stock

Key Points

• Desjardins raised its price target on Canadian Natural Resources to C$56 but kept a "hold" rating, a target that implies roughly a 12.3% downside from the stock's current price.
• Several major banks (RBC, Raymond James, ATB Cormark) lifted targets and issued "outperform" views, leaving the consensus at a C$58.75 average target and an overall "Moderate Buy" rating (six Buy, five Hold).
• The stock is trading near its 12‑month high at C$63.85, with fundamentals including a P/E of 20.14, ROE ~25.98% and last quarter EPS of C$0.82, while insiders have sold 51,775 shares over the past 90 days.

Canadian Natural Resources (TSE:CNQ - Get Free Report) NYSE: CNQ had its price objective upped by investment analysts at Desjardins from C$52.00 to C$56.00 in a report released on Monday,BayStreet.CA reports. The firm presently has a "hold" rating on the stock. Desjardins' target price would indicate a potential downside of 12.29% from the stock's current price.

A number of other research analysts have also recently weighed in on the company. Raymond James Financial lifted their price objective on Canadian Natural Resources from C$53.00 to C$55.00 and gave the company an "outperform" rating in a research report on Friday. Royal Bank Of Canada increased their target price on shares of Canadian Natural Resources from C$61.00 to C$65.00 and gave the stock an "outperform" rating in a report on Friday. ATB Cormark Capital Markets raised their target price on shares of Canadian Natural Resources from C$56.00 to C$65.00 and gave the stock an "outperform" rating in a research note on Friday. Morgan Stanley lowered their price target on shares of Canadian Natural Resources from C$51.00 to C$50.00 in a report on Friday, January 23rd. Finally, Gerdes Energy Research lowered shares of Canadian Natural Resources from a "buy" rating to a "neutral" rating in a research report on Thursday, February 12th. Six research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of C$58.75.

Canadian Natural Resources Stock Performance

Shares of TSE:CNQ traded up C$0.89 during midday trading on Monday, hitting C$63.85. The company had a trading volume of 4,883,116 shares, compared to its average volume of 12,550,753. Canadian Natural Resources has a 12-month low of C$34.92 and a 12-month high of C$64.39. The company has a fifty day moving average of C$51.86 and a two-hundred day moving average of C$47.24. The company has a market cap of C$133.01 billion, a price-to-earnings ratio of 20.14, a PEG ratio of 0.53 and a beta of 0.81. The company has a debt-to-equity ratio of 44.46, a current ratio of 0.95 and a quick ratio of 0.54.

Canadian Natural Resources (TSE:CNQ - Get Free Report) NYSE: CNQ last released its earnings results on Thursday, March 5th. The company reported C$0.82 earnings per share for the quarter. Canadian Natural Resources had a return on equity of 25.98% and a net margin of 26.06%. On average, equities research analysts expect that Canadian Natural Resources will post 3.833989 EPS for the current fiscal year.

Insiders Place Their Bets

In other Canadian Natural Resources news, insider Brenda Gayle Balog sold 2,252 shares of the stock in a transaction dated Monday, February 2nd. The shares were sold at an average price of C$49.98, for a total transaction of C$112,554.96. Following the completion of the transaction, the insider owned 47,965 shares of the company's stock, valued at C$2,397,290.70. This represents a 4.48% decrease in their position. Also, insider Ronald Keith Laing sold 20,000 shares of the firm's stock in a transaction dated Wednesday, January 28th. The shares were sold at an average price of C$49.83, for a total value of C$996,600.00. Following the transaction, the insider owned 2,049 shares of the company's stock, valued at approximately C$102,101.67. The trade was a 90.71% decrease in their position. Over the last 90 days, insiders have sold 51,775 shares of company stock worth $2,571,074. 4.26% of the stock is owned by corporate 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.

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