JPMorgan Chase & Co. Issues Positive Forecast for Canadian Natural Resources (TSE:CNQ) Stock Price

Key Points

• JPMorgan raised its price target on Canadian Natural Resources to C$70.00 (from C$48.00), a move that implies roughly a 2.85% upside from the stock's current level.
• Several other banks also lifted targets (BMO to C$70, RBC to C$65, Scotiabank to C$62), but the MarketBeat consensus remains a Hold with an average price target of C$61.93.
• CNQ shares traded at C$68.06, near a 12‑month high (C$70.99), with a market cap of C$142B and a PE of 13.19; meanwhile insiders sold about 74,306 shares in the past three months, leaving insiders with 4.26% ownership.

Canadian Natural Resources (TSE:CNQ - Get Free Report) NYSE: CNQ had its target price upped by investment analysts at JPMorgan Chase & Co. from C$48.00 to C$70.00 in a research report issued to clients and investors on Tuesday,BayStreet.CA reports. JPMorgan Chase & Co.'s price objective points to a potential upside of 2.85% from the company's current price.

A number of other research firms have also commented on CNQ. Scotiabank raised their price objective on shares of Canadian Natural Resources from C$58.00 to C$62.00 and gave the company an "outperform" rating in a research report on Friday, March 6th. BMO Capital Markets raised their price objective on shares of Canadian Natural Resources from C$50.00 to C$70.00 and gave the company an "outperform" rating in a research report on Friday, March 6th. Desjardins raised their price objective on shares of Canadian Natural Resources from C$52.00 to C$56.00 and gave the company a "hold" rating in a research report on Monday, March 9th. Jefferies Financial Group raised their price objective on shares of Canadian Natural Resources from C$48.00 to C$59.00 in a research report on Monday, March 16th. Finally, Royal Bank Of Canada raised their price objective on shares of Canadian Natural Resources from C$61.00 to C$65.00 and gave the company an "outperform" rating in a research report on Friday, March 6th. Five analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of "Hold" and a consensus price target of C$61.93.

Canadian Natural Resources Price Performance

Shares of CNQ stock traded up C$0.83 during trading hours on Tuesday, reaching C$68.06. The stock had a trading volume of 3,659,689 shares, compared to its average volume of 16,473,545. The stock's fifty day simple moving average is C$60.30 and its 200 day simple moving average is C$50.69. The company has a current ratio of 0.95, a quick ratio of 0.54 and a debt-to-equity ratio of 44.46. Canadian Natural Resources has a 12 month low of C$34.92 and a 12 month high of C$70.99. The firm has a market capitalization of C$142.03 billion, a PE ratio of 13.19, a PEG ratio of 0.53 and a beta of 0.40.

Canadian Natural Resources (TSE:CNQ - Get Free Report) NYSE: CNQ last released its quarterly earnings data on Thursday, March 5th. The company reported C$0.82 EPS for the quarter. Canadian Natural Resources had a net margin of 26.06% and a return on equity of 25.98%. The company had revenue of C$9.61 billion during the quarter. On average, equities research analysts predict that Canadian Natural Resources will post 3.833989 EPS for the current year.

Insider Activity

In related news, insider Trevor Wagil sold 14,500 shares of Canadian Natural Resources stock in a transaction on Monday, February 2nd. The shares were sold at an average price of C$49.96, for a total value of C$724,420.00. Following the transaction, the insider directly owned 14,779 shares of the company's stock, valued at C$738,358.84. The trade was a 49.52% decrease in their ownership of the stock. Also, Director Gordon D. Giffin sold 25,000 shares of Canadian Natural Resources stock in a transaction on Tuesday, March 24th. The stock was sold at an average price of C$68.01, for a total transaction of C$1,700,250.00. Following the completion of the transaction, the director directly owned 171,210 shares in the company, valued at approximately C$11,643,992.10. The trade was a 12.74% decrease in their ownership of the stock. In the last three months, insiders sold 74,306 shares of company stock valued at $4,159,750. Insiders own 4.26% of the company's stock.

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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