Canadian Natural Resources (TSE:CNQ) Reaches New 1-Year High - What's Next?

Key Points

• Canadian Natural Resources reached a new 52-week high, trading as high as C$72.71 compared with its prior close of C$70.80.
• Analyst sentiment is generally positive: seven analysts rate the stock a Buy and six rate it a Hold, producing a “Moderate Buy” consensus, although the average price target of C$67.12 is below the current price.
• The company reported quarterly EPS of C$2.19 on C$14.74 billion in revenue, while insider ownership rose after director Shelley Ann Marie Brown purchased 709 shares worth approximately C$49,942.

Canadian Natural Resources Limited (TSE:CNQ - Get Free Report) NYSE: CNQ hit a new 52-week high on Tuesday. The stock traded as high as C$72.71 and last traded at C$72.68, with a volume of 476,488 shares. The stock had previously closed at C$70.80.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on CNQ. Scotia boosted their price target on Canadian Natural Resources from C$71.00 to C$73.00 and gave the stock a "sector perform" rating in a research note on Friday, August 7th. Gerdes Energy Research raised shares of Canadian Natural Resources from a "neutral" rating to a "buy" rating and increased their price objective for the company from C$67.00 to C$69.00 in a research report on Monday, June 29th. Canadian Imperial Bank of Commerce lifted their target price on shares of Canadian Natural Resources from C$70.00 to C$75.00 in a research note on Thursday, August 27th. Royal Bank Of Canada lowered their target price on shares of Canadian Natural Resources from C$80.00 to C$79.00 in a research note on Wednesday, July 15th. Finally, JPMorgan Chase & Co. boosted their target price on shares of Canadian Natural Resources from C$67.00 to C$75.00 in a research report on Wednesday, August 12th. Seven analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of C$67.12.

Canadian Natural Resources Stock Performance

The company has a debt-to-equity ratio of 36.64, a current ratio of 1.00 and a quick ratio of 0.54. The company has a market capitalization of C$150.72 billion, a PE ratio of 13.01, a price-to-earnings-growth ratio of 0.53 and a beta of 0.38. The firm's fifty day simple moving average is C$68.53 and its 200 day simple moving average is C$64.82.

Canadian Natural Resources (TSE:CNQ - Get Free Report) NYSE: CNQ last posted its earnings results on Thursday, August 6th. The company reported C$2.19 EPS for the quarter. The firm had revenue of C$14.74 billion for the quarter. Canadian Natural Resources had a return on equity of 26.67% and a net margin of 24.93%. On average, research analysts predict that Canadian Natural Resources Limited will post 3.83 EPS for the current year.

Insider Activity at Canadian Natural Resources

In other Canadian Natural Resources news, Director Shelley Ann Marie Brown bought 709 shares of the company's stock in a transaction dated Tuesday, September 15th. The shares were purchased at an average cost of C$70.44 per share, for a total transaction of C$49,941.96. Following the transaction, the director directly owned 1,780 shares of the company's stock, valued at approximately C$125,383.20. The trade was a 66.20% increase in their ownership of the stock. 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.