Canadian Natural Resources (TSE:CNQ) Reaches New 12-Month High - Still a Buy?

Key Points

• Canadian Natural Resources reached a new 52-week high of C$72.35, while last trading at C$70.58, with more than 7 million shares changing hands.
• Analyst sentiment is cautiously positive: seven analysts rate the stock a Buy and six rate it Hold, producing a consensus “Moderate Buy” rating. However, the average price target of C$66.88 is below the current share price, despite recent targets ranging up to C$75.
• The company reported quarterly EPS of C$2.19 and revenue of C$14.74 billion, alongside a 26.67% return on equity and 24.93% net margin. Canadian Natural Resources is a major oil and natural gas producer with operations in Canada, the North Sea, and offshore Africa.

Shares of Canadian Natural Resources Limited (TSE:CNQ - Get Free Report) NYSE: CNQ reached a new 52-week high during mid-day trading on Thursday . The company traded as high as C$72.35 and last traded at C$70.58, with a volume of 7034537 shares trading hands. The stock had previously closed at C$70.91.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the company. TD increased their price objective on Canadian Natural Resources from C$72.00 to C$73.00 and gave the stock a "buy" rating in a research note on Friday, August 7th. Desjardins set a C$70.00 price target on Canadian Natural Resources and gave the stock a "hold" rating in a report on Friday, July 17th. Gerdes Energy Research raised Canadian Natural Resources from a "neutral" rating to a "buy" rating and increased their price target for the company from C$67.00 to C$69.00 in a research report on Monday, June 29th. Scotia lifted their price objective on shares of Canadian Natural Resources from C$71.00 to C$73.00 and gave the stock a "sector perform" rating in a report on Friday, August 7th. Finally, Canadian Imperial Bank of Commerce upped 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. Seven investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of C$66.88.

Canadian Natural Resources Stock Down 0.3%

The stock has a 50-day moving average of C$65.26 and a 200 day moving average of C$63.88. The company has a market capitalization of C$145.73 billion, a PE ratio of 12.58, a P/E/G ratio of 0.53 and a beta of 0.32. The company has a quick ratio of 0.54, a current ratio of 1.00 and a debt-to-equity ratio of 36.64.

Canadian Natural Resources (TSE:CNQ - Get Free Report) NYSE: CNQ last announced its quarterly earnings data on Thursday, August 6th. The company reported C$2.19 earnings per share (EPS) for the quarter. The firm had revenue of C$14.74 billion during the quarter. Canadian Natural Resources had a return on equity of 26.67% and a net margin of 24.93%. Sell-side analysts anticipate that Canadian Natural Resources Limited will post 3.833989 EPS for the current year.

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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