Canadian Natural Resources (TSE:CNQ) Sets New 1-Year High - Here's What Happened

Key Points

• Canadian Natural Resources shares reached a new 52-week high, trading as high as C$71.11 and last at C$70.97, up from the prior close of C$69.49.
• Analysts have raised several price targets, including CIBC and JPMorgan to C$75. The stock carries a consensus “Moderate Buy” rating from 13 analysts, though the consensus target of C$66.88 is below its current price.
• The company reported quarterly EPS of C$2.19 and revenue of C$14.74 billion, with a 24.93% net margin and 26.67% return on equity.

Canadian Natural Resources Limited (TSE:CNQ - Get Free Report) NYSE: CNQ's stock price hit a new 52-week high during mid-day trading on Tuesday . The stock traded as high as C$71.11 and last traded at C$70.97, with a volume of 1206070 shares. The stock had previously closed at C$69.49.

Wall Street Analysts Forecast Growth

CNQ has been the subject of a number of research analyst reports. Canadian Imperial Bank of Commerce increased their price objective on shares of Canadian Natural Resources from C$70.00 to C$75.00 in a report on Thursday, August 27th. TD raised their price target on Canadian Natural Resources from C$72.00 to C$73.00 and gave the company a "buy" rating in a research note on Friday, August 7th. Scotia lifted their price objective on Canadian Natural Resources from C$71.00 to C$73.00 and gave the stock a "sector perform" rating in a research report on Friday, August 7th. JPMorgan Chase & Co. lifted their price target on shares of Canadian Natural Resources from C$67.00 to C$75.00 in a report on Wednesday, August 12th. Finally, Scotiabank upgraded Canadian Natural Resources to a "hold" rating in a research report on Friday, June 26th. Seven analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of C$66.88.

Canadian Natural Resources Stock Up 3.3%

The company has a debt-to-equity ratio of 36.64, a quick ratio of 0.54 and a current ratio of 1.00. The company has a market cap of C$147.93 billion, a price-to-earnings ratio of 12.77, a price-to-earnings-growth ratio of 0.53 and a beta of 0.27. The business's 50 day simple moving average is C$63.25 and its 200-day simple moving average is C$63.15.

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

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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