Canadian Natural Resources (TSE:CNQ) Sets New 1-Year High - Still a Buy?

Key Points

• Canadian Natural Resources reached a new 52-week high, trading as high as C$76.44 and recently at C$76.20, above its 50-day and 200-day moving averages.
• Analyst sentiment is cautiously positive, with six Buy and six Hold ratings resulting in a “Moderate Buy” consensus, although the average price target of C$68.75 is below the current share price.
• The company reported C$2.19 in quarterly EPS on C$14.74 billion in revenue, with a 24.93% net margin and 26.67% return on equity; an insider also increased their holdings by purchasing 709 shares.

Canadian Natural Resources Limited (TSE:CNQ - Get Free Report) NYSE: CNQ's stock price hit a new 52-week high on Monday. The company traded as high as C$76.44 and last traded at C$76.20, with a volume of 2,280,390 shares. The stock had previously closed at C$76.10.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on CNQ. Desjardins set a C$70.00 price target on shares of Canadian Natural Resources and gave the company a "hold" rating in a report on Friday, July 17th. Royal Bank Of Canada boosted their price objective on Canadian Natural Resources from C$79.00 to C$86.00 in a research note on Tuesday, October 13th. Scotia boosted their target price 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. JPMorgan Chase & Co. upped their target price on Canadian Natural Resources from C$67.00 to C$75.00 in a report on Wednesday, August 12th. Finally, Scotiabank raised shares of Canadian Natural Resources to a "hold" rating in a research note on Friday, June 26th. Six analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of C$68.75.

Canadian Natural Resources Price Performance

The stock's 50-day moving average is C$69.39 and its 200 day moving average is C$64.99. The stock has a market capitalization of C$157.46 billion, a PE ratio of 13.59, a P/E/G ratio of 0.53 and a beta of 0.38. 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 released its earnings results on Thursday, August 6th. The company reported C$2.19 earnings per share (EPS) for the quarter. The company had revenue of C$14.74 billion during the quarter. Canadian Natural Resources had a net margin of 24.93% and a return on equity of 26.67%. As a group, equities analysts predict that Canadian Natural Resources Limited will post 3.83 earnings per share for the current year.

Insider Activity at Canadian Natural Resources

In related news, Director Shelley Ann Marie Brown purchased 709 shares of the company's stock in a transaction dated Tuesday, September 15th. The shares were acquired at an average cost of C$70.44 per share, with a total value of C$49,941.96. Following the completion of the purchase, the director owned 1,780 shares of the company's stock, valued at C$125,383.20. The trade was a 66.20% increase in their position. 4.26% of the stock is currently owned by corporate 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.