Canadian Natural Resources (TSE:CNQ) Shares Pass Above 200 Day Moving Average - Time to Sell?

Key Points

• Canadian Natural Resources shares moved above their 200-day moving average, reaching C$68.32 before closing at C$67.12, compared with a 200-day average of C$64.58.
• Analyst sentiment remains positive, with seven Buy ratings and six Holds for a consensus “Moderate Buy” rating; the average price target is C$67.12, while several firms recently raised targets to C$75.
• The company reported C$2.19 in quarterly earnings per share on C$14.74 billion in revenue, and director Shelley Ann Marie Brown purchased 709 shares at an average price of C$70.44.

Canadian Natural Resources Limited (TSE:CNQ - Get Free Report) NYSE: CNQ passed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of C$64.58 and traded as high as C$68.32. Canadian Natural Resources shares last traded at C$67.12, with a volume of 10,742,552 shares changing hands.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on CNQ. JPMorgan Chase & Co. upped their target price on Canadian Natural Resources from C$67.00 to C$75.00 in a research report on Wednesday, August 12th. Royal Bank Of Canada dropped their price target on Canadian Natural Resources from C$80.00 to C$79.00 in a research note on Wednesday, July 15th. Gerdes Energy Research raised shares of Canadian Natural Resources from a "neutral" rating to a "buy" rating and upped their price objective for the stock from C$67.00 to C$69.00 in a research report on Monday, June 29th. Canadian Imperial Bank of Commerce upped their price objective on shares of Canadian Natural Resources from C$70.00 to C$75.00 in a research report on Thursday, August 27th. Finally, Desjardins set a C$70.00 price objective on shares of Canadian Natural Resources and gave the stock a "hold" rating in a research note on Friday, July 17th. Seven research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of C$67.12.

Canadian Natural Resources Trading Down 0.3%

The firm's 50-day simple moving average is C$67.41 and its 200 day simple moving average is C$64.58. 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 firm has a market capitalization of C$138.37 billion, a price-to-earnings ratio of 11.94, a P/E/G ratio of 0.53 and a beta of 0.32.

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

Insiders Place Their Bets

In other Canadian Natural Resources news, Director Shelley Ann Marie Brown acquired 709 shares of Canadian Natural Resources stock in a transaction that occurred on 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 directly owned 1,780 shares of the company's stock, valued at C$125,383.20. This represents a 66.20% increase in their position. 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.