Raymond James Financial Increases Canadian Natural Resources (TSE:CNQ) Price Target to C$54.00

Key Points

• Raymond James Financial has raised its price target for Canadian Natural Resources (TSE:CNQ) from C$52.00 to C$54.00, indicating a potential upside of 29.62% based on the current stock price.
• The consensus rating for Canadian Natural Resources among analysts is a "Moderate Buy", with an average target price set at C$54.75.
• Insider sales included Senior Officer Scott Gerald Stauth selling 55,000 shares at an average price of C$46.22, totaling approximately C$2.54 million.

Canadian Natural Resources (TSE:CNQ - Free Report) NYSE: CNQ had its price objective increased by Raymond James Financial from C$52.00 to C$54.00 in a report issued on Friday morning,BayStreet.CA reports. They currently have an outperform rating on the stock.

Several other brokerages have also weighed in on CNQ. Scotiabank upped their target price on shares of Canadian Natural Resources from C$50.00 to C$54.00 in a research report on Friday, July 11th. Wells Fargo & Company upped their target price on shares of Canadian Natural Resources from C$42.00 to C$46.00 and gave the stock an "equal weight" rating in a research report on Thursday, June 26th. CIBC upped their target price on shares of Canadian Natural Resources from C$59.00 to C$62.00 in a research report on Thursday, April 10th. Finally, Desjardins lowered their target price on shares of Canadian Natural Resources from C$51.00 to C$49.00 and set a "buy" rating on the stock in a research report on Tuesday, April 15th. Four equities research analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Canadian Natural Resources has a consensus rating of "Moderate Buy" and a consensus target price of C$54.75.

Canadian Natural Resources Stock Performance

Shares of Canadian Natural Resources stock traded up C$0.19 on Friday, reaching C$41.39. 810,031 shares of the stock were exchanged, compared to its average volume of 13,597,397. The company has a current ratio of 0.84, a quick ratio of 0.54 and a debt-to-equity ratio of 25.79. The business has a fifty day moving average price of C$43.53 and a two-hundred day moving average price of C$42.41. Canadian Natural Resources has a 1-year low of C$34.92 and a 1-year high of C$52.15. The firm has a market capitalization of C$86.86 billion, a PE ratio of 11.49, a PEG ratio of 0.53 and a beta of 1.89.

Insiders Place Their Bets

In related news, Senior Officer Mark Allen Stainthorpe sold 45,000 shares of the company's stock in a transaction that occurred on Wednesday, June 25th. The shares were sold at an average price of C$43.27, for a total transaction of C$1,947,150.00. Also, Senior Officer Mark Anthony Overwater sold 8,260 shares of the company's stock in a transaction that occurred on Thursday, June 19th. The shares were sold at an average price of C$46.44, for a total transaction of C$383,594.40. Over the last ninety days, insiders sold 299,676 shares of company stock valued at $13,450,829. Corporate insiders own 4.26% of the company's stock.

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.