Canadian Natural Resources (TSE:CNQ) Stock Price Expected to Rise, Raymond James Financial Analyst Says

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 target increased by Raymond James Financial from C$52.00 to C$54.00 in a report released on Friday,BayStreet.CA reports. They currently have an outperform rating on the stock.

A number of other brokerages also recently issued reports on CNQ. Scotiabank boosted their price objective on Canadian Natural Resources from C$50.00 to C$54.00 in a research note on Friday, July 11th. Desjardins decreased their target price on Canadian Natural Resources from C$51.00 to C$49.00 and set a "buy" rating for the company in a research report on Tuesday, April 15th. Wells Fargo & Company boosted their target price on Canadian Natural Resources from C$42.00 to C$46.00 and gave the company an "equal weight" rating in a research report on Thursday, June 26th. Finally, CIBC boosted their target price on Canadian Natural Resources from C$59.00 to C$62.00 in a research report on Thursday, April 10th. Four investment analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Canadian Natural Resources has an average rating of "Moderate Buy" and an average price target of C$54.75.

Canadian Natural Resources Trading Up 0.5%

Shares of TSE:CNQ traded up C$0.19 during midday trading on Friday, reaching C$41.37. The company's stock had a trading volume of 653,378 shares, compared to its average volume of 13,551,765. The firm has a market capitalization of C$86.82 billion, a price-to-earnings ratio of 11.49, a PEG ratio of 0.53 and a beta of 1.89. The company has a debt-to-equity ratio of 25.79, a quick ratio of 0.54 and a current ratio of 0.84. The firm has a 50 day moving average price of C$43.49 and a two-hundred day moving average price of C$42.40. Canadian Natural Resources has a fifty-two week low of C$34.92 and a fifty-two week high of C$52.15.

Insider Activity

In related news, Director Stephen W. Laut acquired 1,006 shares of the firm's stock in a transaction on Wednesday, July 2nd. The stock was purchased at an average cost of C$43.47 per share, with a total value of C$43,730.82. Also, Senior Officer Mark Allen Stainthorpe sold 45,000 shares of the business's stock in a transaction that occurred on Wednesday, June 25th. The stock was sold at an average price of C$43.27, for a total value of C$1,947,150.00. In the last three months, insiders sold 299,676 shares of company stock worth $13,450,829. Company insiders own 4.26% of the company's stock.

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.