Royal Bank Of Canada Has Lowered Expectations for Canadian Natural Resources (TSE:CNQ) Stock Price

Key Points

• Royal Bank Of Canada has reduced its price target for Canadian Natural Resources from C$64.00 to C$62.00, while maintaining an "outperform" rating.
• Despite the lowered target, the stock shows a potential upside of 48.82% based on the new price objective compared to its current trading price.
• Recent analyst ratings show a mixed outlook with four holds, eight buys, and one strong buy, leading to an average rating of "Moderate Buy" and a target price of C$54.75.

Canadian Natural Resources (TSE:CNQ - Get Free Report) NYSE: CNQ had its price target cut by equities research analysts at Royal Bank Of Canada from C$64.00 to C$62.00 in a report released on Friday,BayStreet.CA reports. The brokerage presently has an "outperform" rating on the stock. Royal Bank Of Canada's price objective would indicate a potential upside of 49.79% from the stock's previous close.

A number of other research firms also recently commented on CNQ. Desjardins dropped their price target 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. Raymond James Financial boosted their target price on shares of Canadian Natural Resources from C$52.00 to C$54.00 and gave the stock an "outperform" rating in a report on Friday. Wells Fargo & Company boosted 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 report on Thursday, June 26th. CIBC boosted their target price on shares of Canadian Natural Resources from C$59.00 to C$62.00 in a report on Thursday, April 10th. Finally, Scotiabank boosted their target price on shares of Canadian Natural Resources from C$50.00 to C$54.00 in a report on Friday, July 11th. Four investment analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of C$54.75.

Canadian Natural Resources Price Performance

Shares of CNQ stock traded up C$0.19 during midday trading on Friday, reaching C$41.39. 810,031 shares of the company were exchanged, compared to its average volume of 13,597,397. Canadian Natural Resources has a 12 month low of C$34.92 and a 12 month high of C$52.15. The company has a market cap of C$86.86 billion, a P/E ratio of 11.49, a PEG ratio of 0.53 and a beta of 1.89. The company's 50 day moving average price is C$43.53 and its two-hundred day moving average price is C$42.41. The company has a debt-to-equity ratio of 25.79, a quick ratio of 0.54 and a current ratio of 0.84.

Insider Activity

In related news, Senior Officer Mark Allen Stainthorpe sold 45,000 shares of the business's stock in a transaction that occurred on Tuesday, June 17th. The shares were sold at an average price of C$45.66, for a total transaction of C$2,054,700.00. Also, Senior Officer Troy John Peter Andersen sold 60,000 shares of the business's stock in a transaction that occurred on Friday, July 11th. The shares were sold at an average price of C$43.87, for a total transaction of C$2,632,410.00. Insiders sold a total of 299,676 shares of company stock valued at $13,450,829 in the last three months. 4.26% of the stock is currently owned by 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.