Canadian Natural Resources (TSE:CNQ) Reaches New 52-Week High – Still a Buy?

Canadian Natural Resources Limited (TSE:CNQ) (NYSE:CNQ)’s stock price hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as C$55.10 and last traded at C$55.03, with a volume of 2713755 shares. The stock had previously closed at C$53.03.

Analyst Ratings Changes

A number of research firms have recently weighed in on CNQ. Royal Bank Of Canada cut their target price on Canadian Natural Resources from C$62.00 to C$61.00 and set an “outperform” rating for the company in a research report on Tuesday, January 13th. Evercore cut shares of Canadian Natural Resources from an “outperform” rating to a “hold” rating and set a C$50.00 price objective for the company. in a research report on Tuesday, January 6th. Morgan Stanley reduced their price objective on shares of Canadian Natural Resources from C$51.00 to C$50.00 in a research note on Friday, January 23rd. Desjardins set a C$52.00 target price on shares of Canadian Natural Resources and gave the company a “hold” rating in a research report on Wednesday, December 17th. Finally, Raymond James Financial upped their price target on shares of Canadian Natural Resources from C$55.00 to C$56.00 in a report on Monday, November 10th. Three analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat, Canadian Natural Resources presently has a consensus rating of “Hold” and an average target price of C$54.40.

Canadian Natural Resources Stock Up 4.0%

The firm’s fifty day moving average is C$47.27 and its 200-day moving average is C$45.21. The company has a market capitalization of C$114.93 billion, a P/E ratio of 17.40, a price-to-earnings-growth ratio of 0.53 and a beta of 0.70. The company has a debt-to-equity ratio of 25.79, a quick ratio of 0.54 and a current ratio of 0.84.

Canadian Natural Resources (TSE:CNQ) (NYSE:CNQ) last issued its earnings results on Thursday, November 6th. The company reported C$0.86 earnings per share for the quarter. The firm had revenue of C$9.52 billion for the quarter. Canadian Natural Resources had a net margin of 21.25% and a return on equity of 19.14%. As a group, equities research analysts predict that Canadian Natural Resources Limited will post 3.833989 EPS for the current year.

Insider Activity

In other news, insider Trevor Wagil sold 2,469 shares of the company’s stock in a transaction on Wednesday, December 24th. The shares were sold at an average price of C$45.19, for a total value of C$111,574.11. Following the sale, the insider directly owned 14,779 shares of the company’s stock, valued at approximately C$667,863.01. This represents a 14.31% decrease in their position. 4.26% of the stock is owned by company insiders.

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.