Canadian Natural Resources (NYSE:CNQ) Reaches New 1-Year High – Here’s Why

Shares of Canadian Natural Resources Limited (NYSE:CNQ) (TSE:CNQ) hit a new 52-week high during mid-day trading on Thursday . The stock traded as high as $43.16 and last traded at $42.9780, with a volume of 2325940 shares. The stock had previously closed at $42.57.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the company. Evercore lowered Canadian Natural Resources from an “outperform” rating to an “in-line” rating in a report on Tuesday, January 6th. The Goldman Sachs Group set a $35.00 price objective on shares of Canadian Natural Resources and gave the stock a “buy” rating in a research report on Friday, January 2nd. Wall Street Zen raised shares of Canadian Natural Resources from a “sell” rating to a “hold” rating in a research note on Saturday, January 31st. Desjardins cut shares of Canadian Natural Resources from a “buy” rating to a “hold” rating in a research report on Monday, November 24th. Finally, Zacks Research downgraded shares of Canadian Natural Resources from a “strong-buy” rating to a “hold” rating in a report on Friday, December 19th. Five investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $48.50.

Canadian Natural Resources Stock Up 1.5%

The stock has a market cap of $91.04 billion, a price-to-earnings ratio of 19.35 and a beta of 0.68. The company has a current ratio of 0.86, a quick ratio of 0.53 and a debt-to-equity ratio of 0.41. The firm’s 50 day moving average is $36.64 and its two-hundred day moving average is $33.57.

Institutional Trading of Canadian Natural Resources

Several hedge funds and other institutional investors have recently bought and sold shares of CNQ. Sunbelt Securities Inc. acquired a new stake in shares of Canadian Natural Resources during the fourth quarter worth $25,000. Manchester Capital Management LLC purchased a new position in Canadian Natural Resources during the fourth quarter worth about $28,000. Addison Advisors LLC boosted its stake in Canadian Natural Resources by 309.1% in the 2nd quarter. Addison Advisors LLC now owns 896 shares of the oil and gas producer’s stock worth $28,000 after buying an additional 677 shares during the last quarter. Leonteq Securities AG purchased a new stake in Canadian Natural Resources in the 4th quarter valued at about $31,000. Finally, GoalVest Advisory LLC purchased a new stake in Canadian Natural Resources in the 4th quarter valued at about $32,000. 74.03% of the stock is owned by hedge funds and other institutional investors.

About Canadian Natural Resources

Canadian Natural Resources Limited (NYSE: CNQ) is a Calgary-based independent oil and natural gas exploration and production company. Established in the early 1970s and publicly listed in Canada and the United States, the company is principally engaged in the exploration, development, production, and marketing of crude oil, natural gas and natural gas liquids. Its asset base spans conventional and unconventional reservoirs and includes oil sands mining and in-situ thermal projects, midstream processing and upgrading capacity, and related field operations.

The company’s operations are concentrated in Western Canada, where it develops heavy crude, bitumen from oil sands and conventional light crude and natural gas resources.