Canadian Natural Resources (TSE:CNQ) Stock Crosses Above Two Hundred Day Moving Average – What’s Next?

Canadian Natural Resources Limited (TSE:CNQ) (NYSE:CNQ)’s stock price passed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of C$56.76 and traded as high as C$64.04. Canadian Natural Resources shares last traded at C$63.59, with a volume of 16,981,917 shares changing hands.

Analysts Set New Price Targets

Several brokerages have recently commented on CNQ. Raymond James Financial upgraded shares of Canadian Natural Resources from a “hold” rating to a “moderate buy” rating and boosted their target price for the company from C$65.00 to C$67.00 in a research note on Thursday, May 7th. TD Securities boosted their price objective on Canadian Natural Resources from C$51.00 to C$64.00 and gave the stock a “buy” rating in a research note on Friday, March 6th. Scotiabank boosted their price objective on Canadian Natural Resources from C$58.00 to C$62.00 and gave the stock an “outperform” rating in a research note on Friday, March 6th. TD boosted their price objective on Canadian Natural Resources from C$64.00 to C$72.00 and gave the stock a “buy” rating in a research note on Thursday, April 16th. Finally, Canadian Imperial Bank of Commerce boosted their price objective on Canadian Natural Resources from C$52.00 to C$54.00 in a research note on Tuesday, March 31st. Seven research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of C$63.73.

Canadian Natural Resources Trading Down 0.2%

The company has a debt-to-equity ratio of 44.85, a current ratio of 0.98 and a quick ratio of 0.54. The company has a market cap of C$132.23 billion, a price-to-earnings ratio of 12.29, a price-to-earnings-growth ratio of 0.53 and a beta of 0.24. The business has a 50 day simple moving average of C$63.97 and a 200 day simple moving average of C$56.92.

Canadian Natural Resources (TSE:CNQ) (NYSE:CNQ) last posted its quarterly earnings data on Thursday, May 7th. The company reported C$1.17 EPS for the quarter. The company had revenue of C$10.81 billion for the quarter. Canadian Natural Resources had a return on equity of 22.74% and a net margin of 24.51%. As a group, equities analysts forecast that Canadian Natural Resources Limited will post 3.833989 EPS for the current year.

Insider Buying and Selling at Canadian Natural Resources

In other news, Director Gordon D. Giffin sold 25,000 shares of the business’s stock in a transaction on Tuesday, March 24th. The stock was sold at an average price of C$68.01, for a total transaction of C$1,700,250.00. Following the completion of the sale, the director owned 171,210 shares in the company, valued at C$11,643,992.10. The trade was a 12.74% decrease in their ownership of the stock. 4.26% of the stock is currently owned by 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.