TD Issues Positive Forecast for Canadian Natural Resources (TSE:CNQ) Stock Price

Canadian Natural Resources (TSE:CNQ) (NYSE:CNQ) had its price objective hoisted by analysts at TD from C$64.00 to C$72.00 in a research note issued on Thursday,BayStreet.CA reports. The brokerage presently has a “buy” rating on the stock. TD’s price objective indicates a potential upside of 13.35% from the company’s previous close.

Several other research firms have also recently weighed in on CNQ. Canadian Imperial Bank of Commerce raised their price target on Canadian Natural Resources from C$52.00 to C$54.00 in a report on Tuesday, March 31st. Evercore lowered Canadian Natural Resources from an “outperform” rating to a “hold” rating and set a C$50.00 price objective on the stock. in a research report on Tuesday, January 6th. Royal Bank Of Canada increased their price objective on Canadian Natural Resources from C$65.00 to C$80.00 and gave the company an “outperform” rating in a research report on Wednesday, April 8th. Desjardins increased their price objective on Canadian Natural Resources from C$52.00 to C$56.00 and gave the company a “hold” rating in a research report on Monday, March 9th. Finally, Morgan Stanley reduced their price objective on Canadian Natural Resources from C$51.00 to C$50.00 in a research report on Friday, January 23rd. Six investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of C$63.60.

Canadian Natural Resources Price Performance

Shares of TSE:CNQ traded up C$0.61 on Thursday, hitting C$63.52. The company’s stock had a trading volume of 3,241,748 shares, compared to its average volume of 16,742,088. The company has a 50-day simple moving average of C$62.19 and a 200 day simple moving average of C$51.60. Canadian Natural Resources has a 1 year low of C$38.58 and a 1 year high of C$70.99. The company has a market capitalization of C$132.56 billion, a PE ratio of 12.31, a PEG ratio of 0.53 and a beta of 0.40. The company has a debt-to-equity ratio of 44.46, a current ratio of 0.95 and a quick ratio of 0.54.

Canadian Natural Resources (TSE:CNQ) (NYSE:CNQ) last released its quarterly earnings results on Thursday, March 5th. The company reported C$0.82 earnings per share for the quarter. Canadian Natural Resources had a return on equity of 25.98% and a net margin of 26.06%.The firm had revenue of C$9.61 billion for the quarter. Sell-side analysts forecast that Canadian Natural Resources will post 3.833989 EPS for the current fiscal year.

Insider Transactions at Canadian Natural Resources

In other news, insider Trevor Wagil sold 14,500 shares of Canadian Natural Resources stock in a transaction that occurred on Monday, February 2nd. The stock was sold at an average price of C$49.96, for a total value of C$724,420.00. Following the sale, the insider directly owned 14,779 shares in the company, valued at approximately C$738,358.84. This trade represents a 49.52% decrease in their position. Also, Director Gordon D. Giffin sold 25,000 shares of Canadian Natural Resources stock in a transaction that occurred on Tuesday, March 24th. The stock was sold at an average price of C$68.01, for a total value of C$1,700,250.00. Following the completion of the sale, the director owned 171,210 shares in the company, valued at approximately C$11,643,992.10. This represents a 12.74% decrease in their ownership of the stock. In the last quarter, insiders sold 74,306 shares of company stock worth $4,159,750. Corporate 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.