Canadian Natural Resources (TSE:CNQ) Hits New 1-Year High on Analyst Upgrade

Shares of Canadian Natural Resources Limited (TSE:CNQ) (NYSE:CNQ) hit a new 52-week high on Tuesday after Royal Bank Of Canada raised their price target on the stock from C$79.00 to C$86.00. The company traded as high as C$72.71 and last traded at C$72.68, with a volume of 476,488 shares changing hands. The stock had previously closed at C$70.80.

Several other equities research analysts have also commented on the stock. Canadian Imperial Bank of Commerce boosted their price objective on shares of Canadian Natural Resources from C$70.00 to C$75.00 in a research report on Thursday, August 27th. Scotia raised their target price on shares of Canadian Natural Resources from C$71.00 to C$73.00 and gave the company a “sector perform” rating in a report on Friday, August 7th. Scotiabank upgraded shares of Canadian Natural Resources to a “hold” rating in a report on Friday, June 26th. TD lifted their target price on shares of Canadian Natural Resources from C$72.00 to C$73.00 and gave the stock a “buy” rating in a research report on Friday, August 7th. Finally, Desjardins set a C$70.00 target price on shares of Canadian Natural Resources and gave the stock a “hold” rating in a research report on Friday, July 17th. Seven research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of C$67.53.

Insider Activity at Canadian Natural Resources

In related news, Director Shelley Ann Marie Brown acquired 709 shares of the company’s stock in a transaction that occurred on Tuesday, September 15th. The stock was purchased at an average price of C$70.44 per share, for a total transaction of C$49,941.96. Following the transaction, the director owned 1,780 shares in the company, valued at C$125,383.20. This trade represents a 66.20% increase in their position. 4.26% of the stock is currently owned by insiders.

Canadian Natural Resources Price Performance

The company has a market capitalization of C$152.20 billion, a price-to-earnings ratio of 13.14, a PEG ratio of 0.53 and a beta of 0.38. The company’s 50 day simple moving average is C$68.94 and its 200-day simple moving average is C$64.90. The company has a current ratio of 1.00, a quick ratio of 0.54 and a debt-to-equity ratio of 36.64.

Canadian Natural Resources (TSE:CNQ) (NYSE:CNQ) last issued its quarterly earnings results on Thursday, August 6th. The company reported C$2.19 EPS for the quarter. The business had revenue of C$14.74 billion during the quarter. Canadian Natural Resources had a net margin of 24.93% and a return on equity of 26.67%. On average, equities research analysts predict that Canadian Natural Resources Limited will post 3.83 earnings per share for the current fiscal year.

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.