Canadian Natural Resources (TSE:CNQ) Reaches New 12-Month High – Still a Buy?

Canadian Natural Resources Limited (TSE:CNQ) (NYSE:CNQ) shares reached a new 52-week high on Monday. The company traded as high as C$76.44 and last traded at C$76.20, with a volume of 2,280,390 shares. The stock had previously closed at C$76.10.

Analyst Ratings Changes

Several equities research analysts recently commented on CNQ shares. JPMorgan Chase & Co. boosted their price target on Canadian Natural Resources from C$67.00 to C$75.00 in a research note on Wednesday, August 12th. Gerdes Energy Research upgraded Canadian Natural Resources from a “neutral” rating to a “buy” rating and increased their price objective for the stock from C$67.00 to C$69.00 in a report on Monday, June 29th. Desjardins set a C$70.00 price objective on shares of Canadian Natural Resources and gave the company a “hold” rating in a research report on Friday, July 17th. Raymond James Financial lowered shares of Canadian Natural Resources from a “moderate buy” rating to a “hold” rating and cut their price objective for the company from C$70.00 to C$69.00 in a research report on Wednesday, October 14th. Finally, Canadian Imperial Bank of Commerce lifted their target price on shares of Canadian Natural Resources from C$70.00 to C$75.00 in a research note on Thursday, August 27th. Six investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of C$68.75.

Canadian Natural Resources Price Performance

The stock has a 50 day moving average of C$69.39 and a two-hundred day moving average of C$64.99. The company has a debt-to-equity ratio of 36.64, a quick ratio of 0.54 and a current ratio of 1.00. The firm has a market capitalization of C$157.46 billion, a P/E ratio of 13.59, a P/E/G ratio of 0.53 and a beta of 0.38.

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

Insider Buying and Selling at Canadian Natural Resources

In other news, Director Shelley Ann Marie Brown acquired 709 shares of Canadian Natural Resources stock in a transaction dated Tuesday, September 15th. The stock was acquired at an average cost of C$70.44 per share, for a total transaction of C$49,941.96. Following the completion of the purchase, the director owned 1,780 shares of the company’s stock, valued at C$125,383.20. This represents a 66.20% increase in their ownership of the stock. Insiders own 4.26% of the company’s stock.

Canadian Natural Resources Company Profile

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.