Raymond James Financial Forecasts Strong Price Appreciation for Canadian Natural Resources (TSE:CNQ) Stock

by · The Markets Daily

Canadian Natural Resources (TSE:CNQ – Get Free Report) (NYSE:CNQ) had its price objective upped by stock analysts at Raymond James Financial from C$53.00 to C$55.00 in a research report issued to clients and investors on Friday,BayStreet.CA reports. The firm currently has an “outperform” rating on the stock. Raymond James Financial’s target price would suggest a potential downside of 12.93% from the stock’s current price.

Several other brokerages have also issued reports on CNQ. Desjardins set a C$52.00 target price on Canadian Natural Resources and gave the company a “hold” rating in a research note on Wednesday, December 17th. Morgan Stanley lowered their price objective on Canadian Natural Resources from C$51.00 to C$50.00 in a research note on Friday, January 23rd. Gerdes Energy Research lowered shares of Canadian Natural Resources from a “buy” rating to a “neutral” rating in a research report on Thursday, February 12th. BMO Capital Markets raised their price objective on shares of Canadian Natural Resources from C$50.00 to C$70.00 and gave the stock an “outperform” rating in a report on Friday. Finally, National Bank Financial increased their target price on Canadian Natural Resources from C$47.00 to C$54.00 and gave the stock a “sector perform” rating in a research report on Tuesday, February 3rd. Six analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of C$58.42.

View Our Latest Report on CNQ

Canadian Natural Resources Stock Performance

CNQ traded up C$1.21 during trading on Friday, hitting C$63.17. 5,804,543 shares of the company traded hands, compared to its average volume of 12,278,394. Canadian Natural Resources has a one year low of C$34.92 and a one year high of C$64.00. The stock’s fifty day moving average is C$51.50 and its 200 day moving average is C$47.00. The company has a quick ratio of 0.54, a current ratio of 0.86 and a debt-to-equity ratio of 42.68. The firm has a market cap of C$131.59 billion, a P/E ratio of 19.93, a price-to-earnings-growth ratio of 0.53 and a beta of 0.81.

Canadian Natural Resources (TSE:CNQ – Get Free Report) (NYSE:CNQ) last released its earnings results on Thursday, March 5th. The company reported C$0.82 earnings per share for the quarter. Canadian Natural Resources had a net margin of 15.49% and a return on equity of 16.47%. As a group, equities analysts predict that Canadian Natural Resources will post 3.833989 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, insider Kyle Grayson Pisio sold 7,456 shares of the company’s stock in a transaction that occurred on Wednesday, January 28th. The shares were sold at an average price of C$50.11, for a total value of C$373,620.16. Following the transaction, the insider directly owned 26,089 shares in the company, valued at approximately C$1,307,319.79. This represents a 22.23% decrease in their ownership of the stock. Also, insider Trevor Wagil sold 14,500 shares of the business’s 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 transaction of C$724,420.00. Following the completion of the transaction, the insider directly owned 14,779 shares of the company’s stock, valued at approximately C$738,358.84. This represents a 49.52% decrease in their position. Over the last three months, insiders sold 51,775 shares of company stock worth $2,571,074. 4.26% of the stock is owned by corporate insiders.

Canadian Natural Resources Company Profile

(Get Free Report)

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.

Recommended Stories