Canadian Natural Resources (NYSE:CNQ) Reaches New 52-Week High – What’s Next?

Canadian Natural Resources Limited (NYSE:CNQ) (TSE:CNQ) shares hit a new 52-week high during mid-day trading on Thursday . The stock traded as high as $43.16 and last traded at $42.9780, with a volume of 2325940 shares trading hands. The stock had previously closed at $42.57.

Wall Street Analysts Forecast Growth

CNQ has been the subject of several research analyst reports. Zacks Research lowered Canadian Natural Resources from a “strong-buy” rating to a “hold” rating in a report on Friday, December 19th. Evercore downgraded Canadian Natural Resources from an “outperform” rating to an “in-line” rating in a report on Tuesday, January 6th. The Goldman Sachs Group set a $35.00 target price on Canadian Natural Resources and gave the stock a “buy” rating in a research report on Friday, January 2nd. Wall Street Zen raised Canadian Natural Resources from a “sell” rating to a “hold” rating in a report on Saturday, January 31st. Finally, Desjardins lowered shares of Canadian Natural Resources from a “buy” rating to a “hold” rating in a report on Monday, November 24th. Five equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. According to MarketBeat.com, Canadian Natural Resources presently has a consensus rating of “Hold” and an average target price of $48.50.

Canadian Natural Resources Trading Up 0.8%

The firm has a market capitalization of $89.31 billion, a P/E ratio of 18.96 and a beta of 0.68. The company has a current ratio of 0.86, a quick ratio of 0.53 and a debt-to-equity ratio of 0.41. The firm has a 50-day moving average of $36.17 and a two-hundred day moving average of $33.40.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Sunbelt Securities Inc. bought a new position in Canadian Natural Resources during the fourth quarter worth about $25,000. Addison Advisors LLC grew its holdings in shares of Canadian Natural Resources by 309.1% during the 2nd quarter. Addison Advisors LLC now owns 896 shares of the oil and gas producer’s stock valued at $28,000 after purchasing an additional 677 shares during the last quarter. Manchester Capital Management LLC purchased a new position in Canadian Natural Resources in the 4th quarter worth approximately $28,000. Leonteq Securities AG bought a new position in shares of Canadian Natural Resources during the fourth quarter valued at about $31,000. Finally, St. Johns Investment Management Company LLC purchased a new position in shares of Canadian Natural Resources during the third quarter valued at approximately $32,000. 74.03% of the stock is currently owned by hedge funds and other institutional investors.

Canadian Natural Resources Company Profile

Canadian Natural Resources Limited (NYSE: CNQ) is a Calgary-based independent oil and natural gas exploration and production company. Established in the early 1970s and publicly listed in Canada and the United States, the company is principally engaged in the exploration, development, production, and marketing of crude oil, natural gas and natural gas liquids. Its asset base spans conventional and unconventional reservoirs and includes oil sands mining and in-situ thermal projects, midstream processing and upgrading capacity, and related field operations.

The company’s operations are concentrated in Western Canada, where it develops heavy crude, bitumen from oil sands and conventional light crude and natural gas resources.