Canadian Natural Resources (TSE:CNQ) Reaches New 52-Week High – Here’s What Happened

Canadian Natural Resources Limited (TSE:CNQ) (NYSE:CNQ)’s share price hit a new 52-week high during trading on Friday . The company traded as high as C$60.07 and last traded at C$59.50, with a volume of 2213596 shares. The stock had previously closed at C$58.95.

Analyst Ratings Changes

CNQ has been the topic of a number of recent analyst reports. Desjardins set a C$52.00 target price on Canadian Natural Resources and gave the stock a “hold” rating in a report on Wednesday, December 17th. National Bank Financial lifted their price objective on shares of Canadian Natural Resources from C$47.00 to C$54.00 and gave the stock a “sector perform” rating in a research note on Tuesday, February 3rd. Raymond James Financial upped their target price on shares of Canadian Natural Resources from C$55.00 to C$56.00 in a research note on Monday, November 10th. Gerdes Energy Research cut shares of Canadian Natural Resources from a “buy” rating to a “neutral” rating in a research report on Thursday, February 12th. Finally, Royal Bank Of Canada lowered their price objective on shares of Canadian Natural Resources from C$62.00 to C$61.00 and set an “outperform” rating for the company in a research report on Tuesday, January 13th. Three research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of C$54.40.

Canadian Natural Resources Price Performance

The company’s fifty day moving average price is C$49.92 and its two-hundred day moving average price is C$46.33. The company has a quick ratio of 0.54, a current ratio of 0.84 and a debt-to-equity ratio of 25.79. The company has a market cap of C$124.22 billion, a price-to-earnings ratio of 18.81, a PEG ratio of 0.53 and a beta of 0.70.

Insider Activity

In other Canadian Natural Resources news, insider Kyle Grayson Pisio sold 7,456 shares of Canadian Natural Resources stock in a transaction dated Wednesday, January 28th. The stock was sold at an average price of C$50.11, for a total value of C$373,620.16. Following the sale, the insider owned 26,089 shares of the company’s stock, valued at C$1,307,319.79. This trade represents a 22.23% decrease in their position. Also, insider Trevor Wagil sold 14,500 shares of the company’s stock in a transaction dated 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 transaction, the insider directly owned 14,779 shares of the company’s stock, valued at C$738,358.84. This represents a 49.52% decrease in their ownership of the stock. In the last 90 days, insiders have sold 51,775 shares of company stock worth $2,571,074. 4.26% of the stock is currently owned by insiders.

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.