Canadian Natural Resources (TSE:CNQ) Reaches New 1-Year High – Time to Buy?

Canadian Natural Resources Limited (TSE:CNQ) (NYSE:CNQ)’s share price hit a new 52-week high during mid-day trading on Tuesday . The stock traded as high as C$71.11 and last traded at C$70.97, with a volume of 1206070 shares changing hands. The stock had previously closed at C$69.49.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on CNQ. Canadian Imperial Bank of Commerce lifted their target price on Canadian Natural Resources from C$70.00 to C$75.00 in a report on Thursday, August 27th. Royal Bank Of Canada reduced their target price on Canadian Natural Resources from C$80.00 to C$79.00 in a research note on Wednesday, July 15th. TD increased their price objective on Canadian Natural Resources from C$72.00 to C$73.00 and gave the company a “buy” rating in a research report on Friday, August 7th. Scotia boosted their price target on Canadian Natural Resources from C$71.00 to C$73.00 and gave the stock a “sector perform” rating in a report on Friday, August 7th. Finally, Desjardins set a C$70.00 price target on Canadian Natural Resources and gave the company a “hold” rating in a report on Friday, July 17th. Seven equities 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 presently has a consensus rating of “Moderate Buy” and a consensus target price of C$66.88.

Canadian Natural Resources Stock Up 3.3%

The stock’s 50-day moving average price is C$63.25 and its two-hundred day moving average price is C$63.15. The company has a current ratio of 1.00, a quick ratio of 0.54 and a debt-to-equity ratio of 36.64. The stock has a market capitalization of C$147.93 billion, a P/E ratio of 12.77, a P/E/G ratio of 0.53 and a beta of 0.27.

Canadian Natural Resources (TSE:CNQ) (NYSE:CNQ) last released its quarterly earnings results on Thursday, August 6th. The company reported C$2.19 earnings per share for the quarter. Canadian Natural Resources had a return on equity of 26.67% and a net margin of 24.93%.The company had revenue of C$14.74 billion for the quarter. As a group, research analysts expect that Canadian Natural Resources Limited will post 3.833989 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.