Desjardins Issues Positive Forecast for Canadian Natural Resources (TSE:CNQ) Stock Price

Canadian Natural Resources (TSE:CNQ) (NYSE:CNQ) had its price target upped by investment analysts at Desjardins from C$52.00 to C$56.00 in a research report issued on Monday,BayStreet.CA reports. The brokerage presently has a “hold” rating on the stock. Desjardins’ price target points to a potential downside of 12.29% from the company’s current price.

A number of other analysts also recently weighed in on CNQ. ATB Cormark Capital Markets boosted their target price on shares of Canadian Natural Resources from C$56.00 to C$65.00 and gave the stock an “outperform” rating in a report on Friday. National Bank Financial lifted their price target on Canadian Natural Resources from C$54.00 to C$59.00 and gave the stock a “sector perform” rating in a research report on Friday. Evercore cut Canadian Natural Resources from an “outperform” rating to a “hold” rating and set a C$50.00 price objective on the stock. in a research note on Tuesday, January 6th. TD Securities upped their price objective on Canadian Natural Resources from C$51.00 to C$64.00 and gave the company a “buy” rating in a research report on Friday. Finally, Royal Bank Of Canada raised their price objective on Canadian Natural Resources from C$61.00 to C$65.00 and gave the company an “outperform” rating in a research note on Friday. Six equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of C$58.75.

Canadian Natural Resources Price Performance

Shares of CNQ stock traded up C$0.89 on Monday, reaching C$63.85. The company’s stock had a trading volume of 4,883,116 shares, compared to its average volume of 12,550,753. The stock’s fifty day simple moving average is C$51.86 and its 200-day simple moving average is C$47.24. Canadian Natural Resources has a 1 year low of C$34.92 and a 1 year high of C$64.39. The company has a market capitalization of C$133.01 billion, a price-to-earnings ratio of 20.14, a price-to-earnings-growth ratio of 0.53 and a beta of 0.81. The company has a current ratio of 0.95, a quick ratio of 0.54 and a debt-to-equity ratio of 44.46.

Canadian Natural Resources (TSE:CNQ) (NYSE:CNQ) last released its quarterly earnings results on Thursday, March 5th. The company reported C$0.82 earnings per share (EPS) for the quarter. Canadian Natural Resources had a net margin of 26.06% and a return on equity of 25.98%. Analysts forecast that Canadian Natural Resources will post 3.833989 earnings per share for the current fiscal year.

Insider Buying and Selling at Canadian Natural Resources

In related news, insider Erin Louise Lunn sold 2,252 shares of the firm’s stock in a transaction dated Wednesday, January 28th. The shares were sold at an average price of C$49.68, for a total value of C$111,879.36. Following the transaction, the insider owned 51,142 shares of the company’s stock, valued at C$2,540,734.56. This trade represents a 4.22% decrease in their position. Also, insider Ronald Keith Laing sold 20,000 shares of the firm’s stock in a transaction dated Wednesday, January 28th. The stock was sold at an average price of C$49.83, for a total transaction of C$996,600.00. Following the completion of the transaction, the insider directly owned 2,049 shares in the company, valued at C$102,101.67. This represents a 90.71% decrease in their position. In the last 90 days, insiders sold 51,775 shares of company stock valued at $2,571,074. 4.26% of the stock is owned by company 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.