Wells Fargo & Company Cuts Canadian Natural Resources (TSE:CNQ) Price Target to C$44.00

Canadian Natural Resources (TSE:CNQ) (NYSE:CNQ) had its price target dropped by research analysts at Wells Fargo & Company from C$50.00 to C$44.00 in a research report issued to clients and investors on Friday,BayStreet.CA reports. Wells Fargo & Company‘s target price suggests a potential upside of 7.84% from the stock’s current price.

Several other analysts also recently issued reports on CNQ. Tudor Pickering downgraded Canadian Natural Resources from a “strong-buy” rating to a “hold” rating in a research note on Monday, February 10th. Jefferies Financial Group dropped their price target on shares of Canadian Natural Resources from C$54.00 to C$50.00 in a research report on Thursday, January 30th. TD Securities set a C$58.00 price target on Canadian Natural Resources and gave the stock a “buy” rating in a research report on Tuesday, December 3rd. BMO Capital Markets cut their target price on Canadian Natural Resources from C$60.00 to C$58.00 in a research report on Friday, December 13th. Finally, Gerdes Energy Research upgraded shares of Canadian Natural Resources from a “neutral” rating to a “buy” rating in a research note on Monday, December 16th. Six equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of C$68.60.

Canadian Natural Resources Stock Performance

Canadian Natural Resources stock traded up C$0.85 during mid-day trading on Friday, hitting C$40.80. 4,300,082 shares of the company’s stock traded hands, compared to its average volume of 9,381,774. The firm has a 50 day simple moving average of C$43.82 and a two-hundred day simple moving average of C$45.89. The company has a debt-to-equity ratio of 25.79, a current ratio of 0.84 and a quick ratio of 0.54. The stock has a market cap of C$85.62 billion, a price-to-earnings ratio of 11.33, a P/E/G ratio of 0.53 and a beta of 1.89. Canadian Natural Resources has a fifty-two week low of C$37.11 and a fifty-two week high of C$56.49.

Insider Activity

In other Canadian Natural Resources news, Senior Officer Devin Craig Lowe sold 7,500 shares of the stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of C$46.37, for a total transaction of C$347,775.00. Also, Director Stephen W. Laut sold 3,180 shares of the firm’s stock in a transaction that occurred on Thursday, February 6th. The stock was sold at an average price of C$43.95, for a total transaction of C$139,761.00. Over the last 90 days, insiders sold 146,932 shares of company stock valued at $6,613,689. Insiders own 4.26% of the company’s stock.

Canadian Natural Resources Company Profile

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.