Canadian Natural Resources (TSE:CNQ) Upgraded at Scotiabank

Canadian Natural Resources (TSE:CNQ) (NYSE:CNQ) was upgraded by equities research analysts at Scotiabank from a “sector perform” rating to an “outperform” rating in a report released on Wednesday,BayStreet.CA reports. The firm currently has a C$56.00 price objective on the stock. Scotiabank’s price target would indicate a potential upside of 26.64% from the company’s current price.

CNQ has been the topic of several other research reports. Royal Bank of Canada raised their price objective on Canadian Natural Resources from C$62.00 to C$63.00 and gave the stock an “outperform” rating in a research note on Friday, March 7th. Tudor Pickering cut Canadian Natural Resources from a “strong-buy” rating to a “hold” rating in a report on Monday, February 10th. TD Securities set a C$58.00 price target on Canadian Natural Resources and gave the stock a “buy” rating in a report on Tuesday, December 3rd. Wells Fargo & Company reduced their price target on Canadian Natural Resources from C$50.00 to C$44.00 in a report on Friday, March 7th. Finally, BMO Capital Markets cut their price objective on shares of Canadian Natural Resources from C$60.00 to C$58.00 in a research report on Friday, December 13th. Five investment analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of C$68.53.

Canadian Natural Resources Trading Up 3.2 %

Shares of CNQ stock traded up C$1.37 during trading hours on Wednesday, reaching C$44.22. The company had a trading volume of 7,547,884 shares, compared to its average volume of 11,885,762. The company has a 50 day moving average of C$43.31 and a 200 day moving average of C$45.47. 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 firm has a market cap of C$92.80 billion, a price-to-earnings ratio of 12.28, a P/E/G ratio of 0.53 and a beta of 1.89. Canadian Natural Resources has a 1-year low of C$37.11 and a 1-year high of C$56.49.

Insider Activity

In other news, Senior Officer Calvin John Bast sold 7,500 shares of the business’s stock in a transaction on Thursday, March 13th. The shares were sold at an average price of C$41.80, for a total transaction of C$313,500.00. Also, Senior Officer Troy John Peter Andersen sold 19,000 shares of the business’s stock in a transaction on Friday, January 10th. The shares were sold at an average price of C$47.45, for a total transaction of C$901,607.00. Over the last ninety days, insiders sold 165,936 shares of company stock worth $7,409,291. 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.