Canadian Natural Resources (NYSE:CNQ) Receives “Outperform” Rating from Royal Bank of Canada

Canadian Natural Resources (NYSE:CNQ) (TSE:CNQ)‘s stock had its “outperform” rating reaffirmed by analysts at Royal Bank of Canada in a research note issued on Thursday,Benzinga reports. They presently have a $63.00 price objective on the oil and gas producer’s stock. Royal Bank of Canada’s target price points to a potential upside of 101.26% from the company’s previous close.

A number of other equities research analysts have also recently issued reports on the company. Tudor Pickering cut Canadian Natural Resources from a “strong-buy” rating to a “hold” rating in a research report on Monday, February 10th. Evercore ISI upgraded shares of Canadian Natural Resources from an “in-line” rating to an “outperform” rating in a report on Friday, March 7th. Scotiabank upgraded Canadian Natural Resources from a “sector perform” rating to a “sector outperform” rating in a research note on Wednesday, March 19th. Finally, Raymond James restated a “market perform” rating on shares of Canadian Natural Resources in a research note on Friday, March 7th. Four analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $63.00.

Canadian Natural Resources Stock Up 0.0 %

Shares of CNQ traded up $0.01 during mid-day trading on Thursday, hitting $31.30. 534,269 shares of the company’s stock were exchanged, compared to its average volume of 5,155,485. The company has a quick ratio of 0.53, a current ratio of 0.84 and a debt-to-equity ratio of 0.21. Canadian Natural Resources has a twelve month low of $25.62 and a twelve month high of $41.29. The firm has a fifty day moving average of $29.99 and a two-hundred day moving average of $32.17. The stock has a market cap of $65.75 billion, a price-to-earnings ratio of 12.15 and a beta of 1.48.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. FMR LLC increased its holdings in Canadian Natural Resources by 8.7% during the fourth quarter. FMR LLC now owns 92,550,104 shares of the oil and gas producer’s stock worth $2,857,337,000 after buying an additional 7,372,718 shares during the last quarter. Assenagon Asset Management S.A. increased its position in Canadian Natural Resources by 6,902.0% during the fourth quarter. Assenagon Asset Management S.A. now owns 3,652,855 shares of the oil and gas producer’s stock worth $112,763,000 after acquiring an additional 3,600,686 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp raised its position in shares of Canadian Natural Resources by 73.3% in the third quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 7,834,264 shares of the oil and gas producer’s stock valued at $260,116,000 after buying an additional 3,312,442 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. grew its holdings in shares of Canadian Natural Resources by 31.6% during the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 13,433,797 shares of the oil and gas producer’s stock worth $414,223,000 after purchasing an additional 3,224,548 shares in the last quarter. Finally, National Bank of Canada FI raised its position in shares of Canadian Natural Resources by 63.5% in the 3rd quarter. National Bank of Canada FI now owns 8,233,388 shares of the oil and gas producer’s stock valued at $273,417,000 after buying an additional 3,198,007 shares in the last quarter. Institutional investors own 74.03% of the company’s stock.

About Canadian Natural Resources

Canadian Natural Resources Limited acquires, explores for, develops, produces, markets, and sells crude oil, natural gas, and natural gas liquids (NGLs). The company offers light and medium crude oil, primary heavy crude oil, Pelican Lake heavy crude oil, bitumen (thermal oil), and synthetic crude oil (SCO).