Raymond James Upgrades Canadian Natural Resources (TSE:CNQ) to Outperform

Canadian Natural Resources (TSE:CNQ) (NYSE:CNQ) was upgraded by analysts at Raymond James from a “market perform” rating to an “outperform” rating in a research report issued to clients and investors on Wednesday,BayStreet.CA reports. The firm currently has a C$49.00 target price on the stock, down from their previous target price of C$52.00. Raymond James’ target price would indicate a potential upside of 28.34% from the company’s current price.

A number of other equities research analysts have also issued reports on the company. Tudor Pickering lowered Canadian Natural Resources from a “strong-buy” rating to a “hold” rating in a research note on Monday, February 10th. Wells Fargo & Company decreased their price objective on Canadian Natural Resources from C$44.00 to C$40.00 and set an “equal weight” rating on the stock in a research note on Wednesday. Gerdes Energy Research upgraded Canadian Natural Resources from a “neutral” rating to a “buy” rating in a research report on Monday, December 16th. BMO Capital Markets decreased their price target on shares of Canadian Natural Resources from C$60.00 to C$58.00 in a research note on Friday, December 13th. Finally, Jefferies Financial Group lowered their price target on shares of Canadian Natural Resources from C$54.00 to C$50.00 in a report on Thursday, January 30th. Five equities research analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of C$64.71.

Canadian Natural Resources Price Performance

Shares of CNQ traded up C$2.33 on Wednesday, reaching C$38.18. The stock had a trading volume of 5,677,150 shares, compared to its average volume of 13,074,025. Canadian Natural Resources has a twelve month low of C$34.92 and a twelve month high of C$56.49. The firm has a market capitalization of C$80.13 billion, a PE ratio of 10.60, a PEG ratio of 0.53 and a beta of 1.89. The firm has a 50-day moving average of C$42.32 and a 200 day moving average of C$45.04. The company has a quick ratio of 0.54, a current ratio of 0.84 and a debt-to-equity ratio of 25.79.

Insider Activity

In other Canadian Natural Resources news, Director Stephen W. Laut purchased 980 shares of Canadian Natural Resources stock in a transaction that occurred on Wednesday, April 2nd. The stock was purchased at an average price of C$44.65 per share, with a total value of C$43,757.00. Also, Senior Officer Scott Gerald Stauth bought 27,000 shares of Canadian Natural Resources stock in a transaction dated Monday, January 13th. The shares were acquired at an average price of C$46.52 per share, with a total value of C$1,256,121.00. Insiders have sold 147,184 shares of company stock valued at $6,592,395 in the last three months. Corporate 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.