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

Canadian Natural Resources (TSE:CNQ) (NYSE:CNQ) had its price objective lifted by equities research analysts at National Bankshares from C$45.00 to C$48.00 in a report issued on Friday,BayStreet.CA reports. The brokerage presently has a “sector perform” rating on the stock. National Bankshares’ target price indicates a potential upside of 8.11% from the company’s previous close.

A number of other equities analysts have also issued reports on CNQ. Scotiabank boosted their target price on shares of Canadian Natural Resources from C$54.00 to C$58.00 and gave the stock an “outperform” rating in a research report on Thursday, October 9th. Raymond James Financial boosted their price objective on shares of Canadian Natural Resources from C$52.00 to C$54.00 and gave the stock an “outperform” rating in a report on Friday, August 8th. Wells Fargo & Company set a C$47.00 price objective on shares of Canadian Natural Resources and gave the company an “equal weight” rating in a research report on Friday, October 17th. Finally, Royal Bank Of Canada decreased their target price on Canadian Natural Resources from C$64.00 to C$62.00 and set an “outperform” rating on the stock in a research report on Friday, August 8th. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat, Canadian Natural Resources presently has an average rating of “Moderate Buy” and a consensus target price of C$54.60.

Canadian Natural Resources Stock Performance

Shares of TSE:CNQ traded down C$0.04 during trading on Friday, reaching C$44.40. The stock had a trading volume of 9,294,168 shares, compared to its average volume of 14,459,822. The stock has a fifty day simple moving average of C$44.02 and a two-hundred day simple moving average of C$43.15. The company has a quick ratio of 0.54, a current ratio of 0.84 and a debt-to-equity ratio of 25.79. Canadian Natural Resources has a 52 week low of C$34.92 and a 52 week high of C$48.92. The firm has a market capitalization of C$92.38 billion, a price-to-earnings ratio of 11.27, a P/E/G ratio of 0.53 and a beta of 0.67.

Insider Buying and Selling

In other news, insider Ronald Keith Laing sold 20,000 shares of the stock in a transaction on Monday, October 6th. The stock was sold at an average price of C$45.17, for a total value of C$903,400.00. Following the transaction, the insider owned 2,049 shares of the company’s stock, valued at C$92,553.33. This represents a 90.71% decrease in their position. Also, Director Stephen W. Laut sold 7,000 shares of Canadian Natural Resources stock in a transaction that occurred on Thursday, October 2nd. The stock was sold at an average price of C$43.92, for a total transaction of C$307,440.00. Following the transaction, the director directly owned 895,350 shares in the company, valued at C$39,323,772. The trade was a 0.78% decrease in their position. Insiders sold a total of 31,500 shares of company stock valued at $1,415,815 over the last ninety days. 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.