National Bank Financial Forecasts Strong Price Appreciation for Canadian Natural Resources (TSE:CNQ) Stock

Canadian Natural Resources (TSE:CNQ) (NYSE:CNQ) had its price target boosted by research analysts at National Bank Financial from C$84.00 to C$86.00 in a research report issued to clients and investors on Tuesday, BayStreet reports. The brokerage currently has a “sector perform” rating on the stock. National Bank Financial’s target price indicates a potential upside of 12.70% from the company’s current price.

CNQ has been the subject of a number of other research reports. Scotiabank raised shares of Canadian Natural Resources to a “hold” rating in a research note on Friday, June 26th. Scotia lifted their target price on shares of Canadian Natural Resources from C$71.00 to C$73.00 and gave the stock a “sector perform” rating in a research report on Friday, August 7th. Gerdes Energy Research raised shares of Canadian Natural Resources from a “neutral” rating to a “buy” rating and boosted their price target for the stock from C$67.00 to C$69.00 in a research note on Monday, June 29th. Desjardins boosted their price target on shares of Canadian Natural Resources from C$73.00 to C$74.00 and gave the stock a “hold” rating in a research note on Tuesday. Finally, Royal Bank Of Canada upped their price target on shares of Canadian Natural Resources from C$79.00 to C$86.00 in a research report on Tuesday, October 13th. Six research analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of C$68.75.

Canadian Natural Resources Price Performance

TSE:CNQ traded down C$0.15 during mid-day trading on Tuesday, reaching C$76.31. The stock had a trading volume of 3,278,196 shares, compared to its average volume of 14,873,748. The stock has a market capitalization of C$157.31 billion, a P/E ratio of 13.58, a P/E/G ratio of 0.53 and a beta of 0.38. The firm has a 50 day moving average price of C$69.60 and a two-hundred day moving average price of C$65.05. The company has a debt-to-equity ratio of 36.64, a quick ratio of 0.54 and a current ratio of 1.00. Canadian Natural Resources has a one year low of C$41.67 and a one year high of C$77.49.

Canadian Natural Resources (TSE:CNQ) (NYSE:CNQ) last issued its quarterly earnings results on Thursday, August 6th. The company reported C$2.19 EPS for the quarter. The business had revenue of C$14.74 billion for the quarter. Canadian Natural Resources had a net margin of 24.93% and a return on equity of 26.67%. As a group, analysts expect that Canadian Natural Resources will post 3.83 earnings per share for the current year.

Insider Transactions at Canadian Natural Resources

In related news, Director Shelley Ann Marie Brown purchased 709 shares of the firm’s stock in a transaction on Tuesday, September 15th. The shares were acquired at an average cost of C$70.44 per share, with a total value of C$49,941.96. Following the purchase, the director directly owned 1,780 shares of the company’s stock, valued at approximately C$125,383.20. This trade represents a 66.20% increase in their ownership of the stock. 4.26% of the stock is currently owned by insiders.

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.