Canadian Natural Resources (TSE:CNQ) Shares Cross Above Two Hundred Day Moving Average – Here’s Why

Canadian Natural Resources Limited (TSE:CNQ) (NYSE:CNQ) passed above its two hundred day moving average during trading on Monday . The stock has a two hundred day moving average of C$55.23 and traded as high as C$66.20. Canadian Natural Resources shares last traded at C$64.80, with a volume of 3,323,914 shares.

Analyst Ratings Changes

Several research firms have issued reports on CNQ. Scotiabank lifted their price target on Canadian Natural Resources from C$58.00 to C$62.00 and gave the company an “outperform” rating in a research note on Friday, March 6th. Gerdes Energy Research downgraded Canadian Natural Resources from a “buy” rating to a “neutral” rating in a research note on Thursday, February 12th. Canadian Imperial Bank of Commerce lifted their price target on Canadian Natural Resources from C$52.00 to C$54.00 in a research note on Tuesday, March 31st. Raymond James Financial raised Canadian Natural Resources from a “hold” rating to a “moderate buy” rating and lifted their price target for the company from C$65.00 to C$67.00 in a research note on Thursday, May 7th. Finally, Jefferies Financial Group lifted their price target on Canadian Natural Resources from C$48.00 to C$59.00 in a research note on Monday, March 16th. Seven investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to MarketBeat, Canadian Natural Resources currently has an average rating of “Moderate Buy” and an average price target of C$63.73.

Canadian Natural Resources Trading Down 3.6%

The company has a debt-to-equity ratio of 44.85, a current ratio of 0.98 and a quick ratio of 0.54. The business has a 50-day moving average of C$64.93 and a 200-day moving average of C$55.23. The firm has a market cap of C$135.15 billion, a price-to-earnings ratio of 12.56, a P/E/G ratio of 0.53 and a beta of 0.48.

Canadian Natural Resources (TSE:CNQ) (NYSE:CNQ) last released its earnings results on Thursday, May 7th. The company reported C$1.17 earnings per share (EPS) for the quarter. The business had revenue of C$10.81 billion for the quarter. Canadian Natural Resources had a return on equity of 22.74% and a net margin of 24.51%. Research analysts anticipate that Canadian Natural Resources Limited will post 3.833989 EPS for the current year.

Insider Activity

In related news, Director Gordon D. Giffin sold 25,000 shares of Canadian Natural Resources stock in a transaction dated Tuesday, March 24th. The stock was sold at an average price of C$68.01, for a total value of C$1,700,250.00. Following the sale, the director owned 171,210 shares of the company’s stock, valued at approximately C$11,643,992.10. The trade was a 12.74% decrease in their ownership of the stock. Corporate insiders own 4.26% of the company’s stock.

About Canadian Natural Resources

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.