Canadian Natural Resources (TSE:CNQ) Upgraded to Outperform at Scotiabank

Canadian Natural Resources (TSE:CNQ) (NYSE:CNQ) was upgraded by Scotiabank from a “sector perform” rating to an “outperform” rating in a research note issued on Wednesday,BayStreet.CA reports. The firm currently has a C$56.00 target price on the stock. Scotiabank’s price objective points to a potential upside of 26.64% from the company’s previous close.

Several other equities research analysts also recently weighed in on the company. Raymond James raised their price target on Canadian Natural Resources from C$51.00 to C$52.00 and gave the stock a “market perform” rating in a report on Friday, March 7th. Wells Fargo & Company decreased their price target on Canadian Natural Resources from C$50.00 to C$44.00 in a report on Friday, March 7th. Evercore ISI upgraded Canadian Natural Resources from a “hold” rating to a “strong-buy” rating in a research report on Friday, March 7th. BMO Capital Markets cut their price objective on Canadian Natural Resources from C$60.00 to C$58.00 in a research report on Friday, December 13th. Finally, Tudor Pickering cut Canadian Natural Resources from a “strong-buy” rating to a “hold” rating in a research report on Monday, February 10th. Five research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of C$68.53.

Canadian Natural Resources Stock Up 3.2 %

CNQ traded up C$1.37 on Wednesday, hitting C$44.22. The company had a trading volume of 7,547,884 shares, compared to its average volume of 11,885,762. The stock has a fifty day moving average price of C$43.31 and a 200-day moving average price of C$45.47. Canadian Natural Resources has a 12-month low of C$37.11 and a 12-month high of C$56.49. The company has a debt-to-equity ratio of 25.79, a quick ratio of 0.54 and a current ratio of 0.84. The stock has a market capitalization of C$92.80 billion, a price-to-earnings ratio of 12.28, a P/E/G ratio of 0.53 and a beta of 1.89.

Insiders Place Their Bets

In other Canadian Natural Resources news, Senior Officer Victor Clinton Darel sold 2,252 shares of the business’s stock in a transaction on Friday, December 27th. The stock was sold at an average price of C$43.68, for a total transaction of C$98,367.36. Also, Senior Officer Mark Allen Stainthorpe sold 81,000 shares of the business’s stock in a transaction on Wednesday, January 15th. The stock was sold at an average price of C$44.98, for a total value of C$3,643,380.00. In the last ninety days, insiders sold 165,936 shares of company stock valued at $7,409,291. 4.26% of the stock is owned by company 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.