Royal Bank of Canada Reaffirms Outperform Rating for Canadian Natural Resources (NYSE:CNQ)

Canadian Natural Resources (NYSE:CNQ) (TSE:CNQ)‘s stock had its “outperform” rating reissued by research analysts at Royal Bank of Canada in a research report issued on Thursday,Benzinga reports. They currently have a $63.00 price target on the oil and gas producer’s stock. Royal Bank of Canada’s price objective points to a potential upside of 101.26% from the company’s current price.

Several other research firms have also commented on CNQ. Evercore ISI upgraded shares of Canadian Natural Resources from an “in-line” rating to an “outperform” rating in a research note on Friday, March 7th. Tudor Pickering lowered shares of Canadian Natural Resources from a “strong-buy” rating to a “hold” rating in a research report on Monday, February 10th. Raymond James restated a “market perform” rating on shares of Canadian Natural Resources in a research report on Friday, March 7th. Finally, Scotiabank raised shares of Canadian Natural Resources from a “sector perform” rating to a “sector outperform” rating in a report on Wednesday, March 19th. Four investment analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Canadian Natural Resources presently has a consensus rating of “Hold” and an average price target of $63.00.

Canadian Natural Resources Trading Up 0.0 %

Shares of Canadian Natural Resources stock traded up $0.01 on Thursday, reaching $31.30. 534,269 shares of the company’s stock were exchanged, compared to its average volume of 5,155,485. The firm’s 50-day moving average is $29.99 and its two-hundred day moving average is $32.17. Canadian Natural Resources has a 52 week low of $25.62 and a 52 week high of $41.29. The company has a market capitalization of $65.75 billion, a P/E ratio of 12.15 and a beta of 1.48. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.53 and a current ratio of 0.84.

Hedge Funds Weigh In On Canadian Natural Resources

Institutional investors and hedge funds have recently modified their holdings of the stock. Duncker Streett & Co. Inc. purchased a new stake in Canadian Natural Resources during the 4th quarter valued at about $25,000. Lee Danner & Bass Inc. purchased a new stake in shares of Canadian Natural Resources during the fourth quarter valued at approximately $25,000. Continuum Advisory LLC increased its position in shares of Canadian Natural Resources by 144.1% during the third quarter. Continuum Advisory LLC now owns 830 shares of the oil and gas producer’s stock valued at $28,000 after acquiring an additional 490 shares in the last quarter. Sandy Spring Bank purchased a new position in Canadian Natural Resources in the 4th quarter worth approximately $31,000. Finally, CoreFirst Bank & Trust bought a new position in Canadian Natural Resources in the 4th quarter valued at approximately $31,000. 74.03% of the stock is currently owned by institutional investors.

Canadian Natural Resources Company Profile

Canadian Natural Resources Limited acquires, explores for, develops, produces, markets, and sells crude oil, natural gas, and natural gas liquids (NGLs). The company offers light and medium crude oil, primary heavy crude oil, Pelican Lake heavy crude oil, bitumen (thermal oil), and synthetic crude oil (SCO).