Canadian Natural Resources (NYSE:CNQ) Upgraded by Scotiabank to Sector Outperform Rating

Canadian Natural Resources (NYSE:CNQ) (TSE:CNQ) was upgraded by stock analysts at Scotiabank from a “sector perform” rating to a “sector outperform” rating in a note issued to investors on Wednesday, Marketbeat reports.

Other equities analysts also recently issued research reports about the stock. Raymond James reiterated a “market perform” rating on shares of Canadian Natural Resources in a report on Friday, March 7th. Royal Bank of Canada increased their price target on shares of Canadian Natural Resources from $62.00 to $63.00 and gave the company an “outperform” rating in a report on Friday, March 7th. Tudor Pickering downgraded shares of Canadian Natural Resources from a “strong-buy” rating to a “hold” rating in a report on Monday, February 10th. Finally, Evercore ISI upgraded shares of Canadian Natural Resources from an “in-line” rating to an “outperform” rating in a report on Friday, March 7th. Four analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $63.00.

Canadian Natural Resources Stock Performance

Shares of CNQ opened at $29.96 on Wednesday. The company has a 50-day simple moving average of $30.14 and a 200-day simple moving average of $32.30. The company has a quick ratio of 0.53, a current ratio of 0.84 and a debt-to-equity ratio of 0.21. The company has a market capitalization of $62.92 billion, a PE ratio of 11.63 and a beta of 1.48. Canadian Natural Resources has a 52-week low of $25.62 and a 52-week high of $41.29.

Hedge Funds Weigh In On Canadian Natural Resources

Hedge funds have recently added to or reduced their stakes in the business. FMR LLC grew its holdings in shares of Canadian Natural Resources by 8.7% during the fourth quarter. FMR LLC now owns 92,550,104 shares of the oil and gas producer’s stock worth $2,857,337,000 after buying an additional 7,372,718 shares in the last quarter. Vanguard Group Inc. grew its holdings in shares of Canadian Natural Resources by 0.5% during the fourth quarter. Vanguard Group Inc. now owns 90,002,235 shares of the oil and gas producer’s stock worth $2,778,729,000 after buying an additional 456,814 shares in the last quarter. Fisher Asset Management LLC grew its holdings in shares of Canadian Natural Resources by 1.3% during the fourth quarter. Fisher Asset Management LLC now owns 44,131,266 shares of the oil and gas producer’s stock worth $1,362,332,000 after buying an additional 550,242 shares in the last quarter. Canada Pension Plan Investment Board grew its holdings in shares of Canadian Natural Resources by 5.3% during the fourth quarter. Canada Pension Plan Investment Board now owns 36,963,702 shares of the oil and gas producer’s stock worth $1,139,753,000 after buying an additional 1,844,700 shares in the last quarter. Finally, T. Rowe Price Investment Management Inc. grew its holdings in shares of Canadian Natural Resources by 7.3% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 34,052,775 shares of the oil and gas producer’s stock worth $1,051,210,000 after buying an additional 2,312,437 shares in the last quarter. 74.03% of the stock is currently owned by hedge funds and other 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).