Canadian Natural Resources Limited (NYSE:CNQ) (TSE:CNQ) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a research note issued to investors on Wednesday.

According to Zacks, “Canadian Natural Resources Limited is a senior independent oil and natural gas exploration, development and production company based in Calgary, Alberta. The Company’s operations are focused in Western Canada, the North Sea and Offshore West Africa. “

Several other analysts also recently commented on CNQ. TheStreet raised shares of Canadian Natural Resources Limited from a “d+” rating to a “c-” rating in a research report on Wednesday, April 12th. Goldman Sachs Group, Inc. (The) reaffirmed a “buy” rating and set a $36.00 price objective on shares of Canadian Natural Resources Limited in a report on Thursday, June 22nd. National Bank Financial initiated coverage on shares of Canadian Natural Resources Limited in a report on Tuesday, June 27th. They set an “outperform” rating for the company. BidaskClub raised shares of Canadian Natural Resources Limited from a “strong sell” rating to a “sell” rating in a report on Friday, June 30th. Finally, ValuEngine raised shares of Canadian Natural Resources Limited from a “sell” rating to a “hold” rating in a report on Wednesday, July 12th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus target price of $46.58.

Canadian Natural Resources Limited (NYSE:CNQ) traded up 1.87% during trading on Wednesday, reaching $30.48. 2,634,564 shares of the company’s stock traded hands. Canadian Natural Resources Limited has a 1-year low of $27.52 and a 1-year high of $35.28. The stock has a 50-day moving average price of $28.84 and a 200 day moving average price of $30.67. The stock has a market capitalization of $34.05 billion, a P/E ratio of 293.08 and a beta of 1.47.

Canadian Natural Resources Limited announced that its Board of Directors has initiated a share repurchase program on Wednesday, May 17th that permits the company to buyback 27,930,000 shares. This buyback authorization permits the oil and gas producer to buy shares of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s leadership believes its stock is undervalued.

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Several large investors have recently made changes to their positions in the company. Integrated Investment Consultants LLC purchased a new stake in shares of Canadian Natural Resources Limited during the first quarter worth about $103,000. Quadrant Capital Group LLC boosted its stake in shares of Canadian Natural Resources Limited by 87.1% in the first quarter. Quadrant Capital Group LLC now owns 3,737 shares of the oil and gas producer’s stock worth $113,000 after buying an additional 1,740 shares during the period. Acadian Asset Management LLC boosted its stake in shares of Canadian Natural Resources Limited by 2,400.0% in the first quarter. Acadian Asset Management LLC now owns 5,000 shares of the oil and gas producer’s stock worth $163,000 after buying an additional 4,800 shares during the period. Private Advisor Group LLC purchased a new stake in shares of Canadian Natural Resources Limited during the first quarter worth about $205,000. Finally, Worth Venture Partners LLC purchased a new stake in shares of Canadian Natural Resources Limited during the first quarter worth about $276,000. Institutional investors and hedge funds own 65.61% of the company’s stock.

Canadian Natural Resources Limited Company Profile

Canadian Natural Resources Limited is an independent crude oil and natural gas exploration, development and production company. The Company’s segments include Exploration and Production, Oil Sands Mining and Upgrading, and Midstream. The Exploration and Production segment includes exploration, development, production and marketing of crude oil, natural gas liquids (NGLs) and natural gas.

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Analyst Recommendations for Canadian Natural Resources Limited (NYSE:CNQ)

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