Canadian Natural Resources Limited (NYSE:CNQ) (TSE:CNQ) was downgraded by stock analysts at Citigroup Inc. from a “buy” rating to a “neutral” rating in a note issued to investors on Friday, MarketBeat reports. They currently have a $33.00 price target on the oil and gas producer’s stock, down from their prior price target of $40.00. Citigroup Inc.’s target price would suggest a potential upside of 11.11% from the company’s current price. The analysts noted that the move was a valuation call.

A number of other brokerages also recently issued reports 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. Zacks Investment Research raised shares of Canadian Natural Resources Limited from a “hold” rating to a “strong-buy” rating and set a $35.00 price objective for the company in a research report on Friday, May 5th. Morgan Stanley raised shares of Canadian Natural Resources Limited from an “equal weight” rating to an “overweight” rating and set a $46.00 price objective for the company in a research report on Wednesday. BidaskClub raised shares of Canadian Natural Resources Limited from a “strong sell” rating to a “sell” rating in a research report on Friday, June 30th. Finally, ValuEngine raised shares of Canadian Natural Resources Limited from a “sell” rating to a “hold” rating in a research report on Wednesday, July 12th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company. The company currently has an average rating of “Buy” and an average target price of $46.79.

Shares of Canadian Natural Resources Limited (NYSE CNQ) traded down 2.17% during midday trading on Friday, hitting $29.70. The company had a trading volume of 5,175,624 shares. The stock has a 50 day moving average price of $28.92 and a 200 day moving average price of $30.67. The firm has a market capitalization of $33.18 billion, a P/E ratio of 282.86 and a beta of 1.47. Canadian Natural Resources Limited has a 1-year low of $27.52 and a 1-year high of $35.28.

Canadian Natural Resources Limited declared that its board has approved a stock repurchase plan on Wednesday, May 17th that authorizes the company to buyback 27,930,000 shares. This buyback authorization authorizes the oil and gas producer to reacquire shares of its stock through open market purchases. Shares buyback plans are generally a sign that the company’s leadership believes its shares are undervalued.

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Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Integrated Investment Consultants LLC bought a new position in Canadian Natural Resources Limited during the first quarter valued at approximately $103,000. Quadrant Capital Group LLC increased its position in 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 valued at $113,000 after buying an additional 1,740 shares during the period. Acadian Asset Management LLC increased its position in 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 valued at $163,000 after buying an additional 4,800 shares during the period. Private Advisor Group LLC bought a new position in Canadian Natural Resources Limited during the first quarter valued at approximately $205,000. Finally, ARP Americas LLC bought a new position in Canadian Natural Resources Limited during the first quarter valued at approximately $211,000. 65.61% of the stock is owned by institutional investors and hedge funds.

About Canadian Natural Resources Limited

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.

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

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