Canadian Natural Resources Limited (NYSE:CNQ) (TSE:CNQ) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report released on Tuesday.

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 brokerages have also recently commented on CNQ. National Bank Financial initiated coverage on shares of Canadian Natural Resources Limited in a research report on Tuesday, June 27th. They issued an “outperform” rating on the stock. Goldman Sachs Group, Inc. (The) reiterated a “buy” rating and issued a $36.00 price target on shares of Canadian Natural Resources Limited in a research report on Thursday, June 22nd. ValuEngine upgraded shares of Canadian Natural Resources Limited from a “sell” rating to a “hold” rating in a research report on Wednesday, July 12th. TheStreet upgraded shares of Canadian Natural Resources Limited from a “d+” rating to a “c-” rating in a research report on Wednesday, April 12th. Finally, Morgan Stanley upgraded shares of Canadian Natural Resources Limited from an “equal weight” rating to an “overweight” rating and set a $46.00 price target on the stock in a research report on Wednesday, July 19th. Two investment analysts have rated the stock with a sell rating, three have given a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average price target of $45.46.

Canadian Natural Resources Limited (NYSE CNQ) traded down 1.14% during trading on Tuesday, reaching $32.19. 2,163,488 shares of the company’s stock traded hands. The stock has a market capitalization of $35.96 billion, a P/E ratio of 306.57 and a beta of 1.48. Canadian Natural Resources Limited has a 12 month low of $27.52 and a 12 month high of $35.28. The company has a 50-day moving average of $29.50 and a 200 day moving average of $30.60.

Canadian Natural Resources Limited declared that its Board of Directors has authorized a share repurchase plan on Wednesday, May 17th that allows the company to repurchase 27,930,000 outstanding shares. This repurchase authorization allows the oil and gas producer to reacquire shares of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board of directors believes its shares are undervalued.

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Several institutional investors have recently modified their holdings of CNQ. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp boosted its stake in shares of Canadian Natural Resources Limited by 15.3% in the fourth quarter. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp now owns 4,401,800 shares of the oil and gas producer’s stock valued at $133,022,000 after buying an additional 585,417 shares during the last quarter. Korea Investment CORP boosted its stake in shares of Canadian Natural Resources Limited by 8.4% in the fourth quarter. Korea Investment CORP now owns 414,700 shares of the oil and gas producer’s stock valued at $9,021,000 after buying an additional 32,200 shares during the last quarter. Highstreet Asset Management Inc. boosted its stake in shares of Canadian Natural Resources Limited by 9.1% in the fourth quarter. Highstreet Asset Management Inc. now owns 255,693 shares of the oil and gas producer’s stock valued at $5,586,000 after buying an additional 21,370 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of Canadian Natural Resources Limited by 82.3% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 416,823 shares of the oil and gas producer’s stock valued at $9,068,000 after buying an additional 188,186 shares during the last quarter. Finally, Beutel Goodman & Co Ltd. boosted its stake in shares of Canadian Natural Resources Limited by 4.9% in the second quarter. Beutel Goodman & Co Ltd. now owns 20,293,907 shares of the oil and gas producer’s stock valued at $621,812,000 after buying an additional 953,725 shares during the last quarter. Institutional investors own 60.72% 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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