Canadian Natural Resources Limited (NYSE:CNQ) (TSE:CNQ) was upgraded by Zacks Investment Research from a “strong sell” rating to a “hold” rating in a research report issued to clients and investors on Thursday.

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. “

Other equities analysts have also recently issued research reports about the stock. 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 research report on Thursday, June 22nd. ValuEngine raised shares of Canadian Natural Resources Limited from a “sell” rating to a “hold” rating in a research report on Wednesday, July 12th. Citigroup Inc. cut shares of Canadian Natural Resources Limited from a “buy” rating to a “neutral” rating and lowered their price objective for the stock from $40.00 to $33.00 in a research report on Friday, July 21st. They noted that the move was a valuation call. National Bank Financial started coverage on shares of Canadian Natural Resources Limited in a research report on Tuesday, June 27th. They set an “outperform” rating for the company. Finally, Morgan Stanley raised shares of Canadian Natural Resources Limited from an “equal weight” rating to an “overweight” rating and set a $46.00 price target for the company in a research report on Wednesday, July 19th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus price target of $45.50.

Canadian Natural Resources Limited (CNQ) traded down 0.39% on Thursday, reaching $30.75. The company’s stock had a trading volume of 1,861,870 shares. The stock has a market cap of $37.37 billion, a PE ratio of 27.70 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’s 50 day moving average price is $30.26 and its 200-day moving average price is $30.65.

Canadian Natural Resources Limited announced that its board has initiated a stock buyback 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 repurchase shares of its stock through open market purchases. Shares buyback programs are generally an indication that the company’s management believes its shares are undervalued.

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Several large investors have recently added to or reduced their stakes in CNQ. Dynamic Technology Lab Private Ltd purchased a new stake in Canadian Natural Resources Limited during the second quarter valued at about $290,000. BW Gestao de Investimentos Ltda. purchased a new stake in Canadian Natural Resources Limited during the second quarter valued at about $10,815,000. Krilogy Financial LLC purchased a new stake in Canadian Natural Resources Limited during the second quarter valued at about $233,000. Scotia Capital Inc. boosted its stake in Canadian Natural Resources Limited by 6.3% in the second quarter. Scotia Capital Inc. now owns 1,645,676 shares of the oil and gas producer’s stock valued at $47,453,000 after buying an additional 96,807 shares during the period. Finally, Capital Innovations LLC boosted its stake in Canadian Natural Resources Limited by 68.5% in the second quarter. Capital Innovations LLC now owns 19,329 shares of the oil and gas producer’s stock valued at $557,000 after buying an additional 7,859 shares during the period. 60.27% of the stock is owned by institutional investors and hedge funds.

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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