Canadian Natural Resource (CNQ) Downgraded by Zacks Investment Research

Canadian Natural Resource (NYSE:CNQ) (TSE:CNQ) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a 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. “

CNQ has been the subject of several other research reports. Canaccord Genuity reaffirmed a “buy” rating and set a $53.00 price objective on shares of Canadian Natural Resource in a research report on Wednesday, November 8th. Morgan Stanley upped their price objective on shares of Canadian Natural Resource from $52.00 to $58.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 24th. AltaCorp Capital reaffirmed a “buy” rating and set a $52.00 price objective on shares of Canadian Natural Resource in a research report on Monday, January 15th. Finally, Wells Fargo & Co cut shares of Canadian Natural Resource from an “outperform” rating to a “market perform” rating in a research report on Tuesday, February 6th. One investment analyst has rated the stock with a sell rating, four have given a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Canadian Natural Resource presently has an average rating of “Buy” and an average price target of $47.71.

Canadian Natural Resource (NYSE CNQ) traded up $1.07 on Wednesday, reaching $31.72. 3,411,660 shares of the company traded hands, compared to its average volume of 2,683,956. Canadian Natural Resource has a 1-year low of $27.52 and a 1-year high of $37.63. The company has a debt-to-equity ratio of 0.67, a current ratio of 0.71 and a quick ratio of 0.56. The company has a market capitalization of $37,510.00, a PE ratio of 18.02, a price-to-earnings-growth ratio of 2.61 and a beta of 1.36.

Hedge funds have recently bought and sold shares of the company. Integrated Investment Consultants LLC bought a new position in shares of Canadian Natural Resource in the first quarter worth about $103,000. FTB Advisors Inc. increased its stake in shares of Canadian Natural Resource by 1.3% in the second quarter. FTB Advisors Inc. now owns 3,180 shares of the oil and gas producer’s stock valued at $102,000 after buying an additional 41 shares during the period. Icon Wealth Partners LLC acquired a new position in shares of Canadian Natural Resource in the fourth quarter valued at approximately $127,000. Societe Generale acquired a new position in shares of Canadian Natural Resource in the second quarter valued at approximately $114,000. Finally, SG Americas Securities LLC acquired a new position in shares of Canadian Natural Resource in the second quarter valued at approximately $114,000. 58.87% of the stock is owned by hedge funds and other institutional investors.

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About Canadian Natural Resource

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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