Scotiabank Raises Canadian Natural Resources (NYSE:CNQ) Price Target to C$60.00

Canadian Natural Resources (NYSE:CNQ) (TSE:CNQ) had its price objective hoisted by equities research analysts at Scotiabank from C$52.00 to C$60.00 in a research note issued to investors on Thursday, The Fly reports. The firm presently has an “outperform” rating on the oil and gas producer’s stock.

A number of other research analysts have also weighed in on the company. Stifel Nicolaus raised their price objective on Canadian Natural Resources from C$65.00 to C$67.50 and gave the company a “buy” rating in a research report on Thursday, September 23rd. Raymond James assumed coverage on Canadian Natural Resources in a report on Tuesday, July 20th. They issued a “buy” rating and a $55.00 target price for the company. Royal Bank of Canada lifted their target price on Canadian Natural Resources from $53.00 to $55.00 and gave the stock an “outperform” rating in a report on Friday, August 6th. TheStreet raised Canadian Natural Resources from a “c+” rating to a “b-” rating in a report on Tuesday. Finally, CIBC lifted their target price on Canadian Natural Resources from C$48.00 to C$58.00 and gave the stock an “outperform” rating in a report on Wednesday, July 14th. Three equities research analysts have rated the stock with a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Canadian Natural Resources has a consensus rating of “Buy” and an average price target of $52.77.

CNQ stock traded up $0.88 on Thursday, reaching $41.11. 76,561 shares of the company traded hands, compared to its average volume of 3,248,961. Canadian Natural Resources has a one year low of $15.17 and a one year high of $41.49. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.78 and a quick ratio of 0.60. The company has a market cap of $48.43 billion, a P/E ratio of 15.10 and a beta of 1.89. The firm has a fifty day simple moving average of $34.57 and a 200-day simple moving average of $33.89.

Canadian Natural Resources (NYSE:CNQ) (TSE:CNQ) last posted its quarterly earnings data on Thursday, August 5th. The oil and gas producer reported $0.99 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.77 by $0.22. Canadian Natural Resources had a return on equity of 9.05% and a net margin of 17.14%. The company had revenue of $5.31 billion during the quarter, compared to analyst estimates of $5.26 billion. On average, sell-side analysts forecast that Canadian Natural Resources will post 4.64 EPS for the current year.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. KB Financial Partners LLC purchased a new position in Canadian Natural Resources during the first quarter valued at $25,000. Rockefeller Capital Management L.P. lifted its position in Canadian Natural Resources by 35.1% during the first quarter. Rockefeller Capital Management L.P. now owns 1,329 shares of the oil and gas producer’s stock valued at $41,000 after purchasing an additional 345 shares in the last quarter. Advisory Services Network LLC purchased a new position in Canadian Natural Resources during the second quarter valued at $41,000. Eaton Vance Management purchased a new position in Canadian Natural Resources during the first quarter valued at $44,000. Finally, Huntington National Bank lifted its position in Canadian Natural Resources by 452.5% during the second quarter. Huntington National Bank now owns 1,641 shares of the oil and gas producer’s stock valued at $60,000 after purchasing an additional 1,344 shares in the last quarter. Institutional investors own 67.34% of the company’s stock.

Canadian Natural Resources Company Profile

Canadian Natural Resources Ltd. is an oil and natural gas production company, which engages in the exploration, development, marketing, and production of crude oil and natural gas. It operates through the following segments: Oil Sands Mining & Upgrading; Midstream & Refining; and Exploration & Production.

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