National Bank Financial Forecasts Strong Price Appreciation for Canadian Natural Resources (TSE:CNQ) Stock

Canadian Natural Resources (TSE:CNQ) (NYSE:CNQ) had its target price increased by stock analysts at National Bank Financial from C$59.00 to C$90.00 in a research report issued on Tuesday,BayStreet.CA reports. The brokerage currently has a “sector perform” rating on the stock. National Bank Financial’s price target suggests a potential upside of 39.23% from the stock’s previous close.

Several other brokerages have also recently weighed in on CNQ. Morgan Stanley dropped their price objective on Canadian Natural Resources from C$51.00 to C$50.00 in a research note on Friday, January 23rd. TD Securities upped their target price on shares of Canadian Natural Resources from C$51.00 to C$64.00 and gave the stock a “buy” rating in a research note on Friday, March 6th. Gerdes Energy Research downgraded shares of Canadian Natural Resources from a “buy” rating to a “neutral” rating in a report on Thursday, February 12th. ATB Cormark Capital Markets raised their price target on shares of Canadian Natural Resources from C$56.00 to C$65.00 and gave the company an “outperform” rating in a research report on Friday, March 6th. Finally, Desjardins boosted their price target on shares of Canadian Natural Resources from C$52.00 to C$56.00 and gave the stock a “hold” rating in a report on Monday, March 9th. Five investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of C$61.31.

Canadian Natural Resources Stock Performance

Shares of CNQ opened at C$64.64 on Tuesday. The firm has a market capitalization of C$134.89 billion, a P/E ratio of 12.53, a P/E/G ratio of 0.53 and a beta of 0.81. Canadian Natural Resources has a 52 week low of C$34.92 and a 52 week high of C$70.99. The stock has a 50 day moving average price of C$59.27 and a two-hundred day moving average price of C$50.20. The company has a debt-to-equity ratio of 44.46, a quick ratio of 0.54 and a current ratio of 0.95.

Canadian Natural Resources (TSE:CNQ) (NYSE:CNQ) last announced its earnings results on Thursday, March 5th. The company reported C$0.82 earnings per share (EPS) for the quarter. Canadian Natural Resources had a return on equity of 25.98% and a net margin of 26.06%.The company had revenue of C$9.61 billion for the quarter. Equities analysts forecast that Canadian Natural Resources will post 3.833989 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, insider Trevor Wagil sold 14,500 shares of the firm’s stock in a transaction on Monday, February 2nd. The stock was sold at an average price of C$49.96, for a total transaction of C$724,420.00. Following the completion of the sale, the insider directly owned 14,779 shares of the company’s stock, valued at C$738,358.84. This trade represents a 49.52% decrease in their position. Also, insider Kyle Grayson Pisio sold 7,456 shares of Canadian Natural Resources stock in a transaction on Wednesday, January 28th. The stock was sold at an average price of C$50.11, for a total value of C$373,620.16. Following the sale, the insider owned 26,089 shares in the company, valued at C$1,307,319.79. The trade was a 22.23% decrease in their ownership of the stock. In the last 90 days, insiders have sold 74,306 shares of company stock valued at $4,159,750. 4.26% of the stock is currently owned by insiders.

About Canadian Natural Resources

Canadian Natural Resources is one of the largest oil and natural gas producers in western Canada, supplemented by operations in the North Sea and Offshore Africa. The company’s portfolio includes light and medium oil, heavy oil, bitumen, synthetic oil, natural gas liquids, and natural gas. Production averaged 1.16 million barrels of oil equivalent per day in 2020, and the company estimates that it holds over 11.5 billion boe of proven and probable crude oil and natural gas reserves.