Canadian Natural Resources (TSE:CNQ) Share Price Crosses Above 200-Day Moving Average – What’s Next?

Canadian Natural Resources Limited (TSE:CNQ) (NYSE:CNQ) shares passed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of C$57.36 and traded as high as C$59.50. Canadian Natural Resources shares last traded at C$57.95, with a volume of 27,840,988 shares traded.

Analyst Ratings Changes

Several analysts recently commented on the company. Raymond James Financial raised Canadian Natural Resources from a “hold” rating to a “moderate buy” rating and boosted their price target for the company from C$65.00 to C$67.00 in a research note on Thursday, May 7th. Scotiabank increased their price objective on Canadian Natural Resources from C$58.00 to C$62.00 and gave the stock an “outperform” rating in a research note on Friday, March 6th. ATB Cormark Capital Markets lifted their price objective on Canadian Natural Resources from C$56.00 to C$65.00 and gave the company an “outperform” rating in a report on Friday, March 6th. Desjardins boosted their target price on shares of Canadian Natural Resources from C$52.00 to C$56.00 and gave the company a “hold” rating in a research note on Monday, March 9th. Finally, JPMorgan Chase & Co. upped their target price on shares of Canadian Natural Resources from C$48.00 to C$70.00 in a report on Tuesday, April 7th. Seven equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of C$63.73.

Canadian Natural Resources Stock Down 3.0%

The business’s 50 day moving average price is C$63.42 and its 200-day moving average price is C$57.36. The company has a debt-to-equity ratio of 44.85, a current ratio of 0.98 and a quick ratio of 0.54. The company has a market cap of C$120.87 billion, a P/E ratio of 11.23, a PEG ratio of 0.53 and a beta of 0.24.

Canadian Natural Resources (TSE:CNQ) (NYSE:CNQ) last released its quarterly earnings results on Thursday, May 7th. The company reported C$1.17 EPS for the quarter. Canadian Natural Resources had a return on equity of 22.74% and a net margin of 24.51%.The business had revenue of C$10.81 billion for the quarter. On average, analysts anticipate that Canadian Natural Resources Limited will post 3.833989 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Canadian Natural Resources news, Director Gordon D. Giffin sold 25,000 shares of the business’s stock in a transaction on Tuesday, March 24th. The stock was sold at an average price of C$68.01, for a total value of C$1,700,250.00. Following the transaction, the director owned 171,210 shares of the company’s stock, valued at approximately C$11,643,992.10. The trade was a 12.74% decrease in their ownership of the stock. Corporate insiders own 4.26% of the company’s stock.

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.