Canadian Natural Resources Limited (NYSE:CNQ) (TSE:CNQ) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a note issued to investors on Tuesday.

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. “

Several other analysts have also issued reports on the stock. Citigroup Inc. lowered shares of Canadian Natural Resources Limited from a “buy” rating to a “neutral” rating and dropped their target price for the company from $40.00 to $33.00 in a research report on Friday, July 21st. They noted that the move was a valuation call. Morgan Stanley upgraded shares of Canadian Natural Resources Limited from an “equal weight” rating to an “overweight” rating and set a $46.00 target price on the stock in a research report on Wednesday, July 19th. ValuEngine upgraded shares of Canadian Natural Resources Limited from a “sell” rating to a “hold” rating in a research report on Wednesday, July 12th. BidaskClub upgraded shares of Canadian Natural Resources Limited from a “strong sell” rating to a “sell” rating in a research report on Friday, June 30th. Finally, National Bank Financial began coverage on shares of Canadian Natural Resources Limited in a research report on Tuesday, June 27th. They issued an “outperform” rating on the stock. Two analysts have rated the stock with a sell rating, three have given a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company. The company presently has an average rating of “Buy” and a consensus target price of $45.46.

Shares of Canadian Natural Resources Limited (NYSE CNQ) traded down 1.14% during mid-day trading on Tuesday, reaching $32.19. 2,163,488 shares of the company’s stock traded hands. Canadian Natural Resources Limited has a 12-month low of $27.52 and a 12-month high of $35.28. The company has a market cap of $35.96 billion, a P/E ratio of 306.57 and a beta of 1.48. The company’s 50 day moving average is $29.50 and its 200 day moving average is $30.60.

Canadian Natural Resources Limited declared that its Board of Directors has approved a share repurchase program on Wednesday, May 17th that permits the company to buyback 27,930,000 outstanding shares. This buyback authorization permits the oil and gas producer to purchase shares of its stock through open market purchases. Shares buyback programs are usually a sign that the company’s board of directors believes its shares are undervalued.

ILLEGAL ACTIVITY NOTICE: This piece of content was originally published by Daily Political and is owned by of Daily Political. If you are viewing this piece of content on another publication, it was copied illegally and republished in violation of United States & international copyright & trademark legislation. The legal version of this piece of content can be viewed at https://www.dailypolitical.com/2017/08/08/canadian-natural-resources-limited-nysecnq-downgraded-by-zacks-investment-research.html.

Several large investors have recently added to or reduced their stakes in the stock. NN Investment Partners Holdings N.V. increased its stake in Canadian Natural Resources Limited by 72.0% in the first quarter. NN Investment Partners Holdings N.V. now owns 73,985 shares of the oil and gas producer’s stock worth $2,426,000 after buying an additional 30,972 shares during the period. Loomis Sayles & Co. L P bought a new stake in Canadian Natural Resources Limited during the first quarter worth about $845,000. Cidel Asset Management Inc. increased its stake in Canadian Natural Resources Limited by 12.0% in the first quarter. Cidel Asset Management Inc. now owns 2,861,951 shares of the oil and gas producer’s stock worth $91,032,000 after buying an additional 305,980 shares during the period. Manitou Investment Management Ltd. increased its stake in Canadian Natural Resources Limited by 103.0% in the first quarter. Manitou Investment Management Ltd. now owns 670,900 shares of the oil and gas producer’s stock worth $21,927,000 after buying an additional 340,360 shares during the period. Finally, Bank of America Corp DE increased its stake in Canadian Natural Resources Limited by 67.1% in the first quarter. Bank of America Corp DE now owns 4,185,146 shares of the oil and gas producer’s stock worth $137,231,000 after buying an additional 1,681,125 shares during the period. 60.72% of the stock is currently owned by institutional investors and hedge funds.

About Canadian Natural Resources Limited

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.

Get a free copy of the Zacks research report on Canadian Natural Resources Limited (CNQ)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Analyst Recommendations for Canadian Natural Resources Limited (NYSE:CNQ)

Receive News & Ratings for Canadian Natural Resources Limited Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Canadian Natural Resources Limited and related companies with MarketBeat.com's FREE daily email newsletter.