Canadian Natural Resources (TSE:CNQ) Reaches New 12-Month High – Here’s Why

Canadian Natural Resources Limited (TSE:CNQ) (NYSE:CNQ)’s stock price hit a new 52-week high on Thursday . The company traded as high as C$62.58 and last traded at C$60.98, with a volume of 3774217 shares traded. The stock had previously closed at C$60.24.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on CNQ shares. Desjardins set a C$52.00 price objective on shares of Canadian Natural Resources and gave the company a “hold” rating in a research note on Wednesday, December 17th. Royal Bank Of Canada cut their price target on Canadian Natural Resources from C$62.00 to C$61.00 and set an “outperform” rating for the company in a research note on Tuesday, January 13th. TD Securities boosted their price objective on Canadian Natural Resources from C$53.00 to C$54.00 in a report on Monday, November 10th. Raymond James Financial increased their price objective on Canadian Natural Resources from C$55.00 to C$56.00 in a research note on Monday, November 10th. Finally, National Bank Financial lifted their target price on Canadian Natural Resources from C$47.00 to C$54.00 and gave the company a “sector perform” rating in a research report on Tuesday, February 3rd. Three equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of C$54.40.

Canadian Natural Resources Price Performance

The company has a current ratio of 0.86, a quick ratio of 0.54 and a debt-to-equity ratio of 42.68. The company has a market cap of C$128.65 billion, a P/E ratio of 19.48, a PEG ratio of 0.53 and a beta of 0.70. The business’s fifty day moving average is C$51.17 and its 200 day moving average is C$46.90.

Insider Transactions at Canadian Natural Resources

In other news, insider Trevor Wagil sold 14,500 shares of the company’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 transaction, the insider owned 14,779 shares of the company’s stock, valued at C$738,358.84. This represents a 49.52% decrease in their position. Also, insider Ronald Keith Laing sold 20,000 shares of the stock in a transaction on Wednesday, January 28th. The stock was sold at an average price of C$49.83, for a total value of C$996,600.00. Following the transaction, the insider owned 2,049 shares of the company’s stock, valued at C$102,101.67. The trade was a 90.71% decrease in their position. Over the last 90 days, insiders sold 51,775 shares of company stock valued at $2,571,074. 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.