Canadian Natural Resources (TSE:CNQ) Price Target Raised to C$54.00 at Canadian Imperial Bank of Commerce

Canadian Natural Resources (TSE:CNQ) (NYSE:CNQ) had its target price raised by investment analysts at Canadian Imperial Bank of Commerce from C$52.00 to C$54.00 in a report issued on Tuesday,BayStreet.CA reports. Canadian Imperial Bank of Commerce’s target price points to a potential downside of 19.21% from the stock’s previous close.

Several other research firms have also weighed in on CNQ. Raymond James Financial lowered Canadian Natural Resources from a “moderate buy” rating to a “hold” rating and boosted their target price for the stock from C$55.00 to C$65.00 in a report on Monday. Jefferies Financial Group lifted their price target on shares of Canadian Natural Resources from C$48.00 to C$59.00 in a research report on Monday, March 16th. Morgan Stanley reduced their price objective on shares of Canadian Natural Resources from C$51.00 to C$50.00 in a research note on Friday, January 23rd. ATB Cormark Capital Markets upped their price objective on shares of Canadian Natural Resources from C$56.00 to C$65.00 and gave the stock an “outperform” rating in a report on Friday, March 6th. Finally, TD Securities raised their target price on shares of Canadian Natural Resources from C$51.00 to C$64.00 and gave the company a “buy” rating in a research note on Friday, March 6th. Five equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of C$61.31.

Canadian Natural Resources Stock Down 2.9%

Shares of CNQ stock traded down C$1.99 on Tuesday, hitting C$66.84. The company’s stock had a trading volume of 4,812,907 shares, compared to its average volume of 16,394,777. Canadian Natural Resources has a fifty-two week low of C$34.92 and a fifty-two week high of C$70.99. The firm’s fifty day moving average price is C$58.56 and its 200-day moving average price is C$49.92. The company has a debt-to-equity ratio of 44.46, a current ratio of 0.95 and a quick ratio of 0.54. The stock has a market capitalization of C$139.48 billion, a price-to-earnings ratio of 12.95, a P/E/G ratio of 0.53 and a beta of 0.81.

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

Insider Activity at Canadian Natural Resources

In other news, insider Stephanie Ann Graham sold 1,930 shares of the firm’s stock in a transaction on Monday, February 2nd. The stock was sold at an average price of C$49.19, for a total value of C$94,936.70. Following the completion of the sale, the insider directly owned 16,367 shares in the company, valued at approximately C$805,092.73. This trade represents a 10.55% decrease in their ownership of the stock. Also, insider Brenda Gayle Balog sold 2,252 shares of the business’s stock in a transaction dated Monday, February 2nd. The stock was sold at an average price of C$49.98, for a total transaction of C$112,554.96. Following the completion of the transaction, the insider directly owned 47,965 shares of the company’s stock, valued at approximately C$2,397,290.70. This represents a 4.48% decrease in their ownership of the stock. In the last ninety days, insiders sold 74,306 shares of company stock valued at $4,159,750. Corporate insiders own 4.26% of the company’s stock.

Canadian Natural Resources Company Profile

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.