Royal Bank Of Canada Increases Canadian Natural Resources (TSE:CNQ) Price Target to C$80.00

Canadian Natural Resources (TSE:CNQ) (NYSE:CNQ) had its target price boosted by investment analysts at Royal Bank Of Canada from C$65.00 to C$80.00 in a research note issued on Wednesday,BayStreet.CA reports. The firm currently has an “outperform” rating on the stock. Royal Bank Of Canada’s price target would suggest a potential upside of 25.22% from the stock’s previous close.

Several other equities research analysts also recently weighed in on the company. Canadian Imperial Bank of Commerce upped their target price on Canadian Natural Resources from C$52.00 to C$54.00 in a research report on Tuesday, March 31st. ATB Cormark Capital Markets upped their target price on Canadian Natural Resources from C$56.00 to C$65.00 and gave the stock an “outperform” rating in a research report on Friday, March 6th. JPMorgan Chase & Co. upped their target price on Canadian Natural Resources from C$48.00 to C$70.00 in a research report on Tuesday. Evercore downgraded Canadian Natural Resources from an “outperform” rating to a “hold” rating and set a C$50.00 target price for the company. in a research report on Tuesday, January 6th. Finally, Scotiabank upped their target price on Canadian Natural Resources from C$58.00 to C$62.00 and gave the stock an “outperform” rating in a research report on Friday, March 6th. Five equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of C$63.00.

Canadian Natural Resources Stock Down 6.4%

Shares of TSE CNQ traded down C$4.34 on Wednesday, hitting C$63.89. The company had a trading volume of 6,915,500 shares, compared to its average volume of 16,455,045. Canadian Natural Resources has a 12-month low of C$34.92 and a 12-month high of C$70.99. The business has a 50 day moving average of C$60.67 and a two-hundred day moving average of C$50.86. The company has a quick ratio of 0.54, a current ratio of 0.95 and a debt-to-equity ratio of 44.46. The firm has a market capitalization of C$133.33 billion, a P/E ratio of 12.38, a PEG ratio of 0.53 and a beta of 0.40.

Canadian Natural Resources (TSE:CNQ) (NYSE:CNQ) last issued its earnings results on Thursday, March 5th. The company reported C$0.82 earnings per share 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 during the quarter. As a group, equities research analysts forecast that Canadian Natural Resources will post 3.833989 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, insider Kyle Grayson Pisio sold 7,456 shares of the business’s stock in a transaction dated 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 transaction, the insider owned 26,089 shares in the company, valued at approximately C$1,307,319.79. The trade was a 22.23% decrease in their ownership of the stock. Also, insider Ronald Keith Laing sold 20,000 shares of the business’s stock in a transaction dated 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 completion of the transaction, the insider owned 2,049 shares in the company, valued at approximately C$102,101.67. This trade represents a 90.71% decrease in their position. In the last 90 days, insiders have sold 74,306 shares of company stock valued at $4,159,750. 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.