Canadian Natural Resources (TSE:CNQ) Hits New 12-Month High – Still a Buy?

Canadian Natural Resources Limited (TSE:CNQ) (NYSE:CNQ)’s share price reached a new 52-week high during mid-day trading on Friday. The company traded as high as C$78.34 and last traded at C$78.31, with a volume of 1,884,925 shares trading hands. The stock had previously closed at C$77.05.

Analysts Set New Price Targets

A number of equities analysts have commented on CNQ shares. National Bank Financial lifted their price objective on shares of Canadian Natural Resources from C$84.00 to C$86.00 and gave the stock a “sector perform” rating in a research note on Tuesday, October 20th. Desjardins increased their price target on shares of Canadian Natural Resources from C$73.00 to C$74.00 and gave the company a “hold” rating in a report on Tuesday, October 20th. Royal Bank Of Canada lifted their price target on Canadian Natural Resources from C$79.00 to C$86.00 in a research report on Tuesday, October 13th. Canadian Imperial Bank of Commerce boosted their price objective on Canadian Natural Resources from C$70.00 to C$75.00 in a research note on Thursday, August 27th. Finally, Scotia upped their price objective on Canadian Natural Resources from C$71.00 to C$73.00 and gave the company a “sector perform” rating in a research report on Friday, August 7th. Six 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.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of C$70.00.

Canadian Natural Resources Price Performance

The company has a quick ratio of 0.54, a current ratio of 1.00 and a debt-to-equity ratio of 36.64. The company has a market capitalization of C$160.84 billion, a PE ratio of 13.88, a price-to-earnings-growth ratio of 0.53 and a beta of 0.38. The firm’s 50 day simple moving average is C$71.02 and its 200 day simple moving average is C$63.54.

Canadian Natural Resources (TSE:CNQ) (NYSE:CNQ) last announced its earnings results on Thursday, August 6th. The company reported C$2.19 earnings per share for the quarter. The business had revenue of C$14.74 billion for the quarter. Canadian Natural Resources had a net margin of 24.93% and a return on equity of 26.67%. As a group, research analysts anticipate that Canadian Natural Resources Limited will post 3.83 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director Shelley Ann Marie Brown acquired 709 shares of the firm’s stock in a transaction on Tuesday, September 15th. The stock was acquired at an average price of C$70.44 per share, with a total value of C$49,941.96. Following the completion of the purchase, the director directly owned 1,780 shares in the company, valued at approximately C$125,383.20. This trade represents a 66.20% increase in their ownership of the stock. 4.26% of the stock is owned by company insiders.

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.