Canadian Natural Resources Limited (NYSE:CNQ) Receives $48.50 Average PT from Brokerages

Shares of Canadian Natural Resources Limited (NYSE:CNQ) (TSE:CNQ) have received an average rating of “Hold” from the eleven analysts that are currently covering the stock, MarketBeat Ratings reports. Six analysts have rated the stock with a hold rating and five have given a buy rating to the company. The average twelve-month price objective among analysts that have updated their coverage on the stock in the last year is $48.50.

Several research firms have commented on CNQ. Desjardins cut shares of Canadian Natural Resources from a “buy” rating to a “hold” rating in a research note on Monday, November 24th. Evercore lowered shares of Canadian Natural Resources from an “outperform” rating to an “in-line” rating in a research note on Tuesday, January 6th. Wall Street Zen raised Canadian Natural Resources from a “sell” rating to a “hold” rating in a report on Saturday, January 31st. The Goldman Sachs Group set a $35.00 price target on Canadian Natural Resources and gave the company a “buy” rating in a research note on Friday, January 2nd. Finally, Zacks Research cut Canadian Natural Resources from a “strong-buy” rating to a “hold” rating in a research report on Friday, December 19th.

Institutional Investors Weigh In On Canadian Natural Resources

Hedge funds and other institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. boosted its position in shares of Canadian Natural Resources by 3.4% in the 2nd quarter. Vanguard Group Inc. now owns 90,742,099 shares of the oil and gas producer’s stock valued at $2,852,024,000 after purchasing an additional 3,003,542 shares during the period. Envestnet Asset Management Inc. boosted its holdings in shares of Canadian Natural Resources by 2.8% in the third quarter. Envestnet Asset Management Inc. now owns 1,616,219 shares of the oil and gas producer’s stock worth $51,654,000 after buying an additional 43,356 shares during the period. Principal Financial Group Inc. boosted its holdings in shares of Canadian Natural Resources by 2.0% in the third quarter. Principal Financial Group Inc. now owns 1,716,038 shares of the oil and gas producer’s stock worth $54,883,000 after buying an additional 33,609 shares during the period. PNC Financial Services Group Inc. increased its position in shares of Canadian Natural Resources by 9.9% in the second quarter. PNC Financial Services Group Inc. now owns 89,973 shares of the oil and gas producer’s stock worth $2,825,000 after acquiring an additional 8,078 shares in the last quarter. Finally, Intact Investment Management Inc. increased its position in shares of Canadian Natural Resources by 9.1% in the third quarter. Intact Investment Management Inc. now owns 1,718,220 shares of the oil and gas producer’s stock worth $54,946,000 after acquiring an additional 143,550 shares in the last quarter. 74.03% of the stock is currently owned by institutional investors.

Canadian Natural Resources Stock Up 1.3%

Shares of Canadian Natural Resources stock opened at $43.11 on Tuesday. The company has a debt-to-equity ratio of 0.41, a current ratio of 0.86 and a quick ratio of 0.53. Canadian Natural Resources has a 1-year low of $24.65 and a 1-year high of $43.16. The business’s fifty day moving average price is $36.40 and its two-hundred day moving average price is $33.47. The company has a market capitalization of $89.74 billion, a P/E ratio of 19.08 and a beta of 0.68.

About Canadian Natural Resources

Canadian Natural Resources Limited (NYSE: CNQ) is a Calgary-based independent oil and natural gas exploration and production company. Established in the early 1970s and publicly listed in Canada and the United States, the company is principally engaged in the exploration, development, production, and marketing of crude oil, natural gas and natural gas liquids. Its asset base spans conventional and unconventional reservoirs and includes oil sands mining and in-situ thermal projects, midstream processing and upgrading capacity, and related field operations.

The company’s operations are concentrated in Western Canada, where it develops heavy crude, bitumen from oil sands and conventional light crude and natural gas resources.