Royal Bank of Canada Raises Canadian Natural Resources (NYSE:CNQ) Price Target to $63.00

Canadian Natural Resources (NYSE:CNQ) (TSE:CNQ) had its price target boosted by analysts at Royal Bank of Canada from $62.00 to $63.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage currently has an “outperform” rating on the oil and gas producer’s stock. Royal Bank of Canada’s price target suggests a potential upside of 121.66% from the stock’s previous close.

Several other research firms have also issued reports on CNQ. Tudor Pickering lowered shares of Canadian Natural Resources from a “strong-buy” rating to a “hold” rating in a research note on Monday, February 10th. Evercore ISI raised Canadian Natural Resources from an “in-line” rating to an “outperform” rating in a report on Friday. Five analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat.com, Canadian Natural Resources presently has an average rating of “Hold” and a consensus price target of $63.00.

Canadian Natural Resources Stock Up 1.7 %

Canadian Natural Resources stock traded up $0.46 during trading on Friday, hitting $28.42. 4,829,090 shares of the company were exchanged, compared to its average volume of 6,892,406. The company has a market capitalization of $59.74 billion, a P/E ratio of 11.02 and a beta of 1.48. The business’s 50 day moving average is $30.50 and its 200 day moving average is $32.77. Canadian Natural Resources has a 52 week low of $25.62 and a 52 week high of $41.29. The company has a current ratio of 0.84, a quick ratio of 0.53 and a debt-to-equity ratio of 0.21.

Institutional Investors Weigh In On Canadian Natural Resources

A number of hedge funds have recently modified their holdings of CNQ. Holocene Advisors LP bought a new stake in shares of Canadian Natural Resources in the third quarter worth about $13,700,000. Principal Securities Inc. boosted its holdings in shares of Canadian Natural Resources by 595.2% in the 4th quarter. Principal Securities Inc. now owns 6,987 shares of the oil and gas producer’s stock valued at $216,000 after buying an additional 5,982 shares in the last quarter. SG Americas Securities LLC lifted its holdings in shares of Canadian Natural Resources by 6.3% during the 4th quarter. SG Americas Securities LLC now owns 296,424 shares of the oil and gas producer’s stock valued at $9,151,000 after purchasing an additional 17,694 shares during the last quarter. CIBC Asset Management Inc increased its stake in Canadian Natural Resources by 5.6% during the 4th quarter. CIBC Asset Management Inc now owns 24,109,432 shares of the oil and gas producer’s stock valued at $746,025,000 after purchasing an additional 1,270,945 shares in the last quarter. Finally, Bank of New York Mellon Corp lifted its stake in Canadian Natural Resources by 87.0% during the 4th quarter. Bank of New York Mellon Corp now owns 4,437,771 shares of the oil and gas producer’s stock valued at $136,994,000 after acquiring an additional 2,064,492 shares during the period. Institutional investors own 74.03% of the company’s stock.

About Canadian Natural Resources

Canadian Natural Resources Limited acquires, explores for, develops, produces, markets, and sells crude oil, natural gas, and natural gas liquids (NGLs). The company offers light and medium crude oil, primary heavy crude oil, Pelican Lake heavy crude oil, bitumen (thermal oil), and synthetic crude oil (SCO).