Canadian Natural Resources (TSE:CNQ) Price Target Cut to C$49.00 by Analysts at Desjardins

Canadian Natural Resources (TSE:CNQ) (NYSE:CNQ) had its target price dropped by Desjardins from C$51.00 to C$49.00 in a note issued to investors on Tuesday,BayStreet.CA reports. The brokerage presently has a “buy” rating on the stock. Desjardins’ price target would indicate a potential upside of 28.61% from the company’s previous close.

A number of other research firms have also recently issued reports on CNQ. Raymond James upgraded Canadian Natural Resources from a “market perform” rating to an “outperform” rating and cut their target price for the company from C$52.00 to C$49.00 in a research note on Wednesday, April 9th. Evercore ISI raised Canadian Natural Resources from a “hold” rating to a “strong-buy” rating in a research note on Friday, March 7th. Jefferies Financial Group dropped their target price on Canadian Natural Resources from C$54.00 to C$50.00 in a report on Thursday, January 30th. Tudor Pickering lowered shares of Canadian Natural Resources from a “strong-buy” rating to a “hold” rating in a research report on Monday, February 10th. Finally, Scotiabank raised Canadian Natural Resources from a “sector perform” rating to an “outperform” rating and set a C$56.00 target price on the stock in a research report on Wednesday, March 19th. Five investment analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of C$59.62.

Canadian Natural Resources Stock Up 0.3 %

TSE:CNQ traded up C$0.11 during mid-day trading on Tuesday, reaching C$38.10. The stock had a trading volume of 2,491,910 shares, compared to its average volume of 13,172,177. The stock’s 50 day simple moving average is C$41.70 and its two-hundred day simple moving average is C$44.79. Canadian Natural Resources has a 1-year low of C$34.92 and a 1-year high of C$54.30. The company has a market capitalization of C$79.96 billion, a price-to-earnings ratio of 10.58, a price-to-earnings-growth ratio of 0.53 and a beta of 1.89. The company has a debt-to-equity ratio of 25.79, a current ratio of 0.84 and a quick ratio of 0.54.

Insider Activity

In related news, Senior Officer Calvin John Bast sold 7,500 shares of the company’s stock in a transaction that occurred on Thursday, March 13th. The stock was sold at an average price of C$41.80, for a total value of C$313,500.00. Also, Senior Officer Mark Allen Stainthorpe sold 81,000 shares of the stock in a transaction on Wednesday, January 15th. The stock was sold at an average price of C$44.98, for a total transaction of C$3,643,380.00. In the last quarter, insiders have sold 128,184 shares of company stock worth $5,690,788. 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.