Canadian Natural Resources (TSE:CNQ) Upgraded by Scotiabank to “Outperform” Rating

Scotiabank upgraded shares of Canadian Natural Resources (TSE:CNQ) (NYSE:CNQ) from a sector perform rating to an outperform rating in a research note published on Wednesday morning,BayStreet.CA reports. The brokerage currently has C$56.00 target price on the stock.

CNQ has been the subject of several other research reports. Jefferies Financial Group reduced their target price on shares of Canadian Natural Resources from C$54.00 to C$50.00 in a research note on Thursday, January 30th. Royal Bank of Canada upped their price objective on shares of Canadian Natural Resources from C$62.00 to C$63.00 and gave the stock an “outperform” rating in a research report on Friday, March 7th. Raymond James lifted their target price on shares of Canadian Natural Resources from C$51.00 to C$52.00 and gave the stock a “market perform” rating in a research report on Friday, March 7th. Wells Fargo & Company reduced their target price on Canadian Natural Resources from C$50.00 to C$44.00 in a report on Friday, March 7th. Finally, National Bankshares dropped their price target on Canadian Natural Resources from C$51.00 to C$49.00 and set a “sector perform” rating on the stock in a report on Friday, March 7th. Five equities research analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Canadian Natural Resources has an average rating of “Moderate Buy” and a consensus target price of C$68.53.

Canadian Natural Resources Trading Up 2.7 %

Shares of Canadian Natural Resources stock opened at C$44.01 on Wednesday. The company has a market capitalization of C$92.36 billion, a P/E ratio of 12.22, a price-to-earnings-growth ratio of 0.53 and a beta of 1.89. The stock has a fifty day simple moving average of C$43.25 and a 200 day simple moving average of C$45.43. Canadian Natural Resources has a 12-month low of C$37.11 and a 12-month high of C$56.49. The company has a current ratio of 0.84, a quick ratio of 0.54 and a debt-to-equity ratio of 25.79.

Insider Activity

In related news, Senior Officer Warren Paul Raczynski sold 7,500 shares of Canadian Natural Resources stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of C$43.70, for a total value of C$327,750.00. Also, Senior Officer Jay Ellery Froc sold 4,500 shares of the business’s stock in a transaction on Monday, March 17th. The shares were sold at an average price of C$42.89, for a total transaction of C$193,005.00. Insiders have sold a total of 165,936 shares of company stock valued at $7,409,291 over the last quarter. Company 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.