Wells Fargo & Company Issues Pessimistic Forecast for Canadian Natural Resources (TSE:CNQ) Stock Price

Canadian Natural Resources (TSE:CNQ) (NYSE:CNQ) had its target price reduced by Wells Fargo & Company from C$50.00 to C$44.00 in a research report released on Friday morning,BayStreet.CA reports.

Several other brokerages also recently weighed in on CNQ. TD Securities set a C$58.00 target price on Canadian Natural Resources and gave the company a “buy” rating in a research note on Tuesday, December 3rd. Royal Bank of Canada decreased their target price on Canadian Natural Resources from C$63.00 to C$62.00 in a research note on Tuesday, January 14th. Tudor Pickering downgraded Canadian Natural Resources from a “strong-buy” rating to a “hold” rating in a research note on Monday, February 10th. Gerdes Energy Research upgraded Canadian Natural Resources from a “neutral” rating to a “buy” rating in a research note on Monday, December 16th. Finally, BMO Capital Markets cut their price target on Canadian Natural Resources from C$60.00 to C$58.00 in a report on Friday, December 13th. Six equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of C$68.60.

Canadian Natural Resources Price Performance

CNQ opened at C$40.74 on Friday. The stock has a market cap of C$85.50 billion, a price-to-earnings ratio of 11.31, a PEG ratio of 0.53 and a beta of 1.89. Canadian Natural Resources has a 1 year low of C$37.11 and a 1 year 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. The stock has a fifty day moving average price of C$43.77 and a 200 day moving average price of C$45.77.

Insiders Place Their Bets

In related news, Senior Officer Troy John Peter Andersen sold 19,000 shares of Canadian Natural Resources stock in a transaction dated Friday, January 10th. The stock was sold at an average price of C$47.45, for a total value of C$901,607.00. Also, Director Stephen W. Laut purchased 942 shares of Canadian Natural Resources stock in a transaction that occurred on Monday, January 6th. The shares were acquired at an average price of C$46.46 per share, with a total value of C$43,765.32. Over the last ninety days, insiders have sold 146,932 shares of company stock worth $6,613,689. Corporate insiders own 4.26% of the company’s stock.

About Canadian Natural Resources

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.