Canadian Natural Resources (TSE:CNQ) Upgraded to Buy by Desjardins

Canadian Natural Resources (TSE:CNQ) (NYSE:CNQ) was upgraded by investment analysts at Desjardins from a “hold” rating to a “buy” rating in a research note issued to investors on Tuesday, BayStreet.CA reports. The firm currently has a C$59.00 price target on the stock, up from their previous price target of C$56.00. Desjardins’ price objective indicates a potential upside of 19.17% from the company’s current price.

A number of other equities research analysts also recently weighed in on CNQ. TD Securities raised their price target on Canadian Natural Resources from C$56.00 to C$58.00 and gave the company a “buy” rating in a research report on Tuesday. Jefferies Financial Group lowered their price target on Canadian Natural Resources from C$52.00 to C$49.00 and set a “hold” rating on the stock in a research report on Monday, September 16th. Royal Bank of Canada raised their price target on Canadian Natural Resources from C$59.00 to C$62.00 and gave the company an “outperform” rating in a research report on Tuesday. Raymond James reduced their price objective on Canadian Natural Resources from C$97.00 to C$49.00 and set a “market perform” rating on the stock in a research note on Wednesday, June 12th. Finally, Scotiabank reduced their price objective on Canadian Natural Resources from C$114.00 to C$57.00 and set a “sector perform” rating on the stock in a research note on Tuesday, June 11th. Eight analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat.com, Canadian Natural Resources currently has a consensus rating of “Hold” and an average price target of C$78.53.

Canadian Natural Resources Price Performance

Shares of CNQ stock traded down C$0.30 on Tuesday, reaching C$49.51. The company’s stock had a trading volume of 2,228,769 shares, compared to its average volume of 12,287,490. The company has a quick ratio of 0.54, a current ratio of 0.88 and a debt-to-equity ratio of 29.64. Canadian Natural Resources has a 12-month low of C$40.02 and a 12-month high of C$56.49. The company has a market capitalization of C$105.46 billion, a P/E ratio of 14.11, a PEG ratio of 0.53 and a beta of 1.91. The stock’s 50 day simple moving average is C$47.03 and its 200-day simple moving average is C$70.84.

Canadian Natural Resources (TSE:CNQ) (NYSE:CNQ) last issued its quarterly earnings data on Wednesday, July 31st. The company reported C$0.88 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of C$0.84 by C$0.04. Canadian Natural Resources had a return on equity of 19.65% and a net margin of 20.88%. The company had revenue of C$9.05 billion for the quarter, compared to the consensus estimate of C$8.41 billion. As a group, equities analysts predict that Canadian Natural Resources will post 3.6036866 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Canadian Natural Resources news, Senior Officer Devin Craig Lowe sold 3,750 shares of the firm’s stock in a transaction dated Monday, October 7th. The shares were sold at an average price of C$49.04, for a total value of C$183,900.00. In other news, Senior Officer Trevor Wagil sold 4,272 shares of Canadian Natural Resources stock in a transaction that occurred on Thursday, October 3rd. The shares were sold at an average price of C$47.51, for a total transaction of C$202,966.99. Also, Senior Officer Devin Craig Lowe sold 3,750 shares of Canadian Natural Resources stock in a transaction that occurred on Monday, October 7th. The shares were sold at an average price of C$49.04, for a total transaction of C$183,900.00. 4.26% of the stock is currently owned by company insiders.

Canadian Natural Resources Company Profile

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).