Canadian Natural Resources (TSE:CNQ) Reaches New 1-Year High – What’s Next?

Shares of Canadian Natural Resources Limited (TSE:CNQ) (NYSE:CNQ) hit a new 52-week high on Tuesday. The stock traded as high as C$72.71 and last traded at C$72.68, with a volume of 476,488 shares traded. The stock had previously closed at C$70.80.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on CNQ. Canadian Imperial Bank of Commerce increased their target price on Canadian Natural Resources from C$70.00 to C$75.00 in a research report on Thursday, August 27th. Desjardins set a C$70.00 price target on shares of Canadian Natural Resources and gave the stock a “hold” rating in a report on Friday, July 17th. TD upped their price objective on shares of Canadian Natural Resources from C$72.00 to C$73.00 and gave the stock a “buy” rating in a research report on Friday, August 7th. Scotia upped their price objective on shares of Canadian Natural Resources from C$71.00 to C$73.00 and gave the stock a “sector perform” rating in a research report on Friday, August 7th. Finally, Scotiabank raised shares of Canadian Natural Resources to a “hold” rating in a report on Friday, June 26th. Seven research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of C$67.12.

Canadian Natural Resources Stock Up 3.3%

The business has a fifty day simple moving average of C$68.53 and a 200 day simple moving average of C$64.82. The firm has a market cap of C$150.72 billion, a price-to-earnings ratio of 13.01, a PEG ratio of 0.53 and a beta of 0.38. The company has a debt-to-equity ratio of 36.64, a current ratio of 1.00 and a quick ratio of 0.54.

Canadian Natural Resources (TSE:CNQ) (NYSE:CNQ) last released its earnings results on Thursday, August 6th. The company reported C$2.19 earnings per share for the quarter. The business had revenue of C$14.74 billion for the quarter. Canadian Natural Resources had a return on equity of 26.67% and a net margin of 24.93%. As a group, equities analysts forecast that Canadian Natural Resources Limited will post 3.83 EPS for the current fiscal year.

Insider Activity at Canadian Natural Resources

In other news, Director Shelley Ann Marie Brown acquired 709 shares of Canadian Natural Resources stock in a transaction that occurred on Tuesday, September 15th. The stock was purchased at an average cost of C$70.44 per share, with a total value of C$49,941.96. Following the purchase, the director owned 1,780 shares in the company, valued at C$125,383.20. This trade represents a 66.20% increase in their ownership of the stock. 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.