Royal Bank Of Canada Forecasts Strong Price Appreciation for Canadian Natural Resources (TSE:CNQ) Stock

Canadian Natural Resources (TSE:CNQ) (NYSE:CNQ) had its price target lifted by stock analysts at Royal Bank Of Canada from C$79.00 to C$86.00 in a report issued on Tuesday, BayStreet reports. Royal Bank Of Canada’s target price points to a potential upside of 16.77% from the company’s previous close.

A number of other analysts have also issued reports on the stock. Desjardins set a C$70.00 target price on shares of Canadian Natural Resources and gave the company a “hold” rating in a research note on Friday, July 17th. Scotiabank upgraded shares of Canadian Natural Resources to a “hold” rating in a report on Friday, June 26th. Raymond James Financial raised their price target on shares of Canadian Natural Resources from C$66.00 to C$70.00 and gave the stock an “outperform” rating in a research note on Wednesday, September 16th. Gerdes Energy Research upgraded shares of Canadian Natural Resources from a “neutral” rating to a “buy” rating and lifted their price objective for the company from C$67.00 to C$69.00 in a report on Monday, June 29th. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Canadian Natural Resources from C$67.00 to C$75.00 in a research report on Wednesday, August 12th. Seven research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of C$67.53.

Canadian Natural Resources Trading Up 4.0%

Shares of TSE:CNQ traded up C$2.85 during trading hours on Tuesday, hitting C$73.65. 3,797,745 shares of the company’s stock traded hands, compared to its average volume of 15,071,756. The firm has a market capitalization of C$151.83 billion, a P/E ratio of 13.10, a price-to-earnings-growth ratio of 0.53 and a beta of 0.38. The business has a fifty day moving average price of C$68.53 and a 200-day moving average price of C$64.82. Canadian Natural Resources has a 1 year low of C$41.67 and a 1 year high of C$73.87. 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 announced its quarterly earnings data on Thursday, August 6th. The company reported C$2.19 EPS for the quarter. Canadian Natural Resources had a return on equity of 26.67% and a net margin of 24.93%. The company had revenue of C$14.74 billion for the quarter. Equities analysts expect that Canadian Natural Resources will post 3.83 earnings per share for the current year.

Insider Activity

In related news, Director Shelley Ann Marie Brown bought 709 shares of the company’s stock in a transaction on Tuesday, September 15th. The shares were bought at an average price of C$70.44 per share, with a total value of C$49,941.96. Following the transaction, the director owned 1,780 shares in the company, valued at approximately C$125,383.20. This trade represents a 66.20% increase in their ownership of the stock. 4.26% of the stock is currently owned by company insiders.

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.