CIBC Forecasts Strong Price Appreciation for Canadian Natural Resources (TSE:CNQ) Stock

Canadian Natural Resources (TSE:CNQ) (NYSE:CNQ) had its price target lifted by analysts at CIBC from C$59.00 to C$62.00 in a research note issued on Thursday,BayStreet.CA reports. CIBC’s target price would suggest a potential upside of 64.37% from the stock’s current price.

Several other research analysts have also recently weighed in on the stock. Wells Fargo & Company decreased their price objective on shares of Canadian Natural Resources from C$44.00 to C$40.00 and set an “equal weight” rating for the company in a report on Wednesday. Tudor Pickering lowered shares of Canadian Natural Resources from a “strong-buy” rating to a “hold” rating in a research note on Monday, February 10th. Evercore ISI raised Canadian Natural Resources from a “hold” rating to a “strong-buy” rating in a report on Friday, March 7th. National Bankshares cut their price objective on Canadian Natural Resources from C$51.00 to C$49.00 and set a “sector perform” rating for the company in a report on Friday, March 7th. Finally, Scotiabank raised Canadian Natural Resources from a “sector perform” rating to an “outperform” rating and set a C$56.00 target price on the stock in a report on Wednesday, March 19th. Five equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of C$60.38.

Canadian Natural Resources Trading Up 3.0 %

Canadian Natural Resources stock opened at C$37.72 on Thursday. Canadian Natural Resources has a one year low of C$34.92 and a one year high of C$56.42. The business’s fifty day moving average is C$41.83 and its 200 day moving average is C$44.85. The company has a debt-to-equity ratio of 25.79, a current ratio of 0.84 and a quick ratio of 0.54. The stock has a market capitalization of C$79.16 billion, a PE ratio of 10.47, a price-to-earnings-growth ratio of 0.53 and a beta of 1.89.

Insiders Place Their Bets

In other Canadian Natural Resources news, Senior Officer Mark Allen Stainthorpe sold 81,000 shares of the business’s stock in a transaction on Wednesday, January 15th. The shares were sold at an average price of C$44.98, for a total value of C$3,643,380.00. Also, Senior Officer Dwayne Frederick Giggs acquired 1,400 shares of the company’s stock in a transaction on Thursday, April 10th. The shares were bought at an average cost of C$36.88 per share, with a total value of C$51,631.02. Over the last three months, insiders bought 29,380 shares of company stock worth $1,351,509 and sold 128,184 shares worth $5,690,788. 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.