Canadian Natural Resources (TSE:CNQ) Share Price Passes Above Two Hundred Day Moving Average – Here’s What Happened

Canadian Natural Resources Limited (TSE:CNQ) (NYSE:CNQ) shares passed above its two hundred day moving average during trading on Monday . The stock has a two hundred day moving average of C$42.97 and traded as high as C$43.50. Canadian Natural Resources shares last traded at C$43.28, with a volume of 33,170,427 shares changing hands.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on CNQ. Wells Fargo & Company upped their target price on Canadian Natural Resources from C$40.00 to C$42.00 in a research note on Thursday, May 22nd. Evercore ISI raised shares of Canadian Natural Resources from a “hold” rating to a “strong-buy” rating in a report on Friday, March 7th. CIBC boosted their target price on shares of Canadian Natural Resources from C$59.00 to C$62.00 in a research note on Thursday, April 10th. Scotiabank upgraded shares of Canadian Natural Resources from a “sector perform” rating to an “outperform” rating and set a C$56.00 price target for the company in a research report on Wednesday, March 19th. Finally, Raymond James raised shares of Canadian Natural Resources from a “market perform” rating to an “outperform” rating and dropped their price objective for the company from C$52.00 to C$49.00 in a research note on Wednesday, April 9th. Five equities research analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of C$54.25.

Canadian Natural Resources Stock Performance

The stock has a market cap of C$90.83 billion, a P/E ratio of 12.02, a PEG ratio of 0.53 and a beta of 1.89. 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 company has a fifty day moving average of C$40.90 and a 200 day moving average of C$42.97.

Insider Transactions at Canadian Natural Resources

In related news, Senior Officer Calvin John Bast sold 7,500 shares of the stock in a transaction on Thursday, March 13th. The stock was sold at an average price of C$41.80, for a total value of C$313,500.00. Also, Director Stephen W. Laut sold 2,500 shares of the business’s stock in a transaction dated Wednesday, March 12th. The stock was sold at an average price of C$42.02, for a total value of C$105,050.00. Insiders have sold 34,500 shares of company stock valued at $1,505,755 in the last quarter. 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.