Canadian Natural Resources (TSE:CNQ) Stock Price Expected to Rise, Scotiabank Analyst Says

Canadian Natural Resources (TSE:CNQ) (NYSE:CNQ) had its target price boosted by equities researchers at Scotiabank from C$54.00 to C$58.00 in a note issued to investors on Thursday,BayStreet.CA reports. The firm currently has an “outperform” rating on the stock. Scotiabank’s price objective points to a potential upside of 31.91% from the company’s current price.

CNQ has been the subject of several other reports. Raymond James Financial upped their target price on Canadian Natural Resources from C$52.00 to C$54.00 and gave the company an “outperform” rating in a report on Friday, August 8th. Royal Bank Of Canada lowered their target price on Canadian Natural Resources from C$64.00 to C$62.00 and set an “outperform” rating for the company in a report on Friday, August 8th. Finally, Wells Fargo & Company upped their target price on Canadian Natural Resources from C$42.00 to C$46.00 and gave the company an “equal weight” rating in a report on Thursday, June 26th. One investment analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of C$54.64.

Canadian Natural Resources Stock Down 4.2%

TSE:CNQ opened at C$43.97 on Thursday. The firm has a market capitalization of C$91.48 billion, a PE ratio of 11.16, a price-to-earnings-growth ratio of 0.53 and a beta of 0.88. The stock has a 50 day moving average of C$43.38 and a 200-day moving average of C$42.68. Canadian Natural Resources has a 52 week low of C$34.92 and a 52 week high of C$52.15. The company has a current ratio of 0.84, a quick ratio of 0.54 and a debt-to-equity ratio of 25.79.

Insiders Place Their Bets

In other news, Director Stephen W. Laut sold 7,000 shares of the stock in a transaction on Thursday, October 2nd. The stock was sold at an average price of C$43.92, for a total transaction of C$307,440.00. Following the completion of the sale, the director owned 895,350 shares in the company, valued at approximately C$39,323,772. This represents a 0.78% decrease in their position. Also, insider Ronald Keith Laing sold 20,000 shares of the stock in a transaction on Monday, October 6th. The shares were sold at an average price of C$45.17, for a total value of C$903,400.00. Following the sale, the insider owned 2,049 shares of the company’s stock, valued at C$92,553.33. This trade represents a 90.71% decrease in their position. 4.26% of the stock is currently owned by corporate insiders.

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.