Canadian Natural Resources (TSE:CNQ) Shares Pass Above 200-Day Moving Average – What’s Next?

Canadian Natural Resources Limited (TSE:CNQ) (NYSE:CNQ) shares crossed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of C$49.33 and traded as high as C$68.07. Canadian Natural Resources shares last traded at C$68.00, with a volume of 20,871,935 shares traded.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on CNQ shares. Royal Bank Of Canada increased their price objective on Canadian Natural Resources from C$61.00 to C$65.00 and gave the company an “outperform” rating in a report on Friday, March 6th. TD Securities lifted their target price on Canadian Natural Resources from C$51.00 to C$64.00 and gave the stock a “buy” rating in a report on Friday, March 6th. BMO Capital Markets upped their target price on Canadian Natural Resources from C$50.00 to C$70.00 and gave the company an “outperform” rating in a research report on Friday, March 6th. Desjardins increased their price target on shares of Canadian Natural Resources from C$52.00 to C$56.00 and gave the stock a “hold” rating in a report on Monday, March 9th. Finally, Jefferies Financial Group raised their price target on shares of Canadian Natural Resources from C$48.00 to C$59.00 in a research report on Monday, March 16th. Six analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of C$58.77.

Canadian Natural Resources Stock Performance

The firm’s fifty day simple moving average is C$57.31 and its 200 day simple moving average is C$49.33. The company has a market capitalization of C$141.85 billion, a PE ratio of 13.18, a price-to-earnings-growth ratio of 0.53 and a beta of 0.81. The company has a debt-to-equity ratio of 44.46, a current ratio of 0.95 and a quick ratio of 0.54.

Canadian Natural Resources (TSE:CNQ) (NYSE:CNQ) last released its quarterly earnings data on Thursday, March 5th. The company reported C$0.82 earnings per share for the quarter. The business had revenue of C$9.61 billion during the quarter. Canadian Natural Resources had a return on equity of 25.98% and a net margin of 26.06%. On average, research analysts predict that Canadian Natural Resources Limited will post 3.833989 EPS for the current year.

Insider Activity

In related news, insider Erin Louise Lunn sold 2,252 shares of Canadian Natural Resources stock in a transaction that occurred on Wednesday, January 28th. The stock was sold at an average price of C$49.68, for a total transaction of C$111,879.36. Following the completion of the transaction, the insider directly owned 51,142 shares in the company, valued at approximately C$2,540,734.56. This trade represents a 4.22% decrease in their ownership of the stock. Also, insider Ronald Keith Laing sold 20,000 shares of the business’s stock in a transaction that occurred on Wednesday, January 28th. The shares were sold at an average price of C$49.83, for a total value of C$996,600.00. Following the completion of the transaction, the insider directly owned 2,049 shares of the company’s stock, valued at C$102,101.67. The trade was a 90.71% decrease in their ownership of the stock. Insiders sold 49,306 shares of company stock valued at $2,459,500 over the last 90 days. 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.