Raymond James Financial 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 Raymond James Financial from C$55.00 to C$56.00 in a research note issued on Monday,BayStreet.CA reports. Raymond James Financial’s target price indicates a potential upside of 25.93% from the stock’s current price.

A number of other brokerages have also commented on CNQ. National Bankshares boosted their price target on shares of Canadian Natural Resources from C$45.00 to C$48.00 and gave the company a “sector perform” rating in a research note on Friday. TD Securities boosted their target price on shares of Canadian Natural Resources from C$53.00 to C$54.00 in a research report on Monday. Scotiabank increased their price objective on Canadian Natural Resources from C$54.00 to C$58.00 and gave the stock an “outperform” rating in a research note on Thursday, October 9th. Wells Fargo & Company set a C$47.00 target price on Canadian Natural Resources and gave the company an “equal weight” rating in a report on Friday, October 17th. Finally, Royal Bank Of Canada lowered their price target on Canadian Natural Resources from C$64.00 to C$62.00 and set an “outperform” rating for the company in a research report on Friday, August 8th. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of C$54.40.

Canadian Natural Resources Trading Up 0.2%

Shares of TSE CNQ traded up C$0.07 during midday trading on Monday, reaching C$44.47. The stock had a trading volume of 2,430,111 shares, compared to its average volume of 14,403,603. Canadian Natural Resources has a twelve month low of C$34.92 and a twelve month high of C$48.92. The company has a debt-to-equity ratio of 25.79, a quick ratio of 0.54 and a current ratio of 0.84. The company’s 50 day moving average price is C$44.04 and its 200 day moving average price is C$43.22. The firm has a market cap of C$92.52 billion, a price-to-earnings ratio of 11.29, a price-to-earnings-growth ratio of 0.53 and a beta of 0.67.

Insiders Place Their Bets

In other Canadian Natural Resources news, Director Stephen W. Laut sold 7,000 shares of Canadian Natural Resources stock in a transaction that occurred on Thursday, October 2nd. The shares were sold at an average price of C$43.92, for a total transaction of C$307,440.00. Following the transaction, the director owned 895,350 shares of the company’s stock, valued at C$39,323,772. The trade was a 0.78% decrease in their ownership of the stock. Also, insider Ronald Keith Laing sold 20,000 shares of Canadian Natural Resources stock in a transaction on Monday, October 6th. The shares were sold at an average price of C$45.17, for a total transaction of C$903,400.00. Following the completion of the sale, the insider owned 2,049 shares in the company, valued at approximately C$92,553.33. This represents a 90.71% decrease in their ownership of the stock. Over the last ninety days, insiders have sold 31,500 shares of company stock worth $1,415,815. 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.