Canadian Natural Resources (NYSE:CNQ) Hits New 52-Week High – Still a Buy?

Canadian Natural Resources Limited (NYSE:CNQ) (TSE:CNQ) shares hit a new 52-week high on Tuesday . The company traded as high as $41.09 and last traded at $40.0260, with a volume of 353204 shares changing hands. The stock had previously closed at $40.68.

Wall Street Analyst Weigh In

Several research firms have commented on CNQ. Zacks Research downgraded Canadian Natural Resources from a “strong-buy” rating to a “hold” rating in a report on Friday, December 19th. Evercore downgraded shares of Canadian Natural Resources from an “outperform” rating to an “in-line” rating in a research note on Tuesday, January 6th. The Goldman Sachs Group set a $35.00 target price on Canadian Natural Resources and gave the stock a “buy” rating in a report on Friday, January 2nd. Wall Street Zen raised Canadian Natural Resources from a “sell” rating to a “hold” rating in a research report on Saturday, January 31st. Finally, Desjardins lowered Canadian Natural Resources from a “buy” rating to a “hold” rating in a research report on Monday, November 24th. Five investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $48.50.

Canadian Natural Resources Stock Performance

The company has a debt-to-equity ratio of 0.41, a quick ratio of 0.53 and a current ratio of 0.86. The stock has a market cap of $83.56 billion, a PE ratio of 17.74 and a beta of 0.68. The firm has a fifty day moving average price of $34.86 and a 200 day moving average price of $32.87.

Hedge Funds Weigh In On Canadian Natural Resources

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Ted Buchan & Co grew its position in Canadian Natural Resources by 0.6% during the 4th quarter. Ted Buchan & Co now owns 43,814 shares of the oil and gas producer’s stock worth $1,483,000 after purchasing an additional 260 shares during the last quarter. FDx Advisors Inc. grew its holdings in shares of Canadian Natural Resources by 2.7% during the fourth quarter. FDx Advisors Inc. now owns 10,312 shares of the oil and gas producer’s stock valued at $349,000 after buying an additional 270 shares during the last quarter. Tacita Capital Inc increased its position in shares of Canadian Natural Resources by 6.1% in the 3rd quarter. Tacita Capital Inc now owns 5,753 shares of the oil and gas producer’s stock valued at $184,000 after acquiring an additional 330 shares during the period. Gateway Investment Advisers LLC raised its stake in Canadian Natural Resources by 1.3% in the 4th quarter. Gateway Investment Advisers LLC now owns 26,486 shares of the oil and gas producer’s stock worth $897,000 after acquiring an additional 330 shares during the last quarter. Finally, Arete Wealth Advisors LLC increased its holdings in shares of Canadian Natural Resources by 4.2% in the fourth quarter. Arete Wealth Advisors LLC now owns 8,391 shares of the oil and gas producer’s stock valued at $284,000 after purchasing an additional 337 shares during the period. 74.03% of the stock is owned by hedge funds and other institutional investors.

About Canadian Natural Resources

Canadian Natural Resources Limited (NYSE: CNQ) is a Calgary-based independent oil and natural gas exploration and production company. Established in the early 1970s and publicly listed in Canada and the United States, the company is principally engaged in the exploration, development, production, and marketing of crude oil, natural gas and natural gas liquids. Its asset base spans conventional and unconventional reservoirs and includes oil sands mining and in-situ thermal projects, midstream processing and upgrading capacity, and related field operations.

The company’s operations are concentrated in Western Canada, where it develops heavy crude, bitumen from oil sands and conventional light crude and natural gas resources.