Canadian Natural Resources (TSE:CNQ) Stock Rating Upgraded by Scotiabank

Canadian Natural Resources (TSE:CNQ) (NYSE:CNQ) was upgraded by stock analysts at Scotiabank from a “sector perform” rating to an “outperform” rating in a research report issued on Wednesday,BayStreet.CA reports. The brokerage presently has a C$56.00 price target on the stock. Scotiabank’s price target would indicate a potential upside of 26.90% from the company’s current price.

A number of other brokerages have also recently commented on CNQ. Gerdes Energy Research raised shares of Canadian Natural Resources from a “neutral” rating to a “buy” rating in a report on Monday, December 16th. Wells Fargo & Company dropped their price target on shares of Canadian Natural Resources from C$50.00 to C$44.00 in a research note on Friday, March 7th. BMO Capital Markets dropped their price target on shares of Canadian Natural Resources from C$60.00 to C$58.00 in a research note on Friday, December 13th. Tudor Pickering lowered shares of Canadian Natural Resources from a “strong-buy” rating to a “hold” rating in a research note on Monday, February 10th. Finally, National Bankshares dropped their price target on shares of Canadian Natural Resources from C$51.00 to C$49.00 and set a “sector perform” rating on the stock in a research note on Friday, March 7th. Five equities research analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Canadian Natural Resources presently has a consensus rating of “Moderate Buy” and a consensus target price of C$68.53.

Canadian Natural Resources Price Performance

Shares of TSE:CNQ opened at C$44.13 on Wednesday. The company has a 50-day simple moving average of C$43.19 and a 200-day simple moving average of C$45.40. Canadian Natural Resources has a one year low of C$37.11 and a one year high of C$56.49. 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 stock has a market capitalization of C$92.61 billion, a price-to-earnings ratio of 12.25, a PEG ratio of 0.53 and a beta of 1.89.

Insider Activity

In other news, Senior Officer Warren Paul Raczynski sold 7,500 shares of the stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of C$43.70, for a total value of C$327,750.00. Also, Senior Officer Robin Sean Zabek sold 19,000 shares of the company’s stock in a transaction that occurred on Monday, December 23rd. The shares were sold at an average price of C$43.07, for a total transaction of C$818,254.00. Insiders have sold 165,936 shares of company stock worth $7,409,291 over the last ninety days. 4.26% of the stock is currently owned by insiders.

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.