Scotiabank Upgrades Canadian Natural Resources (NYSE:CNQ) to Sector Outperform

Canadian Natural Resources (NYSE:CNQ) (TSE:CNQ) was upgraded by investment analysts at Scotiabank from a “sector perform” rating to a “sector outperform” rating in a report issued on Wednesday, MarketBeat reports.

Several other analysts have also weighed in on CNQ. Raymond James reissued a “market perform” rating on shares of Canadian Natural Resources in a report on Friday, March 7th. Evercore ISI raised Canadian Natural Resources from an “in-line” rating to an “outperform” rating in a report on Friday, March 7th. Royal Bank of Canada boosted their price objective on Canadian Natural Resources from $62.00 to $63.00 and gave the company an “outperform” rating in a report on Friday, March 7th. Finally, Tudor Pickering lowered Canadian Natural Resources from a “strong-buy” rating to a “hold” rating in a report on Monday, February 10th. Four equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, Canadian Natural Resources presently has an average rating of “Hold” and a consensus price target of $63.00.

Canadian Natural Resources Trading Up 0.4 %

NYSE:CNQ opened at $30.84 on Wednesday. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.53 and a current ratio of 0.84. Canadian Natural Resources has a one year low of $25.62 and a one year high of $41.29. The business’s 50-day simple moving average is $30.07 and its 200 day simple moving average is $32.28. The stock has a market cap of $64.78 billion, a price-to-earnings ratio of 11.98 and a beta of 1.48.

Hedge Funds Weigh In On Canadian Natural Resources

Institutional investors have recently made changes to their positions in the stock. Duncker Streett & Co. Inc. bought a new position in shares of Canadian Natural Resources during the fourth quarter valued at approximately $25,000. Lee Danner & Bass Inc. bought a new position in shares of Canadian Natural Resources during the fourth quarter valued at approximately $25,000. Continuum Advisory LLC grew its holdings in shares of Canadian Natural Resources by 144.1% during the third quarter. Continuum Advisory LLC now owns 830 shares of the oil and gas producer’s stock valued at $28,000 after purchasing an additional 490 shares during the last quarter. Hurley Capital LLC bought a new position in shares of Canadian Natural Resources during the fourth quarter valued at approximately $31,000. Finally, Sandy Spring Bank bought a new position in shares of Canadian Natural Resources during the fourth quarter valued at approximately $31,000. 74.03% of the stock is owned by institutional investors.

About Canadian Natural Resources

Canadian Natural Resources Limited acquires, explores for, develops, produces, markets, and sells crude oil, natural gas, and natural gas liquids (NGLs). The company offers light and medium crude oil, primary heavy crude oil, Pelican Lake heavy crude oil, bitumen (thermal oil), and synthetic crude oil (SCO).