Canadian Natural Resources (TSE:CNQ) Stock Price Passes Above 200-Day Moving Average Following Insider Selling

Canadian Natural Resources Limited (TSE:CNQ) (NYSE:CNQ) crossed above its 200-day moving average during trading on Tuesday after an insider bought additional shares in the company. The stock has a 200-day moving average of C$43.67 and traded as high as C$45.02. Canadian Natural Resources shares last traded at C$44.93, with a volume of 17,810,749 shares traded.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on CNQ. Royal Bank of Canada raised their price target on Canadian Natural Resources from C$62.00 to C$63.00 and gave the company an “outperform” rating in a research note on Friday, March 7th. Raymond James raised Canadian Natural Resources from a “market perform” rating to an “outperform” rating and cut their price objective for the company from C$52.00 to C$49.00 in a report on Wednesday, April 9th. Evercore ISI upgraded shares of Canadian Natural Resources from a “hold” rating to a “strong-buy” rating in a report on Friday, March 7th. Jefferies Financial Group dropped their price target on shares of Canadian Natural Resources from C$54.00 to C$50.00 in a research report on Thursday, January 30th. Finally, Desjardins decreased their price objective on shares of Canadian Natural Resources from C$51.00 to C$49.00 and set a “buy” rating for the company in a research report on Tuesday, April 15th. Five equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of C$54.08.

Canadian Natural Resources Price Performance

The stock has a market capitalization of C$92.13 billion, a price-to-earnings ratio of 12.19, a P/E/G ratio of 0.53 and a beta of 1.89. The company’s 50-day simple moving average is C$41.14 and its 200-day simple moving average is C$43.64. The company has a debt-to-equity ratio of 25.79, a current ratio of 0.84 and a quick ratio of 0.54.

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.