Canadian Natural Resources (NYSE:CNQ) Hits New 1-Year High – Here’s What Happened

Canadian Natural Resources Limited (NYSE:CNQ) (TSE:CNQ)’s stock price 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 traded. The stock had previously closed at $40.68.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on CNQ. The Goldman Sachs Group set a $35.00 target price on shares of Canadian Natural Resources and gave the company 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 note on Saturday, January 31st. Desjardins cut Canadian Natural Resources from a “buy” rating to a “hold” rating in a research report on Monday, November 24th. Evercore lowered Canadian Natural Resources from an “outperform” rating to an “in-line” rating in a report on Tuesday, January 6th. Finally, Zacks Research cut Canadian Natural Resources from a “strong-buy” rating to a “hold” rating in a research note on Friday, December 19th. Five equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat.com, Canadian Natural Resources presently has an average rating of “Hold” and a consensus target price of $48.50.

Canadian Natural Resources Trading Up 2.8%

The company has a current ratio of 0.86, a quick ratio of 0.53 and a debt-to-equity ratio of 0.41. The firm has a market capitalization of $86.87 billion, a PE ratio of 18.46 and a beta of 0.68. The business has a 50 day moving average price of $35.15 and a 200-day moving average price of $33.00.

Institutional Trading of Canadian Natural Resources

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Capital Research Global Investors lifted its position in shares of Canadian Natural Resources by 31.5% during the 4th quarter. Capital Research Global Investors now owns 146,331,336 shares of the oil and gas producer’s stock valued at $4,956,204,000 after acquiring an additional 35,067,143 shares during the period. Vanguard Group Inc. raised its holdings in Canadian Natural Resources by 0.9% during the fourth quarter. Vanguard Group Inc. now owns 93,305,198 shares of the oil and gas producer’s stock worth $3,160,340,000 after purchasing an additional 818,809 shares during the last quarter. Fisher Asset Management LLC boosted its position in Canadian Natural Resources by 4.5% during the second quarter. Fisher Asset Management LLC now owns 47,939,585 shares of the oil and gas producer’s stock worth $1,505,303,000 after purchasing an additional 2,051,714 shares in the last quarter. The Manufacturers Life Insurance Company grew its holdings in Canadian Natural Resources by 10.3% in the second quarter. The Manufacturers Life Insurance Company now owns 27,359,777 shares of the oil and gas producer’s stock valued at $855,414,000 after purchasing an additional 2,546,233 shares during the last quarter. Finally, Geode Capital Management LLC increased its position in shares of Canadian Natural Resources by 7.0% in the fourth quarter. Geode Capital Management LLC now owns 20,518,621 shares of the oil and gas producer’s stock valued at $710,119,000 after buying an additional 1,347,844 shares in the last quarter. Institutional investors and hedge funds own 74.03% of the company’s stock.

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.