Scotia Forecasts Strong Price Appreciation for Canadian Natural Resources (TSE:CNQ) Stock

Canadian Natural Resources (TSE:CNQ) (NYSE:CNQ) had its price objective increased by research analysts at Scotia from C$71.00 to C$73.00 in a research note issued to investors on Friday,BayStreet.CA reports. The brokerage currently has a “sector perform” rating on the stock. Scotia’s target price would suggest a potential upside of 14.91% from the company’s current price.

A number of other research analysts also recently issued reports on the stock. TD boosted their target price on shares of Canadian Natural Resources from C$64.00 to C$72.00 and gave the company a “buy” rating in a research report on Thursday, April 16th. Scotiabank raised shares of Canadian Natural Resources to a “hold” rating in a research note on Friday, June 26th. Desjardins set a C$70.00 price objective on shares of Canadian Natural Resources and gave the company a “hold” rating in a report on Friday, July 17th. Gerdes Energy Research raised shares of Canadian Natural Resources from a “neutral” rating to a “buy” rating and increased their price objective for the stock from C$67.00 to C$69.00 in a research report on Monday, June 29th. Finally, Raymond James Financial upgraded Canadian Natural Resources from a “hold” rating to a “moderate buy” rating and raised their target price for the company from C$65.00 to C$67.00 in a research note on Thursday, May 7th. Seven equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of C$65.35.

Canadian Natural Resources Trading Down 0.5%

CNQ stock traded down C$0.30 during mid-day trading on Friday, reaching C$63.53. The company’s stock had a trading volume of 2,195,584 shares, compared to its average volume of 14,813,485. The company has a market cap of C$132.51 billion, a price-to-earnings ratio of 12.31, a price-to-earnings-growth ratio of 0.53 and a beta of 0.27. The business’s 50 day moving average price is C$61.39 and its 200 day moving average price is C$61.06. The company has a current ratio of 0.98, a quick ratio of 0.54 and a debt-to-equity ratio of 44.85. Canadian Natural Resources has a 12 month low of C$40.62 and a 12 month high of C$70.99.

Canadian Natural Resources (TSE:CNQ) (NYSE:CNQ) last issued its quarterly earnings results on Thursday, August 6th. The company reported C$2.19 earnings per share (EPS) for the quarter. The firm had revenue of C$14.74 billion for the quarter. Canadian Natural Resources had a return on equity of 22.74% and a net margin of 24.51%. On average, equities research analysts predict that Canadian Natural Resources will post 3.833989 EPS for the current year.

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.