Citigroup Lowers Canadian Natural Resources (CNQ) Price Target to $29.00

Canadian Natural Resources (NYSE:CNQ) (TSE:CNQ) had its price target cut by equities research analysts at Citigroup from $38.00 to $29.00 in a research report issued on Friday. The firm presently has a “neutral” rating on the oil and gas producer’s stock. Citigroup’s target price suggests a potential upside of 5.45% from the company’s current price.

A number of other analysts have also issued reports on the stock. BMO Capital Markets reissued a “buy” rating on shares of Canadian Natural Resources in a research report on Thursday. Macquarie raised shares of Canadian Natural Resources from a “neutral” rating to an “outperform” rating in a research report on Tuesday. Canaccord Genuity reissued a “buy” rating and issued a $50.00 price target on shares of Canadian Natural Resources in a research report on Tuesday, November 20th. Morgan Stanley reduced their price target on shares of Canadian Natural Resources from $60.00 to $50.00 and set an “overweight” rating for the company in a research report on Tuesday, November 20th. Finally, Raymond James reissued a “buy” rating on shares of Canadian Natural Resources in a research report on Friday, November 2nd. Two analysts have rated the stock with a sell rating, two have issued a hold rating and nine have issued a buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus price target of $43.23.

Shares of NYSE CNQ traded up $1.12 during mid-day trading on Friday, reaching $27.50. The company had a trading volume of 196,155 shares, compared to its average volume of 3,571,748. The company has a debt-to-equity ratio of 0.58, a current ratio of 0.92 and a quick ratio of 0.69. The firm has a market capitalization of $32.60 billion, a price-to-earnings ratio of 33.22, a price-to-earnings-growth ratio of 1.69 and a beta of 1.34. Canadian Natural Resources has a 12-month low of $24.02 and a 12-month high of $38.20.

Canadian Natural Resources (NYSE:CNQ) (TSE:CNQ) last posted its quarterly earnings results on Thursday, November 1st. The oil and gas producer reported $1.11 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.66 by $0.45. The business had revenue of $4.51 billion during the quarter, compared to analyst estimates of $4.71 billion. Canadian Natural Resources had a net margin of 15.94% and a return on equity of 12.33%. During the same period in the prior year, the firm earned $0.19 earnings per share. On average, analysts predict that Canadian Natural Resources will post 2.67 EPS for the current year.

A number of institutional investors and hedge funds have recently modified their holdings of CNQ. Acadian Asset Management LLC grew its holdings in Canadian Natural Resources by 192.9% during the second quarter. Acadian Asset Management LLC now owns 8,200 shares of the oil and gas producer’s stock valued at $296,000 after purchasing an additional 5,400 shares during the last quarter. Raymond James Financial Services Advisors Inc. boosted its stake in Canadian Natural Resources by 8.2% during the second quarter. Raymond James Financial Services Advisors Inc. now owns 31,638 shares of the oil and gas producer’s stock worth $1,141,000 after buying an additional 2,388 shares in the last quarter. Virginia Retirement Systems ET AL boosted its stake in Canadian Natural Resources by 13.7% during the second quarter. Virginia Retirement Systems ET AL now owns 151,300 shares of the oil and gas producer’s stock worth $5,458,000 after buying an additional 18,200 shares in the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS acquired a new stake in Canadian Natural Resources during the second quarter worth $1,706,000. Finally, Morningstar Investment Services LLC lifted its holdings in shares of Canadian Natural Resources by 18.3% during the second quarter. Morningstar Investment Services LLC now owns 11,821 shares of the oil and gas producer’s stock valued at $426,000 after acquiring an additional 1,828 shares during the period. 66.30% of the stock is currently owned by hedge funds and other institutional investors.

Canadian Natural Resources Company Profile

Canadian Natural Resources Limited explores for, develops, produces, and markets 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, and synthetic crude oil (SCO). Its midstream assets include two crude oil pipeline systems; and a 50% working interest in an 84-megawatt cogeneration plant at Primrose.

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