Canadian Natural Resource (NYSE:CNQ) (TSE:CNQ) was downgraded by equities research analysts at Royal Bank of Canada from a “top pick” rating to an “outperform” rating in a report released on Thursday, September 20th, Marketbeat reports. They currently have a $38.40 price objective on the oil and gas producer’s stock. Royal Bank of Canada’s target price indicates a potential upside of 32.23% from the stock’s previous close. The analysts noted that the move was a valuation call.

A number of other equities research analysts have also recently commented on the company. ValuEngine cut Canadian Natural Resource from a “hold” rating to a “sell” rating in a report on Thursday, August 2nd. Zacks Investment Research cut Canadian Natural Resource from a “buy” rating to a “hold” rating in a report on Tuesday, August 28th. Morgan Stanley increased their price target on Canadian Natural Resource from $55.00 to $64.00 and gave the stock an “overweight” rating in a research note on Wednesday, May 23rd. Finally, Evercore ISI initiated coverage on Canadian Natural Resource in a research note on Wednesday, June 27th. They set an “inline” rating on the stock. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and six have given a buy rating to the company’s stock. Canadian Natural Resource presently has a consensus rating of “Hold” and a consensus price target of $48.68.

Shares of CNQ traded up $0.14 on Thursday, reaching $29.04. The stock had a trading volume of 3,831,132 shares, compared to its average volume of 2,983,266. The stock has a market cap of $39.79 billion, a P/E ratio of 34.99, a P/E/G ratio of 2.35 and a beta of 1.23. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.02 and a quick ratio of 0.81. Canadian Natural Resource has a twelve month low of $28.76 and a twelve month high of $38.20.

Canadian Natural Resource (NYSE:CNQ) (TSE:CNQ) last released its quarterly earnings results on Thursday, August 2nd. The oil and gas producer reported $1.04 earnings per share for the quarter, topping analysts’ consensus estimates of $0.54 by $0.50. The business had revenue of $4.61 billion for the quarter, compared to analysts’ expectations of $4.28 billion. Canadian Natural Resource had a return on equity of 8.35% and a net margin of 12.34%. During the same quarter in the prior year, the firm posted $0.29 EPS. Research analysts expect that Canadian Natural Resource will post 2.58 EPS for the current fiscal year.

Several institutional investors and hedge funds have recently modified their holdings of CNQ. Toronto Dominion Bank raised its position in Canadian Natural Resource by 199.9% in the second quarter. Toronto Dominion Bank now owns 5,262,156 shares of the oil and gas producer’s stock valued at $189,350,000 after purchasing an additional 3,507,751 shares during the period. Connor Clark & Lunn Investment Management Ltd. raised its position in Canadian Natural Resource by 49.3% in the second quarter. Connor Clark & Lunn Investment Management Ltd. now owns 8,250,634 shares of the oil and gas producer’s stock valued at $297,611,000 after purchasing an additional 2,725,912 shares during the period. OMERS ADMINISTRATION Corp raised its position in Canadian Natural Resource by 55.1% in the second quarter. OMERS ADMINISTRATION Corp now owns 7,440,117 shares of the oil and gas producer’s stock valued at $268,373,000 after purchasing an additional 2,641,812 shares during the period. GMT Capital Corp raised its position in Canadian Natural Resource by 499.9% in the second quarter. GMT Capital Corp now owns 2,945,422 shares of the oil and gas producer’s stock valued at $106,245,000 after purchasing an additional 2,454,400 shares during the period. Finally, Hexavest Inc. raised its position in Canadian Natural Resource by 842.0% in the second quarter. Hexavest Inc. now owns 2,728,119 shares of the oil and gas producer’s stock valued at $98,407,000 after purchasing an additional 2,438,509 shares during the period. 66.89% of the stock is currently owned by institutional investors and hedge funds.

Canadian Natural Resource 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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Analyst Recommendations for Canadian Natural Resource (NYSE:CNQ)

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