Canadian Natural Resources (NYSE:CNQ) Hits New 52-Week High – Here’s What Happened
by Sarita Garza · The Markets DailyCanadian Natural Resources Limited (NYSE:CNQ – Get Free Report) (TSE:CNQ)’s stock price hit a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $39.66 and last traded at $39.20, with a volume of 8356894 shares. The stock had previously closed at $39.10.
Analyst Ratings Changes
Several equities research analysts have weighed in on CNQ shares. Evercore cut Canadian Natural Resources from an “outperform” rating to an “in-line” rating in a report on Tuesday, January 6th. Zacks Research lowered shares of Canadian Natural Resources from a “strong-buy” rating to a “hold” rating in a research note on Friday, December 19th. The Goldman Sachs Group set a $35.00 target price on shares of Canadian Natural Resources and gave the stock a “buy” rating in a report on Friday, January 2nd. Wells Fargo & Company upgraded shares of Canadian Natural Resources to a “hold” rating in a report on Thursday, October 16th. Finally, Desjardins downgraded shares of Canadian Natural Resources from a “buy” rating to a “hold” rating in a research note on Monday, November 24th. Five investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $48.50.
Check Out Our Latest Analysis on CNQ
Canadian Natural Resources Stock Performance
The company has a quick ratio of 0.53, a current ratio of 0.86 and a debt-to-equity ratio of 0.41. The firm has a market capitalization of $81.60 billion, a price-to-earnings ratio of 17.35 and a beta of 0.68. The business has a 50-day moving average price of $34.25 and a 200-day moving average price of $32.57.
Hedge Funds Weigh In On Canadian Natural Resources
Several hedge funds have recently modified their holdings of CNQ. Ameritas Advisory Services LLC purchased a new position in shares of Canadian Natural Resources in the 2nd quarter valued at approximately $27,000. Addison Advisors LLC increased its stake in Canadian Natural Resources by 309.1% during the 2nd quarter. Addison Advisors LLC now owns 896 shares of the oil and gas producer’s stock valued at $28,000 after purchasing an additional 677 shares in the last quarter. Leonteq Securities AG purchased a new position in shares of Canadian Natural Resources in the fourth quarter worth $31,000. St. Johns Investment Management Company LLC acquired a new stake in shares of Canadian Natural Resources during the third quarter worth $32,000. Finally, Nisa Investment Advisors LLC lifted its stake in shares of Canadian Natural Resources by 100.0% during the third quarter. Nisa Investment Advisors LLC now owns 1,000 shares of the oil and gas producer’s stock worth $32,000 after buying an additional 500 shares during the period. Institutional investors and hedge funds own 74.03% of the company’s stock.
Canadian Natural Resources Company Profile
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.