Canadian Natural Resources (NYSE:CNQ) Downgraded by Desjardins to “Hold”

Canadian Natural Resources (NYSE:CNQ) (TSE:CNQ) was downgraded by equities researchers at Desjardins from a “buy” rating to a “hold” rating in a note issued to investors on Tuesday, MarketBeat reports.

Separately, JPMorgan Chase & Co. lifted their target price on Canadian Natural Resources from $101.00 to $102.00 and gave the company a “neutral” rating in a report on Thursday, January 11th. Six analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat, Canadian Natural Resources currently has an average rating of “Hold” and a consensus price target of $94.00.

Canadian Natural Resources Price Performance

CNQ stock opened at $76.95 on Tuesday. The business has a fifty day moving average of $73.54 and a two-hundred day moving average of $67.62. The company has a quick ratio of 0.69, a current ratio of 0.96 and a debt-to-equity ratio of 0.25. The stock has a market cap of $82.50 billion, a price-to-earnings ratio of 13.89 and a beta of 1.54. Canadian Natural Resources has a 52-week low of $52.66 and a 52-week high of $82.58.

Canadian Natural Resources (NYSE:CNQ) (TSE:CNQ) last issued its quarterly earnings data on Thursday, February 29th. The oil and gas producer reported $1.72 earnings per share for the quarter, beating analysts’ consensus estimates of $1.59 by $0.13. Canadian Natural Resources had a return on equity of 21.74% and a net margin of 20.15%. The business had revenue of $7.02 billion during the quarter, compared to analysts’ expectations of $6.73 billion. As a group, research analysts anticipate that Canadian Natural Resources will post 5.7 earnings per share for the current year.

Institutional Trading of Canadian Natural Resources

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. increased its position in shares of Canadian Natural Resources by 2.0% during the fourth quarter. Vanguard Group Inc. now owns 43,099,191 shares of the oil and gas producer’s stock worth $2,823,859,000 after purchasing an additional 835,633 shares in the last quarter. FIL Ltd increased its position in Canadian Natural Resources by 1.1% in the 4th quarter. FIL Ltd now owns 23,340,567 shares of the oil and gas producer’s stock valued at $1,529,146,000 after acquiring an additional 250,256 shares during the period. TD Asset Management Inc increased its position in Canadian Natural Resources by 24.4% in the 4th quarter. TD Asset Management Inc now owns 21,562,341 shares of the oil and gas producer’s stock valued at $1,419,556,000 after acquiring an additional 4,224,598 shares during the period. 1832 Asset Management L.P. increased its position in Canadian Natural Resources by 0.4% in the 4th quarter. 1832 Asset Management L.P. now owns 15,792,161 shares of the oil and gas producer’s stock valued at $1,034,702,000 after acquiring an additional 58,960 shares during the period. Finally, The Manufacturers Life Insurance Company increased its position in Canadian Natural Resources by 3.9% in the 4th quarter. The Manufacturers Life Insurance Company now owns 13,352,245 shares of the oil and gas producer’s stock valued at $876,170,000 after acquiring an additional 499,460 shares during the period. Institutional investors and hedge funds own 74.03% of the company’s stock.

About Canadian Natural Resources

Canadian Natural Resources Limited acquires, explores for, develops, produces, markets, and sells 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 (thermal oil), and synthetic crude oil (SCO).