Canadian Natural Resources (NYSE:CNQ) Raised to Outperform at Evercore ISI

Canadian Natural Resources (NYSE:CNQ) (TSE:CNQ) was upgraded by stock analysts at Evercore ISI from an “in-line” rating to an “outperform” rating in a research note issued to investors on Wednesday, April 3rd, Marketbeat Ratings reports. The firm presently has a $27.83 price objective on the oil and gas producer’s stock. Evercore ISI’s target price suggests a potential downside of 7.48% from the company’s current price.

Several other research firms have also recently weighed in on CNQ. Zacks Investment Research cut Canadian Natural Resources from a “hold” rating to a “strong sell” rating in a report on Thursday, January 3rd. GMP Securities restated a “buy” rating on shares of Canadian Natural Resources in a research note on Monday, December 10th. Morgan Stanley restated a “buy” rating on shares of Canadian Natural Resources in a research note on Tuesday, January 29th. TD Securities restated a “buy” rating on shares of Canadian Natural Resources in a research note on Friday, December 7th. Finally, ValuEngine cut Canadian Natural Resources from a “hold” rating to a “sell” rating in a research note on Tuesday, March 5th. Four analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. The company presently has an average rating of “Buy” and an average target price of $42.20.

Shares of Canadian Natural Resources stock traded down $0.08 during trading on Wednesday, hitting $30.08. 2,327,024 shares of the company were exchanged, compared to its average volume of 3,192,382. Canadian Natural Resources has a 1-year low of $21.85 and a 1-year high of $38.20. The company has a current ratio of 0.63, a quick ratio of 0.43 and a debt-to-equity ratio of 0.61. The firm has a market capitalization of $36.30 billion, a P/E ratio of 13.99, a PEG ratio of 3.72 and a beta of 1.18.

Canadian Natural Resources (NYSE:CNQ) (TSE:CNQ) last released its quarterly earnings data on Thursday, March 7th. The oil and gas producer reported ($0.07) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.14 by ($0.21). Canadian Natural Resources had a net margin of 11.69% and a return on equity of 9.62%. The business had revenue of $2.80 billion for the quarter, compared to the consensus estimate of $3.99 billion. Research analysts anticipate that Canadian Natural Resources will post 1.54 EPS for the current fiscal year.

A number of hedge funds and other institutional investors have recently modified their holdings of CNQ. JPMorgan Chase & Co. grew its holdings in shares of Canadian Natural Resources by 40.7% during the 3rd quarter. JPMorgan Chase & Co. now owns 2,319,729 shares of the oil and gas producer’s stock worth $75,761,000 after purchasing an additional 670,665 shares in the last quarter. Bank of New York Mellon Corp grew its holdings in shares of Canadian Natural Resources by 29.2% during the 3rd quarter. Bank of New York Mellon Corp now owns 1,621,362 shares of the oil and gas producer’s stock worth $52,953,000 after purchasing an additional 366,267 shares in the last quarter. BlackRock Inc. grew its holdings in shares of Canadian Natural Resources by 20.3% during the 3rd quarter. BlackRock Inc. now owns 805,697 shares of the oil and gas producer’s stock worth $26,315,000 after purchasing an additional 136,063 shares in the last quarter. Pictet Asset Management Ltd. acquired a new stake in shares of Canadian Natural Resources during the 3rd quarter worth $13,914,000. Finally, Stevens Capital Management LP acquired a new stake in shares of Canadian Natural Resources during the 3rd quarter worth $1,372,000. 66.89% 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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Analyst Recommendations for Canadian Natural Resources (NYSE:CNQ)

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