Goldman slashes price target on Canadian Natural Resources Limited [CNQ] – find out why.

Canadian Natural Resources Limited [NYSE: CNQ] slipped around -0.22 points on Monday, while shares priced at $35.54 at the close of the session, down -0.62%. The company report on June 9, 2021 that Alliance inédite des grands producteurs de sables bitumineux du Canada en vue d’atteindre la carboneutralité.

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Calgary, Alberta–(Newsfile Corp. – 9 juin 2021) – Canadian Natural Resources, Cenovus Energy, Imperial, MEG Energy et Suncor Énergie ont officiellement annoncé aujourd’hui l’Initiative pour des sables bitumineux carboneutres. Ces sociétés produisent approximativement 90 % du pétrole issu des sables bitumineux du Canada. L’objectif de cette alliance inédite en collaboration avec les gouvernements fédéral et de l’Alberta est de réduire à zéro la production nette de gaz à effet de serre (GES) des entreprises provenant de l’exploitation des sables bitumineux d’ici 2050 et d’aider le Canada à atteindre ses objectifs climatiques, conformément à son engagement pris dans le cadre de l’Accord de Paris d’atteindre la carboneutralité d’ici 2050.

Cette collaboration survient après que les gouvernements du Canada et de l’Alberta ont annoncé d’importants programmes de soutien pour des projets et infrastructures de réduction des émissions. La collaboration entre l’industrie et le gouvernement sera essentielle pour concrétiser la vision de l’initiative pour des sables bitumineux carboneutres et atteindre les objectifs climatiques du Canada.

Canadian Natural Resources Limited stock is now 47.78% up from its year-to-date (YTD) trading value. CNQ Stock saw the intraday high of $35.81 and lowest of $35.05 per share. The company’s 52-week high price is 38.10, which means current price is +58.66% above from all time high which was touched on 06/14/21.

Compared to the average trading volume of 2.83M shares, CNQ reached a trading volume of 1408973 in the most recent trading day, which is why market watchdogs consider the stock to be active.

What do top market gurus say about Canadian Natural Resources Limited [CNQ]?

Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for CNQ shares is $40.74 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on CNQ stock is a recommendation set at 1.90. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.

Goldman have made an estimate for Canadian Natural Resources Limited shares, keeping their opinion on the stock as Buy, with their previous recommendation back on June 11, 2021. The new note on the price target was released on March 22, 2021, representing the official price target for Canadian Natural Resources Limited stock. Previously, the target price had yet another raise from $27 to $28, while Goldman kept a Neutral rating on CNQ stock.

The Average True Range (ATR) for Canadian Natural Resources Limited is set at 0.97, with the Price to Sales ratio for CNQ stock in the period of the last 12 months amounting to 2.75. The Price to Book ratio for the last quarter was 1.59, with the Price to Cash per share for the same quarter was set at 0.40. Price to Free Cash Flow for CNQ in the course of the last twelve months was 14.85 with Quick ratio for the last quarter at 0.60.

How has CNQ stock performed recently?

Canadian Natural Resources Limited [CNQ] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -2.52. With this latest performance, CNQ shares dropped by -3.87% in over the last four-week period, additionally plugging by 32.17% over the last 6 months – not to mention a rise of 110.55% in the past year of trading.

Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for CNQ stock in for the last two-week period is set at 47.97, with the RSI for the last a single of trading hit 44.36, and the three-weeks RSI is set at 50.80 for Canadian Natural Resources Limited [CNQ]. The present Moving Average for the last 50 days of trading for this stock 35.17, while it was recorded at 35.57 for the last single week of trading, and 27.24 for the last 200 days.

Canadian Natural Resources Limited [CNQ]: Deeper insight into the fundamentals

Operating Margin for any stock indicates how profitable investing would be, and Canadian Natural Resources Limited [CNQ] shares currently have an operating margin of -2.63 and a Gross Margin at -0.81. Canadian Natural Resources Limited’s Net Margin is presently recorded at -2.58.

Return on Total Capital for CNQ is now -0.79, given the latest momentum, and Return on Invested Capital for the company is -0.80. Return on Equity for this stock declined to -1.29, with Return on Assets sitting at -0.56. When it comes to the capital structure of this company, Canadian Natural Resources Limited [CNQ] has a Total Debt to Total Equity ratio set at 71.47. Additionally, CNQ Total Debt to Total Capital is recorded at 41.68, with Total Debt to Total Assets ending up at 30.74. Long-Term Debt to Equity for the company is recorded at 66.74, with the Long-Term Debt to Total Capital now at 38.92.

Reflecting on the efficiency of the workforce at the company, Canadian Natural Resources Limited [CNQ] managed to generate an average of -$43,530 per employee. Receivables Turnover for the company is 6.79 with a Total Asset Turnover recorded at a value of 0.22.Canadian Natural Resources Limited’s liquidity data is similarly interesting compelling, with a Quick Ratio of 0.60 and a Current Ratio set at 0.80.

Earnings analysis for Canadian Natural Resources Limited [CNQ]

The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for CNQ. When it comes to the mentioned value, analysts are expecting to see the 5-year EPS growth rate for Canadian Natural Resources Limited go to 3.90%.

Insider trade positions for Canadian Natural Resources Limited [CNQ]

There are presently around $28,492 million, or 66.60% of CNQ stock, in the hands of institutional investors. The top three institutional holders of CNQ stocks are: CAPITAL RESEARCH GLOBAL INVESTORS with ownership of 141,783,121, which is approximately 2.799% of the company’s market cap and around 3.30% of the total institutional ownership; CAPITAL WORLD INVESTORS, holding 77,813,989 shares of the stock with an approximate value of $2.77 billion in CNQ stocks shares; and ROYAL BANK OF CANADA, currently with $2.18 billion in CNQ stock with ownership of nearly 10.283% of the company’s market capitalization.

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Positions in Canadian Natural Resources Limited stocks held by institutional investors increased at the end of August and at the time of the August reporting period, where 177 institutional holders increased their position in Canadian Natural Resources Limited [NYSE:CNQ] by around 99,550,770 shares. Additionally, 154 investors decreased positions by around 83,985,706 shares, while 48 investors held positions by with 618,147,973 shares. The mentioned changes placed institutional holdings at 801,684,449 shares, according to the latest SEC report filing. CNQ stock had 59 new institutional investments in for a total of 10,452,673 shares, while 43 institutional investors sold positions of 4,926,565 shares during the same period.

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