Canadian Natural Resources Limited [NYSE: CNQ] stock went on an upward path that rose over 0.02% on Tuesday, amounting to a one-week price increase of more than 2.57%. The company report on December 17, 2021 that Canadian Natural Resources Limited Completes the Acquisition of Storm Resources Ltd. and Announces Timing of 2022 Budget Release.
Calgary, Alberta–(Newsfile Corp. – December 17, 2021) – Canadian Natural Resources Limited (TSX: CNQ) (NYSE: CNQ) (“Canadian Natural” or the “Company”) announces that the previously announced acquisition by Canadian Natural of all the issued and outstanding common shares of Storm Resources Ltd. (“Storm”) pursuant to a plan of arrangement has been completed.
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Canadian Natural welcomes Storm employees to its Northeast British Columbia and Calgary head office teams. The acquired production, infrastructure and land complements Canadian Natural’s natural gas assets in the Northeast British Columbia area, providing the Company further opportunities to leverage synergies within our diversified portfolio.
Over the last 12 months, CNQ stock rose by 62.05%. The one-year Canadian Natural Resources Limited stock forecast points to a potential downside of -5.65. The average equity rating for CNQ stock is currently 1.90, trading closer to a bullish pattern in the stock market.
The market cap for the stock reached $50.00 billion, with 1.18 billion shares outstanding and 1.15 billion shares in the current float. Compared to the average trading volume of 2.89M shares, CNQ stock reached a trading volume of 3962788 in the most recent trading day, which is why market watchdogs consider the stock to be active.
Guru’s Opinion on 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.
JP Morgan have made an estimate for Canadian Natural Resources Limited shares, keeping their opinion on the stock as Neutral, with their previous recommendation back on December 09, 2021. While these analysts kept the previous recommendation, Morgan Stanley raised their target price to Equal-Weight. The new note on the price target was released on October 07, 2021, representing the official price target for Canadian Natural Resources Limited stock. Previously, the target price had yet another raise from $38 to $44, while Goldman kept a Buy rating on CNQ stock.
The Average True Range (ATR) for Canadian Natural Resources Limited is set at 1.33, with the Price to Sales ratio for CNQ stock in the period of the last 12 months amounting to 2.46. The Price to Book ratio for the last quarter was 1.82, with the Price to Cash per share for the same quarter was set at 0.81. Price to Free Cash Flow for CNQ in the course of the last twelve months was 5.93 with Quick ratio for the last quarter at 0.70.
CNQ Stock Performance Analysis:
Canadian Natural Resources Limited [CNQ] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 2.57. With this latest performance, CNQ shares gained by 6.46% in over the last four-week period, additionally plugging by 21.34% over the last 6 months – not to mention a rise of 62.05% 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 61.00, with the RSI for the last a single of trading hit 68.28, and the three-weeks RSI is set at 57.98 for Canadian Natural Resources Limited [CNQ]. The present Moving Average for the last 50 days of trading for this stock 41.65, while it was recorded at 42.41 for the last single week of trading, and 36.06 for the last 200 days.
Insight into Canadian Natural Resources Limited Fundamentals:
Canadian Natural Resources Limited’s liquidity data is similarly interesting compelling, with a Quick Ratio of 0.70 and a Current Ratio set at 0.90.
CNQ Stock EPS
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%.
Canadian Natural Resources Limited [CNQ] Insider Position Details
There are presently around $35,121 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 116,452,500, which is approximately -7.756% of the company’s market cap and around 3.30% of the total institutional ownership; CAPITAL WORLD INVESTORS, holding 89,966,731 shares of the stock with an approximate value of $3.87 billion in CNQ stocks shares; and ROYAL BANK OF CANADA, currently with $2.68 billion in CNQ stock with ownership of nearly 1.294% of the company’s market capitalization.
199 institutional holders increased their position in Canadian Natural Resources Limited [NYSE:CNQ] by around 55,628,941 shares. Additionally, 158 investors decreased positions by around 41,051,836 shares, while 55 investors held positions by with 719,511,241 shares. The mentioned changes placed institutional holdings at 816,192,018 shares, according to the latest SEC report filing. CNQ stock had 59 new institutional investments in for a total of 12,317,416 shares, while 32 institutional investors sold positions of 5,429,232 shares during the same period.