why Canadian Natural Resources Limited [CNQ] is a Good Choice for Investors After New Price Target of $69.79

Canadian Natural Resources Limited [NYSE: CNQ] jumped around 0.13 points on Monday, while shares priced at $54.66 at the close of the session, up 0.25%. The company report on August 4, 2022 that Canadian Natural Resources Limited Announces 2022 Second Quarter Results.


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Calgary, Alberta–(Newsfile Corp. – August 4, 2022) – Canadian Natural’s (TSX: CNQ) (NYSE: CNQ) President, Tim McKay, commented on the Company’s second quarter 2022 results, “Our world class asset base is strategically balanced across commodity types so we can be flexible and capture opportunities throughout the commodity price cycle to maximize value for our shareholders. A substantial portion of our unique and diverse asset base consists of long life low decline assets which have significant, low risk, high value reserves that require lower maintenance capital than most other reserves, making Canadian Natural a truly robust and resilient energy company.

“Our culture of continuous improvement with a focus on cost control and safe, effective and efficient operations, and our disciplined approach to capital allocation continues to drive strong operating results. Total corporate production averaged approximately 1,211 MBOE‍/‍d in Q2/22, including record quarterly natural gas production of approximately 2.1 Bcf/d which has grown over 30% from Q2/21 levels. We completed turnarounds at our Oil Sands Mining and Upgrading assets in Q2/22, with both mines having returned to full production rates, capturing a strong Synthetic Crude Oil (“SCO”) price premium to WTI.

Canadian Natural Resources Limited stock is now 32.11% up from its year-to-date (YTD) trading value. CNQ Stock saw the intraday high of $54.69 and lowest of $53.11 per share. The company’s 52-week high price is 69.14, which means current price is +29.16% above from all time high which was touched on 04/21/22.

Compared to the average trading volume of 3.08M shares, CNQ reached a trading volume of 5017773 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 $69.79 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 2.20. 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.

Credit Suisse have made an estimate for Canadian Natural Resources Limited shares, keeping their opinion on the stock as Neutral, with their previous recommendation back on August 11, 2022. The new note on the price target was released on July 19, 2022, representing the official price target for Canadian Natural Resources Limited stock. On January 25, 2022, analysts decreased their price target for CNQ shares from 58 to 54.

The Average True Range (ATR) for Canadian Natural Resources Limited is set at 1.78, with the Price to Sales ratio for CNQ stock in the period of the last 12 months amounting to 2.04. The Price to Book ratio for the last quarter was 2.07, with the Price to Cash per share for the same quarter was set at 0.41. Price to Free Cash Flow for CNQ in the course of the last twelve months was 5.29 with Quick ratio for the last quarter at 0.60.

How has CNQ stock performed recently?

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 1.97. With this latest performance, CNQ shares gained by 12.08% in over the last four-week period, additionally plugging by 7.61% over the last 6 months – not to mention a rise of 81.11% 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 57.82, with the RSI for the last a single of trading hit 53.81, and the three-weeks RSI is set at 51.47 for Canadian Natural Resources Limited [CNQ]. The present Moving Average for the last 50 days of trading for this stock 52.99, while it was recorded at 55.04 for the last single week of trading, and 53.74 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 +31.65 and a Gross Margin at +34.57. Canadian Natural Resources Limited’s Net Margin is presently recorded at +25.50.

Return on Equity for this stock inclined to 22.11, with Return on Assets sitting at 10.09.

Canadian Natural Resources Limited’s liquidity data is similarly interesting compelling, with a Quick Ratio of 0.60 and a Current Ratio set at 0.90.

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 10.00%.

Insider trade positions for Canadian Natural Resources Limited [CNQ]

There are presently around $44,537 million, or 66.60% of CNQ stock, in the hands of institutional investors. The top three institutional holders of CNQ stocks are: CAPITAL WORLD INVESTORS with ownership of 139,860,305, which is approximately 12.421% of the company’s market cap and around 3.30% of the total institutional ownership; CAPITAL RESEARCH GLOBAL INVESTORS, holding 105,474,045 shares of the stock with an approximate value of $5.77 billion in CNQ stocks shares; and FMR LLC, currently with $4.46 billion in CNQ stock with ownership of nearly -1.556% of the company’s market capitalization.

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 207 institutional holders increased their position in Canadian Natural Resources Limited [NYSE:CNQ] by around 53,242,337 shares. Additionally, 201 investors decreased positions by around 59,378,385 shares, while 83 investors held positions by with 702,178,448 shares. The mentioned changes placed institutional holdings at 814,799,170 shares, according to the latest SEC report filing. CNQ stock had 52 new institutional investments in for a total of 5,760,083 shares, while 41 institutional investors sold positions of 4,554,259 shares during the same period.

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