Canadian Natural Resources Limited [NYSE: CNQ] traded at a low on 12/16/22, posting a -3.62 loss after which it closed the day’ session at $52.44. The company report on November 30, 2022 that Canadian Natural Resources Limited Announces 2023 Budget and New GHG Emissions Reduction Target.
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Calgary, Alberta–(Newsfile Corp. – November 30, 2022) – Canadian Natural’s (TSX: CNQ) (NYSE: CNQ) President, Tim McKay, commented on the Company’s 2023 Budget, “Our dedicated teams are focused on safe, reliable, effective and efficient operations throughout our high quality and diverse asset base. Our large, low risk, high value reserves provide us optionality and flexibility to allocate capital to our highest return projects. Our diversified and balanced production maximizes value for our shareholders, as we do not rely on any one commodity type. Our 2023 targeted production mix consists of approximately 44% light and synthetic crude oil (“SCO”), 29% heavy crude oil and 27% natural gas, based on the midpoint of our production guidance range. Our assets have low maintenance capital requirements, and combined with our effective and efficient operations, we drive substantial and sustainable free cash flow, maximizing returns to shareholders through our free cash flow allocation policy.
“Our 2023 budget is disciplined, targeted at approximately $5.2 billion, consisting of approximately $4.2 billion in base capital and approximately $1.0 billion in strategic growth capital. In 2023, we target to deliver strong year over year production growth of approximately 56,000 BOE/d, or 4%, over 2022 targeted levels, based on the midpoint of our 2023 production guidance range of approximately 1,330,000 BOE/d to 1,374,000 BOE/d. Our strategic growth capital targets to deliver additional production and capacity growth in years after 2023.
The results of the trading session contributed to over 20341921 shares changing hands. Over the past one week, the price volatility of Canadian Natural Resources Limited stands at 2.64% while the volatility over the past one month is 2.97%.
The market cap for CNQ stock reached $60.24 billion, with 1.12 billion shares outstanding and 1.08 billion shares in the current float. Compared to the average trading volume of 2.27M shares, CNQ reached a trading volume of 20341921 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 $67.48 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 2.00. 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 November 21, 2022. While these analysts kept the previous recommendation, Jefferies raised their target price to Hold. The new note on the price target was released on October 19, 2022, representing the official price target for Canadian Natural Resources Limited stock.
The Average True Range (ATR) for Canadian Natural Resources Limited is set at 1.91, with the Price to Sales ratio for CNQ stock in the period of the last 12 months amounting to 1.97. The Price to Book ratio for the last quarter was 2.10, with the Price to Cash per share for the same quarter was set at 0.62. Price to Free Cash Flow for CNQ in the course of the last twelve months was 5.52 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 -3.92. With this latest performance, CNQ shares dropped by -13.66% in over the last four-week period, additionally plugging by 2.06% over the last 6 months – not to mention a rise of 34.21% 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 30.88, with the RSI for the last a single of trading hit 24.43, and the three-weeks RSI is set at 36.56 for Canadian Natural Resources Limited [CNQ]. The present Moving Average for the last 50 days of trading for this stock 57.90, while it was recorded at 54.87 for the last single week of trading, and 57.61 for the last 200 days.
Canadian Natural Resources Limited [CNQ]: Deeper insight into the fundamentals
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 12.40%.
Insider trade positions for Canadian Natural Resources Limited [CNQ]
There are presently around $41,249 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 140,026,789, which is approximately 0.119% of the company’s market cap and around 3.30% of the total institutional ownership; CAPITAL RESEARCH GLOBAL INVESTORS, holding 84,809,307 shares of the stock with an approximate value of $4.45 billion in CNQ stocks shares; and FMR LLC, currently with $3.51 billion in CNQ stock with ownership of nearly -17.925% of the company’s market capitalization.
Positions in Canadian Natural Resources Limited stocks held by institutional investors increased at the end of November and at the time of the November reporting period, where 217 institutional holders increased their position in Canadian Natural Resources Limited [NYSE:CNQ] by around 37,418,461 shares. Additionally, 218 investors decreased positions by around 66,046,084 shares, while 69 investors held positions by with 683,129,029 shares. The mentioned changes placed institutional holdings at 786,593,574 shares, according to the latest SEC report filing. CNQ stock had 56 new institutional investments in for a total of 3,759,690 shares, while 53 institutional investors sold positions of 4,946,720 shares during the same period.