Canadian Natural Resources Limited [CNQ] is 6.07% higher this YTD. Is it still time to buy?

Canadian Natural Resources Limited [NYSE: CNQ] closed the trading session at $58.90 on 03/02/23. The day’s price range saw the stock hit a low of $58.08, while the highest price level was $59.53. The company report on March 2, 2023 that Canadian Natural Resources Limited Announces 2022 Fourth Quarter and Year End Results.

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Calgary, Alberta–(Newsfile Corp. – March 2, 2023) – Canadian Natural’s (TSX: CNQ) (NYSE: CNQ) President, Tim McKay, commented on the Company’s 2022 results, “In 2022, we demonstrated the strength of our balanced, diverse asset base that when combined with our flexible capital allocation strategy, resulted in substantial free cash flow generation, significant returns to our shareholders and strong reserve growth. We achieved record annual production of 1,281,434 BOE‍/‍d in 2022, an increase of 4% from 2021 levels, and 8% growth on a production per share basis. This growth was largely driven by our strategic investment in our robust natural gas assets, which grew 23% from 2021 levels, achieving record annual natural gas production of approximately 2.1 Bcf/d. Our culture of continuous improvement, focus on cost control and disciplined capital allocation continue to drive strong operational and financial results, maximizing value for shareholders.

“As a result of our diversified portfolio, we achieved annual realized natural gas pricing of $6.55/‍Mcf in 2022, which was approximately 17% above the AECO benchmark price. In addition, our high value synthetic crude oil (“SCO”) captured a strong price premium to WTI of US$4.43/bbl, driving strong realized SCO pricing of $117.69‍/‍bbl, which on an annual basis represents approximately 46% of our total liquids volumes and generates significant free cash flow for the Company.

The stocks have a year to date performance of 6.07 percent and weekly performance of 5.59 percent. The stock has been moved at 6.09 percent over the last six months. The stock has performed -4.13 percent around the most recent 30 days and changed -0.93 percent over the most recent 3-months.

If compared to the average trading volume of 2.32M shares, CNQ reached to a volume of 3223984 in the most recent trading day, which is why market watchdogs consider the stock to be active.

Here’s what leading stock market gurus have to 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 $67.18 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.

Stifel have made an estimate for Canadian Natural Resources Limited shares, keeping their opinion on the stock as Buy, with their previous recommendation back on January 13, 2023. While these analysts kept the previous recommendation, Goldman raised their target price from $62 to $69. The new note on the price target was released on November 21, 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 1.57, with the Price to Sales ratio for CNQ stock in the period of the last 12 months amounting to 2.08. The Price to Book ratio for the last quarter was 2.34, with the Price to Cash per share for the same quarter was set at 0.66. Price to Free Cash Flow for CNQ in the course of the last twelve months was 5.84 with Quick ratio for the last quarter at 0.60.

CNQ stock trade performance evaluation

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 5.59. With this latest performance, CNQ shares dropped by -4.13% in over the last four-week period, additionally plugging by 6.09% over the last 6 months – not to mention a rise of 7.43% 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 54.46, with the RSI for the last a single of trading hit 58.22, and the three-weeks RSI is set at 53.10 for Canadian Natural Resources Limited [CNQ]. The present Moving Average for the last 50 days of trading for this stock 57.32, while it was recorded at 57.41 for the last single week of trading, and 56.40 for the last 200 days.

Canadian Natural Resources Limited [CNQ]: An insightful look at the core 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 per share (EPS) analysis for Canadian Natural Resources Limited [CNQ] stock

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 13.72%.

Canadian Natural Resources Limited [CNQ]: Insider Ownership positions

There are presently around $47,930 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 150,820,520, which is approximately 7.708% of the company’s market cap and around 3.30% of the total institutional ownership; CAPITAL RESEARCH GLOBAL INVESTORS, holding 96,800,687 shares of the stock with an approximate value of $5.7 billion in CNQ stocks shares; and FMR LLC, currently with $3.64 billion in CNQ stock with ownership of nearly -7.875% of the company’s market capitalization.

Positions in Canadian Natural Resources Limited stocks held by institutional investors increased at the end of Thursday and at the time of the Thursday reporting period, where 239 institutional holders increased their position in Canadian Natural Resources Limited [NYSE:CNQ] by around 79,126,014 shares. Additionally, 234 investors decreased positions by around 52,568,494 shares, while 68 investors held positions by with 682,049,956 shares. The mentioned changes placed institutional holdings at 813,744,464 shares, according to the latest SEC report filing. CNQ stock had 87 new institutional investments in for a total of 7,593,324 shares, while 44 institutional investors sold positions of 2,477,098 shares during the same period.


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