Canadian Natural Resources Limited [CNQ] is -8.66% lower this YTD. Is it still time to buy?

Canadian Natural Resources Limited [NYSE: CNQ] loss -5.34% on the last trading session, reaching $50.72 price per share at the time. The company report on March 8, 2023 that Canadian Natural Resources Limited Announces Normal Course Issuer Bid.

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Calgary, Alberta–(Newsfile Corp. – March 8, 2023) – Canadian Natural Resources Limited (TSX: CNQ) (NYSE: CNQ) (“Canadian Natural”) announced today that the Toronto Stock Exchange has accepted notice filed by Canadian Natural of its intention to make a Normal Course Issuer Bid (“NCIB”) through the facilities of the Toronto Stock Exchange (“TSX”) or other alternative Canadian trading systems. Purchases may also be made through the facilities of the New York Stock Exchange.

The notice provides that Canadian Natural may, during the 12 month period commencing March 13, 2023 and ending March 12, 2024, purchase for cancellation up to 92,296,006 shares, being 10% of the public float as at February 28, 2023. Canadian Natural will not acquire through the facilities of the TSX more than 1,376,002 common shares during a trading day, being 25% of the average daily trading volume of its common shares on the TSX for the six calendar months prior to the date of approval of the NCIB, subject to certain prescribed exceptions. The price which Canadian Natural will pay for any such shares will be the market price at the time of acquisition. The actual number of common shares that may be purchased and the timing of any such purchases will be determined by Canadian Natural. In connection with the NCIB, Canadian Natural expects to enter into an automatic share purchase plan in relation to purchases made by it under the NCIB.

Canadian Natural Resources Limited represents 1.12 billion in outstanding shares, while the company has a total market value of $57.11 billion with the latest information. CNQ stock price has been found in the range of $48.81 to $51.64.

If compared to the average trading volume of 2.34M shares, CNQ reached a trading volume of 9996007 in the most recent trading day, which is why market watchdogs consider the stock to be active.

Here is what top equities market gurus are saying 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 $66.03 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 2.01, with the Price to Sales ratio for CNQ stock in the period of the last 12 months amounting to 1.87. The Price to Book ratio for the last quarter was 2.06, 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 5.24 with Quick ratio for the last quarter at 0.60.

Trading performance analysis for CNQ stock

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 -12.23. With this latest performance, CNQ shares dropped by -16.96% in over the last four-week period, additionally sinking by -7.46% over the last 6 months – not to mention a drop of -10.47% 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 28.60, with the RSI for the last a single of trading hit 20.74, and the three-weeks RSI is set at 34.12 for Canadian Natural Resources Limited [CNQ]. The present Moving Average for the last 50 days of trading for this stock 57.61, while it was recorded at 54.50 for the last single week of trading, and 56.09 for the last 200 days.

Canadian Natural Resources Limited [CNQ]: A deeper dive into fundamental analysis

Operating Margin for any stock indicates how profitable investing would be, and Canadian Natural Resources Limited [CNQ] shares currently have an operating margin of +34.90 and a Gross Margin at +37.78. Canadian Natural Resources Limited’s Net Margin is presently recorded at +25.86.

Return on Equity for this stock inclined to 29.12, with Return on Assets sitting at 14.31.

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.

Canadian Natural Resources Limited [CNQ]: An earnings per share (EPS) analysis

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%.

An analysis of insider ownership at Canadian Natural Resources Limited [CNQ]

There are presently around $41,273 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 $4.91 billion in CNQ stocks shares; and FMR LLC, currently with $3.13 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 238 institutional holders increased their position in Canadian Natural Resources Limited [NYSE:CNQ] by around 78,260,125 shares. Additionally, 235 investors decreased positions by around 52,607,874 shares, while 68 investors held positions by with 682,875,566 shares. The mentioned changes placed institutional holdings at 813,743,565 shares, according to the latest SEC report filing. CNQ stock had 86 new institutional investments in for a total of 6,727,435 shares, while 44 institutional investors sold positions of 2,477,098 shares during the same period.


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