Canadian Natural Resources Ltd. [NYSE: CNQ] closed the trading session at $64.70 on 11/01/23. The day’s price range saw the stock hit a low of $63.17, while the highest price level was $64.92. The company report on August 3, 2023 at 5:00 AM that Canadian Natural Resources Limited Announces 2023 Second Quarter Results.
Calgary, Alberta–(Newsfile Corp. – August 3, 2023) – Commenting on the Company’s (TSX: CNQ) (NYSE: CNQ) second quarter 2023 results, Tim McKay, President, stated, “Canadian Natural’s Q2/23 results demonstrated the advantages of our diverse and balanced asset base by delivering adjusted funds flow of approximately $2.7 billion. As well, we delivered average daily production volumes of approximately 1,194 MBOE/d in the quarter, which was impacted by wildfires in Western Canada, the continued unplanned third-party pipeline outage and planned Company turnarounds during the quarter. Wildfires in Western Canada did not cause any significant property damage to our assets and we would like to acknowledge our field personnel and their families as well as the first responders and emergency response agencies for their efforts in the affected communities over the last few months.
As a result of strong execution on our thermal growth plan, Q3/23 average thermal production is now targeted to be approximately 280,000 bbl/d, which represents growth of approximately 30,000 bbl/d from Q4/22 levels. Thermal production targets to capture strong realizations, as Western Canadian Select (“WCS”) pricing has improved significantly year-to-date which, as of today, is forecasted to continue for the remainder of 2023.
The stocks have a year to date performance of 16.51 percent and weekly performance of 0.65 percent. The stock has been moved at 15.21 percent over the last six months. The stock has performed 2.28 percent around the most recent 30 days and changed 7.98 percent over the most recent 3-months.
If compared to the average trading volume of 2.53M shares, CNQ reached to a volume of 4780180 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 Ltd. [CNQ]:
Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for CNQ shares is $71.70 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 1.78. 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.
UBS have made an estimate for Canadian Natural Resources Ltd. shares, keeping their opinion on the stock as Buy, with their previous recommendation back on July 12, 2023.
The Average True Range (ATR) for Canadian Natural Resources Ltd. is set at 1.49, with the Price to Sales ratio for CNQ stock in the period of the last 12 months amounting to 2.58. The Price to Book ratio for the last quarter was 2.42, with the Price to Cash per share for the same quarter was set at 0.45. Price to Free Cash Flow for CNQ in the course of the last twelve months was 10.45 with Quick ratio for the last quarter at 0.47.
CNQ stock trade performance evaluation
Canadian Natural Resources Ltd. [CNQ] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 0.65. With this latest performance, CNQ shares gained by 2.28% in over the last four-week period, additionally plugging by 15.21% over the last 6 months – not to mention a rise of 7.94% 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 51.79, with the RSI for the last a single of trading hit 51.98, and the three-weeks RSI is set at 52.39 for Canadian Natural Resources Ltd. [CNQ]. The present Moving Average for the last 50 days of trading for this stock 64.11, while it was recorded at 63.92 for the last single week of trading, and 59.18 for the last 200 days.
Canadian Natural Resources Ltd. [CNQ]: An insightful look at the core fundamentals
Operating Margin for any stock indicates how profitable investing would be, and Canadian Natural Resources Ltd. [CNQ] shares currently have an operating margin of +34.90 and a Gross Margin at +37.78. Canadian Natural Resources Ltd.’s Net Margin is presently recorded at +25.86.
Return on Total Capital for CNQ is now 28.28, given the latest momentum, and Return on Invested Capital for the company is 21.33. Return on Equity for this stock inclined to 29.12, with Return on Assets sitting at 14.31. When it comes to the capital structure of this company, Canadian Natural Resources Ltd. [CNQ] has a Total Debt to Total Equity ratio set at 34.01. Additionally, CNQ Total Debt to Total Capital is recorded at 25.38, with Total Debt to Total Assets ending up at 17.05. Long-Term Debt to Equity for the company is recorded at 32.32, with the Long-Term Debt to Total Capital now at 24.11.
Receivables Turnover for the company is 12.69 with a Total Asset Turnover recorded at a value of 0.55.Canadian Natural Resources Ltd.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 0.47 and a Current Ratio set at 0.70.
Earnings per share (EPS) analysis for Canadian Natural Resources Ltd. [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 Ltd. go to -0.74%.
Canadian Natural Resources Ltd. [CNQ]: Institutional Ownership
The top three institutional holders of CNQ stocks are: VANGUARD GROUP INC with ownership of 1.3 billion shares, which is approximately 8.2579%. BLACKROCK INC., holding 1.04 billion shares of the stock with an approximate value of $201.66 billion in CNQ stocks shares; and BERKSHIRE HATHAWAY INC, currently with $177.59 billion in CNQ stock with ownership which is approximately 5.7994%.