Canadian Natural Resources Ltd. [CNQ] moved down -1.12: Why It’s Important

Canadian Natural Resources Ltd. [NYSE: CNQ] closed the trading session at $59.97. The company report on December 14, 2023 at 5:00 AM that Canadian Natural Resources Limited Announces 2024 Budget.

Calgary, Alberta–(Newsfile Corp. – December 14, 2023) – Canadian Natural’s (TSX: CNQ) (NYSE: CNQ) President, Tim McKay, commented on the Company’s 2024 budget, “Our teams remain focused on safe, reliable, effective and efficient operations throughout our asset base. Our unique and diversified asset base provides us a key competitive advantage as we can manage the pace and timing of development activities to maximize value growth from our assets. As part of our 2024 budget, the drilling program is weighted towards longer cycle projects in the first half of the year, primarily thermal in situ. During the second half of the year we will focus on shorter cycle development opportunities to better align with incremental market egress and potentially improved commodity pricing, maximizing value for our shareholders.

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“Our 2024 capital budget is disciplined, targeted at approximately $5.4 billion, as we look to deliver strong returns on capital, resulting in targeted exit 2024 production levels of approximately 1,455 MBOE/d, an increase of approximately 40 MBOE/d from targeted exit 2023 production levels, and driving targeted 2025 average annual production growth of approximately 4% to 5% compared to 2024 targeted average annual production levels. Annual production in 2024 is targeted to range between 1,330 MBOE/d and 1,380 MBOE/d, resulting in targeted production per share growth between 3% and 7% when compared to 2023 production per share levels, based upon recent strip pricing.

The stocks have a year to date performance of -8.47 percent and weekly performance of -6.08 percent. The stock has been moved at -1.53 percent over the last six months. The stock has performed -9.98 percent around the most recent 30 days and changed -11.70 percent over the most recent 3-months.

If compared to the average trading volume of 3.31M shares, CNQ reached to a volume of 5945137 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 $71.95 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 1.53, with the Price to Sales ratio for CNQ stock in the period of the last 12 months amounting to 2.42. The Price to Book ratio for the last quarter was 2.22, with the Price to Cash per share for the same quarter was set at 0.47. Price to Free Cash Flow for CNQ in the course of the last twelve months was 13.42 with Quick ratio for the last quarter at 0.65.

CNQ stock trade performance evaluation

Canadian Natural Resources Ltd. [CNQ] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -6.08. With this latest performance, CNQ shares dropped by -9.98% in over the last four-week period, additionally sinking by -1.53% over the last 6 months – not to mention a rise of 3.65% 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 34.13, with the RSI for the last a single of trading hit 27.74, and the three-weeks RSI is set at 38.50 for Canadian Natural Resources Ltd. [CNQ]. The present Moving Average for the last 50 days of trading for this stock 64.38, while it was recorded at 62.55 for the last single week of trading, and 61.44 for the last 200 days.

Canadian Natural Resources Ltd. [CNQ]: An insightful look at the core fundamentals

Canadian Natural Resources Ltd.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 0.65 and a Current Ratio set at 0.91.

Earnings per share (EPS) analysis for Canadian Natural Resources Ltd. [CNQ] stock

With the latest financial reports released by the company, Canadian Natural Resources Ltd. posted 1.46/share EPS, while the average EPS was predicted by analysts to be reported at 1.62/share. When compared, the two values demonstrate that the company fail the estimates by a Surprise Factor of -9.90%. 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 8.2815%. BLACKROCK INC., holding 1.03 billion shares of the stock with an approximate value of $176.59 billion in CNQ stocks shares; and BERKSHIRE HATHAWAY INC, currently with $156.75 billion in CNQ stock with ownership which is approximately 5.8325%.