Canadian Natural Resources Ltd. [NYSE: CNQ] gained 2.58% or 1.86 points to close at $73.92 with a heavy trading volume of 4499176 shares. The company report on March 8, 2024 at 5:00 AM that Canadian Natural Resources Limited Announces Normal Course Issuer Bid.
Calgary, Alberta–(Newsfile Corp. – March 8, 2024) – Canadian Natural Resources Limited (TSX: CNQ) (NYSE: CNQ) (“Canadian Natural”) announced today that the Toronto Stock Exchange (“TSX”) has accepted notice filed by Canadian Natural of its intention to make a Normal Course Issuer Bid (“NCIB”) through the facilities of the 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, 2024 and ending March 12, 2025, purchase for cancellation up to 90,231,429 shares, being 10% of the public float as at February 29, 2024. Canadian Natural will not acquire through the facilities of the TSX more than 1,735,010 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.
The daily chart for CNQ points out that the company has recorded 14.20% gains over the past six months.
If we look at the average trading volume of 3.11M shares, CNQ reached to a volume of 4499176 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 Ltd. [CNQ]:
Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for CNQ shares is $75.56 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 1.73. 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. While these analysts kept the previous recommendation, Stifel raised their target price to Buy. The new note on the price target was released on January 13, 2023, representing the official price target for Canadian Natural Resources Ltd. stock. Previously, the target price had yet another raise from $62 to $69, while Goldman kept a Buy rating on CNQ stock.
The Average True Range (ATR) for Canadian Natural Resources Ltd. is set at 1.59, with the Price to Sales ratio for CNQ stock in the period of the last 12 months amounting to 2.97. The Price to Book ratio for the last quarter was 2.62, with the Price to Cash per share for the same quarter was set at 0.99. Price to Free Cash Flow for CNQ in the course of the last twelve months was 14.40 with Quick ratio for the last quarter at 0.69.
Trading performance analysis for CNQ stock
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 2.84. With this latest performance, CNQ shares gained by 21.10% in over the last four-week period, additionally plugging by 14.20% over the last 6 months – not to mention a rise of 35.78% 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 74.26, with the RSI for the last a single of trading hit 79.38, and the three-weeks RSI is set at 69.49 for Canadian Natural Resources Ltd. [CNQ]. The present Moving Average for the last 50 days of trading for this stock 65.25, while it was recorded at 72.39 for the last single week of trading, and 62.59 for the last 200 days.
Canadian Natural Resources Ltd. [CNQ]: A deeper dive into fundamental analysis
Canadian Natural Resources Ltd.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 0.69 and a Current Ratio set at 0.96.
Canadian Natural Resources Ltd. [CNQ]: An earnings per share (EPS) analysis
With the latest financial reports released by the company, Canadian Natural Resources Ltd. posted 1.28/share EPS, while the average EPS was predicted by analysts to be reported at 1.27/share. When compared, the two values demonstrate that the company surpassed the estimates by a Surprise Factor of 0.80%. 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%.
An analysis of Institutional ownership at Canadian Natural Resources Ltd. [CNQ]
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%.
