Erin Louise Lunn, an insider at Canadian Natural Resources Limited (TSE:CNQ), sold 2,252 shares of the company on January 28, 2024. The transaction, executed at an average price of C$49.68, totaled approximately C$111,879.36. Following this sale, Lunn now owns 51,142 shares, valued at around C$2,540,734.56, reflecting a decrease of 4.22% in their holdings.
The stock performance for Canadian Natural Resources saw a slight dip, trading down C$0.23 on Friday to close at C$58.00. Trading volume reached 13,217,956 shares, surpassing its average volume of 11,421,877. The company’s market capitalization stands at C$120.82 billion, with a price-to-earnings ratio of 18.30 and a price-to-earnings-growth ratio of 0.53. Notably, the stock has fluctuated between a 52-week low of C$34.92 and a high of C$59.08.
Analysts Adjust Price Targets
Recent evaluations from equity research analysts indicate mixed sentiments regarding Canadian Natural Resources. Evercore downgraded the stock from an “outperform” rating to “hold,” setting a price target of C$50.00 in a report released on January 6, 2024. Meanwhile, Royal Bank of Canada reduced its target from C$62.00 to C$61.00 while maintaining an “outperform” rating on January 13, 2024.
Further adjustments include TD Securities, which raised its price target from C$53.00 to C$54.00, and Morgan Stanley, which lowered its target from C$51.00 to C$50.00. National Bank Financial also increased its target from C$47.00 to C$54.00, assigning a “sector perform” rating.
Overall, three analysts rate the stock as a Buy, while five have assigned a Hold rating. According to data from MarketBeat.com, the consensus rating remains at “Hold” with a target price averaging C$54.40.
Company Overview
Canadian Natural Resources is recognized as one of the largest oil and natural gas producers in western Canada, with additional operations in the North Sea and offshore Africa. The company’s diverse portfolio includes light and medium oil, heavy oil, bitumen, synthetic oil, natural gas liquids, and natural gas. In 2020, it produced an average of 1.16 million barrels of oil equivalent per day and holds over 11.5 billion barrels of oil equivalent in proven and probable reserves.
The recent insider selling and analyst evaluations reflect ongoing dynamics in the energy sector, as investors closely monitor market conditions and corporate performance.
