What’s Ahead for Canadian Natural Resources Limited After Today’s Gap Up?

 What's Ahead for Canadian Natural Resources Limited After Today's Gap Up?

The stock of Canadian Natural Resources Limited (TSE:CNQ) gapped up by $0.14 today and has $71.84 target or 68.00% above today’s $42.76 share price. The 8 months technical chart setup indicates low risk for the $47.22 billion company. The gap was reported on Oct, 18 by Barchart.com. If the $71.84 price target is reached, the company will be worth $32.11 billion more.
Gaps up are useful for using as a support level and to some extent as a tradeable event. If investors already hold the stock and experience a price gap up, then its usually a good idea to hold the stock for a stronger up move. Back-tests of these patterns indicate that two-thirds of the times the stock performance improves after the gap. The area gaps close 89% of the time, the breakaway gaps, 2%, the continuation gaps 4% and the exhaustion gaps 61%. About 1.27 million shares traded hands. Canadian Natural Resources Limited (TSE:CNQ) has risen 17.09% since March 11, 2016 and is uptrending. It has outperformed by 11.60% the S&P500.

Canadian Natural Resources Limited (TSE:CNQ) Ratings Coverage

Out of 7 analysts covering Canadian Natural Resources Limited (TSE:CNQ), 5 rate it a “Buy”, 0 “Sell”, while 2 “Hold”. This means 71% are positive. $51 is the highest target while $30 is the lowest. The $39.70 average target is -7.16% below today’s ($42.76) stock price. Canadian Natural Resources Limited has been the topic of 22 analyst reports since August 22, 2015 according to StockzIntelligence Inc. RBC Capital Markets upgraded it to “Top Pick” rating and $51 target price in Monday, August 29 report. The stock of Canadian Natural Resources Limited (TSE:CNQ) has “Outperform” rating given on Monday, January 25 by RBC Capital Markets. The rating was maintained by Raymond James with “” on Monday, June 6. The stock has “Top Pick” rating given by RBC Capital Markets on Monday, October 17. The stock has “Outperform” rating given by FirstEnergy Capital on Monday, November 9. The rating was maintained by Desjardins Securities on Tuesday, June 28 with “”. The stock has “Neutral” rating given by JP Morgan on Wednesday, August 26.

More recent Canadian Natural Resources Limited (TSE:CNQ) news were published by: Fool.ca which released: “3 Great Reasons to Buy Canadian Natural Resources Limited” on October 17, 2016. Also Business.Financialpost.com published the news titled: “Canadian Natural Resources Ltd loss narrows on lower costs, says Horizon …” on August 04, 2016. Business.Financialpost.com‘s news article titled: “Canadian Natural Resources Ltd. ramps up well drilling as oil prices strengthen” with publication date: June 16, 2016 was also an interesting one.

Canadian Natural Resources Limited is an independent natural gas and crude oil exploration, development and production company. The company has a market cap of $47.22 billion. The Firm is engaged in the acquisition, exploration, development, production, marketing and sale of crude oil, natural gas and natural gas liquids . It currently has negative earnings. The Company’s exploration and production activities are focused in North America, largely in Western Canada; the United Kingdom (UK) portion of the North Sea and Cote d’Ivoire, Gabon, and South Africa in Offshore Africa.

CNQ Company Profile

Canadian Natural Resources Limited, incorporated on January 6, 1985, is an independent natural gas and crude oil exploration, development and production company. The Firm is engaged in the acquisition, exploration, development, production, marketing and sale of crude oil, natural gas and natural gas liquids (NGLs). The Company’s exploration and production activities are focused in North America, largely in Western Canada; the United Kingdom (UK) portion of the North Sea and Cote d’Ivoire, Gabon, and South Africa in Offshore Africa. The Horizon Oil Sands Mining and Upgrading segment (Horizon) produces synthetic crude oil through bitumen mining and upgrading operations. Within Western Canada, the Company maintains certain midstream activities that include pipeline operations, an electricity co-generation system and an investment in the North West Redwater Partnership (Redwater Partnership), a general partnership formed in the Province of Alberta.

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