Canadian Natural Resources Limited’s Stock Is Buy After Today’s Gap Up

 Canadian Natural Resources Limited's Stock Is Buy After Today's Gap Up

The stock of Canadian Natural Resources Limited (TSE:CNQ) gapped up by $0.22 today and has $68.18 target or 55.00% above today’s $43.99 share price. The 9 months technical chart setup indicates low risk for the $49.14 billion company. The gap was reported on Nov, 21 by Barchart.com. If the $68.18 price target is reached, the company will be worth $27.03 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 1.08M shares traded hands. Canadian Natural Resources Limited (TSE:CNQ) has risen 17.48% since April 15, 2016 and is uptrending. It has outperformed by 13.62% 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 $42.33 average target is -3.77% below today’s ($43.99) stock price. Canadian Natural Resources Limited has been the topic of 26 analyst reports since August 22, 2015 according to StockzIntelligence Inc. The stock of Canadian Natural Resources Limited (TSE:CNQ) earned “Neutral” rating by JP Morgan on Wednesday, August 26. Desjardins Securities maintained the shares of CNQ in a report on Tuesday, June 28 with “” rating. The rating was maintained by Raymond James on Monday, June 6 with “”. RBC Capital Markets maintained Canadian Natural Resources Limited (TSE:CNQ) rating on Monday, October 17. RBC Capital Markets has “Top Pick” rating and $51 price target. As per Friday, November 4, the company rating was maintained by Scotia Capital. On Monday, January 25 the stock rating was maintained by RBC Capital Markets with “Outperform”. As per Monday, November 9, the company rating was downgraded by FirstEnergy Capital. The company was upgraded on Monday, August 29 by RBC Capital Markets.

More notable recent Canadian Natural Resources Limited (TSE:CNQ) news were published by: Business.Financialpost.com which released: “Canadian Natural Resources Ltd makes itself OPEC-proof by raising dividend …” on November 03, 2016, also Fool.ca with their article: “Canadian Natural Resources Limited Goes to War With TransCanada Corporation” published on November 05, 2016, Cbc.ca published: “Concerns over possible ongoing problems at CNRL well in Alberta” on November 20, 2016. More interesting news about Canadian Natural Resources Limited (TSE:CNQ) were released by: Fool.ca and their article: “Why Canadian Natural Resources Limited Will Surprise Investors to the Upside” published on October 25, 2016 as well as Business.Financialpost.com‘s news article titled: “TransCanada gas toll talks making progress with Canadian Natural Resources, Encana” with publication date: November 03, 2016.

Canadian Natural Resources Limited is an independent natural gas and crude oil exploration, development and production company. The company has a market cap of $49.14 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.TO 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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