Canadian Natural Resources Limited Gap Down Today Means Higher Risks Forward

 Canadian Natural Resources Limited Gap Down Today Means Higher Risks Forward

The stock of Canadian Natural Resources Limited (TSE:CNQ) gapped down by $0.06 today and has $42.18 target or 3.00% below today’s $43.48 share price. The 5 months technical chart setup indicates high risk for the $47.90 billion company. The gap down was reported on Nov, 25 by Barchart.com. If the $42.18 price target is reached, the company will be worth $1.44 billion less.
Gaps down are helpful for identifying a resistance level and to could also be used as a tradeable event. If traders are short the stock and it experiece gap down, then its usually advisable to hold the short for a bigger down move. Back-tests of such patterns show that two-thirds of the these patterns the stock performance worsens after the gap. The area gaps close 91% of the time, the breakaway gaps 1%, the continuation gaps 9% and the exhaustion gaps 64%. About 366,962 shares traded hands. Canadian Natural Resources Limited (TSE:CNQ) has risen 13.69% since April 21, 2016 and is uptrending. It has outperformed by 8.28% 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. Canadian Natural Resources Limited has been the topic of 26 analyst reports since August 22, 2015 according to StockzIntelligence Inc. The firm earned “Outperform” rating on Monday, November 9 by FirstEnergy Capital. On Monday, January 25 the stock rating was maintained by RBC Capital Markets with “Outperform”. The stock of Canadian Natural Resources Limited (TSE:CNQ) has “Neutral” rating given on Wednesday, August 26 by JP Morgan. RBC Capital Markets maintained the stock with “Top Pick” rating in Monday, October 17 report. The firm earned “” rating on Monday, June 6 by Raymond James. RBC Capital Markets upgraded the shares of CNQ in a report on Monday, August 29 to “Top Pick” rating. The rating was maintained by Scotia Capital on Friday, November 4 with “Outperform”. The rating was maintained by Desjardins Securities on Tuesday, June 28 with “”.

More news for Canadian Natural Resources Limited (TSE:CNQ) were recently published by: Business.Financialpost.com, which released: “Canadian Natural Resources Ltd makes itself OPEC-proof by raising dividend …” on November 03, 2016. Fool.ca‘s article titled: “Canadian Natural Resources Limited Goes to War With TransCanada Corporation” and published on November 05, 2016 is yet another important article.

Canadian Natural Resources Limited is an independent natural gas and crude oil exploration, development and production company. The company has a market cap of $47.90 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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