Traders Are Bearish Canadian Natural Resources Limited After Today’s Gap Down

 Traders Are Bearish Canadian Natural Resources Limited After Today's Gap Down

The stock of Canadian Natural Resources Limited (TSE:CNQ) gapped down by $0.54 today and has $39.74 target or 4.00% below today’s $41.40 share price. The 8 months technical chart setup indicates high risk for the $44.71B company. The gap down was reported on Nov, 29 by Barchart.com. If the $39.74 price target is reached, the company will be worth $1.79B 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 730,098 shares traded hands. Canadian Natural Resources Limited (TSE:CNQ) has risen 11.71% since April 25, 2016 and is uptrending. It has outperformed by 6.45% 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 2.25% above today’s ($41.4) stock price. Canadian Natural Resources Limited has been the topic of 26 analyst reports since August 22, 2015 according to StockzIntelligence Inc. RBC Capital Markets upgraded Canadian Natural Resources Limited (TSE:CNQ) on Monday, August 29 to “Top Pick” rating. Raymond James maintained Canadian Natural Resources Limited (TSE:CNQ) rating on Monday, June 6. Raymond James has “” rating and $48 price target. The firm has “Outperform” rating by RBC Capital Markets given on Monday, January 25. RBC Capital Markets maintained it with “Top Pick” rating and $51 target price in Monday, October 17 report. The firm has “Neutral” rating given on Wednesday, August 26 by JP Morgan. The firm has “” rating by Desjardins Securities given on Tuesday, June 28. The firm has “Outperform” rating by FirstEnergy Capital given on Monday, November 9. Scotia Capital maintained it with “Outperform” rating and $44 target price in Friday, November 4 report.

More 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 published the news titled: “Did TransCanada Corporation Just Cost Canadian Natural Resources Limited …” on November 25, 2016. Fool.ca‘s news article titled: “Canadian Natural Resources Limited Goes to War With TransCanada Corporation” with publication date: November 05, 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 $44.71 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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