Canadian Natural Resources Limited Has Another Very Positive Trading Session Recording a Gap Up

 Canadian Natural Resources Limited Has Another Very Positive Trading Session Recording a Gap Up

The stock of Canadian Natural Resources Limited (TSE:CNQ) gapped up by $2.1 today and has $46.61 target or 4.00% above today’s $44.82 share price. The 6 months technical chart setup indicates low risk for the $48.43 billion company. The gap was reported on Nov, 30 by Barchart.com. If the $46.61 price target is reached, the company will be worth $1.94 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 1.78 million shares traded hands or 4.09% up from the average. Canadian Natural Resources Limited (TSE:CNQ) has risen 8.09% since April 26, 2016 and is uptrending. It has outperformed by 2.87% 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 -5.56% below today’s ($44.82) stock price. Canadian Natural Resources Limited has been the topic of 26 analyst reports since August 22, 2015 according to StockzIntelligence Inc. The rating was maintained by RBC Capital Markets on Monday, October 17 with “Top Pick”. The stock has “Outperform” rating given by FirstEnergy Capital on Monday, November 9. Desjardins Securities maintained Canadian Natural Resources Limited (TSE:CNQ) on Tuesday, June 28 with “” rating. The firm earned “Neutral” rating on Wednesday, August 26 by JP Morgan. The stock has “Top Pick” rating given by RBC Capital Markets on Monday, August 29. As per Monday, June 6, the company rating was maintained by Raymond James. The stock of Canadian Natural Resources Limited (TSE:CNQ) earned “Outperform” rating by Scotia Capital on Friday, November 4. RBC Capital Markets maintained the shares of CNQ in a report on Monday, January 25 with “Outperform” rating.

More important 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 article titled: “Did TransCanada Corporation Just Cost Canadian Natural Resources Limited …”, Fool.ca published: “Canadian Natural Resources Limited Goes to War With TransCanada Corporation” on November 05, 2016. More interesting news about Canadian Natural Resources Limited (TSE:CNQ) was released by: Business.Financialpost.com and their article: “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 $48.43 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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