Zacks reissued their neutral rating on shares of Canadian Natrl Res (NYSE:CNQ) in a research note released on Monday morning, Stock Ratings Network reports. They currently have a $33.00 target price on the stock.
Zacks’ analyst wrote, “We are maintaining our Neutral investment thesis on Canadian Natural Resources, reflecting a balanced risk/reward profile. The company’s large, diversified oil and gas asset bases, together with international exposure and a well-balanced blend of conventional and unconventional prospects, provides a buffer against uncertainties in the sector. Other positives for CNQ include its active hedging policy, competitive cost structure, strong balance sheet and robust free cash flow. However, the company s exposure to the inherently cyclical and volatile E&P sector offsets these strengths and remains a key area of concern, in our view. The stock has also been held back by operational challenges, continued volatility in natural gas prices and a fresh round of cost inflation in the oil sands regions.”
Zacks has also taken action a number of other basic materials stocks recently. The firm downgraded shares of Farmers Capital Bank Corp from an outperform rating to a neutral rating. Their analysts now have a $23.90 price target on that stock. Also, Zacks reiterated its neutral rating on shares of Methanex Corporation. They have a $53.00 price target on that stock. Finally, Zacks upgraded shares of Tower Financial Co. from a neutral rating to an outperform rating. Zacks now has a $24.40 price target on that stock.
Shares of Canadian Natrl Res (NYSE:CNQ) opened at 31.66 on Monday. Canadian Natrl Res has a 52-week low of $26.83 and a 52-week high of $33.64. The stock’s 50-day moving average is $30.76 and its 200-day moving average is $30.45. The company has a market cap of $34.430 billion and a P/E ratio of 24.30.
The company also recently declared a quarterly dividend, which is scheduled for Tuesday, October 1st. Investors of record on Friday, September 13th will be given a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 1.52%. The ex-dividend date of this dividend is Wednesday, September 11th.
A number of other firms have also recently commented on CNQ. Analysts at FirstEnergy Capital downgraded shares of Canadian Natrl Res (NYSE:CNQ) from a top pick rating to an outperform rating in a research note to investors on Monday, August 12th. Separately, analysts at TD Securities downgraded shares of Canadian Natrl Res (NYSE:CNQ) from a buy rating to a hold rating in a research note to investors on Monday, July 29th. They now have a $38.00 price target on the stock, down previously from $40.00. Finally, analysts at Macquarie downgraded shares of Canadian Natrl Res (NYSE:CNQ) from an outperform rating to a neutral rating in a research note to investors on Monday, July 29th.
Two analysts have rated the stock with a sell rating, nine have issued a hold rating and three have given a buy rating to the company’s stock. The company currently has an average rating of Hold and an average price target of $36.44.
Canadian Natural Resources Limited (NYSE:CNQ) is an independent crude oil and natural gas exploration, development and production company.
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