Capital Research & Management Co recently announced the acquisition of new stake in Canadian Natural Resources Limited (NYSE:CNQ). The institutional investor has increased its shareholding in the Energy company by 7.71% to 150.82 million shares with purchase of 10.79 million shares. This fresh investment now brings its stake to 13.62% valued currently at $8.52 billion. In addition, Capital Research & Management Co raised its holdings by 11.99 million to 96.8 million shares. And 1832 Asset Management LP has lifted its position by 16.70% or 5.13 million shares – to 35.88 million shares.
With over 3.02 million Canadian Natural Resources Limited (CNQ) shares trading Monday and a closing price of $54.44 on the day, the dollar volume was approximately $164.3 million. The shares have shown a negative half year performance of -1.38% and its price on 03/13/23 lost nearly -3.51%. Currently, there are 1.12B common shares owned by the public and among those 1.09B shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 22 analysts who have offered their price forecasts for CNQ have a consensus price objective of $67.59. The analysts have set the share’s price value over the next 12 months at a high of $77.17 and a low of $58.71. The average price target is 17.55% above its recent price level and an upside to the estimated low will see the stock gain 7.27% over that period. But an upside of 29.45% will see the stock hit the forecast high price target while median target price for the stock is $68.64.
The top 3 mutual fund holders in Canadian Natural Resources Limited are American Funds EuroPacific Growth, American Balanced Fund, and American Funds Capital World Grow. American Funds EuroPacific Growth owns 54.92 million shares of the company’s stock, all valued at over $3.1 billion. The company bought an additional 5.56 million shares recently to bring their total holdings to about 4.96% of the shares outstanding. American Funds Capital World Grow bought 0.22 million shares to bring its total holdings to over 25.35 million shares at a value of $1.43 billion. American Funds Capital World Grow now owns shares totaling to 2.29% of the shares outstanding.
Shares of Canadian Natural Resources Limited (NYSE: CNQ) opened at $54.87, down -$1.55 from a prior closing price of $56.42. However, the script later moved the day high at 56.59, down -3.51%. The company’s stock has a 5-day price change of -8.64% and -0.78% over the past three months. CNQ shares are trading -1.96% year to date (YTD), with the 12-month market performance down to -7.68% lower. It has a 12-month low price of $43.67 and touched a high of $69.14 over the same period. CNQ has an average intraday trading volume of 2.34 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by -5.95%, -5.73%, and -2.65% respectively.
Institutional ownership of Canadian Natural Resources Limited (NYSE: CNQ) shares accounts for 66.60% of the company’s 1.12B shares outstanding. Mutual fund holders own 17.95%, while other institutional holders and individual stakeholders account for 57.54% and — respectively.
It has a market capitalization of $61.30B and a beta (3y monthly) value of 1.60. The stock’s trailing 12-month PE ratio is 7.95, while the earnings-per-share (ttm) stands at $6.85. The company has a PEG of 0.58 and a Quick Ratio of 0.60 with the debt-to-equity ratio at 0.38. Price movements for the stock have been influenced by the stock’s volatility, which stands at 3.48% over the week and 2.71% over the month.
Analysts forecast that Canadian Natural Resources Limited (CNQ) will achieve an EPS of $1.66 for the current quarter, $1.65 for the next quarter and $6.79 for 2023. The lowest estimate earnings-per-share for the quarter is $1.41 while analysts give the company a high EPS estimate of $1.94. Comparatively, EPS for the current quarter was $1.72 a year ago. Earnings per share for the fiscal year are expected to decrease by -22.10%, and 7.42% over the next financial year. EPS should shrink at an annualized rate of 13.72% over the next five years, compared to 105.70% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 22 brokerage firm advisors rate Canadian Natural Resources Limited (CNQ) as a “Moderate Buy” at a consensus score of 2.00. Specifically, 14 Wall Street analysts polled rate the stock as a buy, while 8 of the 22 advise that investors “hold,” and 0 rated it as a “Sell.”
Goldman coverage for the Canadian Natural Resources Limited (CNQ) stock in a research note released on November 21, 2022 offered a Buy rating with a price target of $69. BofA Securities on their part issued Buy rating on July 19, 2022.
