In a latest note to investors, a research analyst has provided a rating update for the Materials sector company, Canadian Natural Res (CNQ). GMP FirstEnergy’s analyst Michael Dunn reiterates their Buy rating on the shares, with a C$48 price target.
According to TipRanks.com, Dunn is currently ranked with no stars on a 0-5 star ranking scale, with an average return of -16.0% and a 23.7% success rate. Dunn covers the Basic Materials sector, focusing on stocks such as BlackPearl Resources Inc, PrairieSky Royalty Ltd, and Birchcliff Energy Ltd.
Currently, the analyst consensus on Canadian Natural Res is a Strong Buy with an average price target of C$55, which is a 52.9% upside from current levels. In a report issued on December 6, BMO Capital also maintained a Buy rating on the stock with a C$55 price target.
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Based on Canadian Natural Res’ latest earnings release for the quarter ending September 30, the company reported a quarterly revenue of C$5.9 billion and net profit of C$1.8 billion. In comparison, last year the company earned revenue of C$4.29 billion and had a net profit of C$684 million.
Canadian Natural Resources Ltd. is a senior oil and natural gas production company, which engages in the exploration, development, marketing, and production of crude oil and natural gas. It operates through the following segments: North America; North Sea; Offshore Africa; Oil Sands Mining and Upgrading; Midstream; Abandonments; and Head Office.
The company’s shares closed on Monday at C$35.98.
