Raymond James Thinks Canadian Natural Res’ Stock is Going to Recover
A Wall Street analyst has provided a review for the Materials company today, but retained the same rating on the stock. Analyst Chris Cox from Raymond James rated Canadian Natural Res (CNQ) a Buy, setting a C$47 price target.
According to TipRanks.com, Cox is a 1-star analyst with an average return of -1.4% and a 44.5% success rate. Cox covers the Basic Materials sector, focusing on stocks such as Athabasca Oil Corporation, Pengrowth Energy Corp, and Crescent Point Energy.
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The word on The Street in general, suggests a Strong Buy analyst consensus rating for Canadian Natural Res with a C$48.83 average price target, representing a 54.8% upside. In a report issued on July 18, RBC Capital also maintained a Buy rating on the stock with a C$45 price target.
Based on Canadian Natural Res’ latest earnings release for the quarter ending March 31, the company reported a quarterly revenue of C$5.25 billion and net profit of C$961 million. In comparison, last year the company earned revenue of C$5.95 billion and had a net profit of C$982 million.
Canadian Natural Resources Ltd. is a senior oil and natural gas production company. It engages in the exploration, development, marketing, and production of crude oil and natural gas. The company was founded on November 7, 1973 and is headquartered in Calgary, Canada.
The company’s shares closed on Friday at C$31.55, close to its 52-week low of C$30.11.