Desjardins Believes Canadian Natural Res (TSX: CNQ) Still Has Room to Grow

Wall Street analyst has provided a review for the Materials company today, but retained the same rating on the stock. Analyst Justin Bouchard from Desjardins remains bullish on Canadian Natural Res (TSX: CNQ) and has a C$55 price target.

Bouchard has an average return of 12.0% when recommending Canadian Natural Res.

According to TipRanks.com, Bouchard is ranked #4246 out of 4743 analysts.

Currently, the analyst consensus on Canadian Natural Res is Strong Buy and the average price target is C$52.63, representing a 13.6% upside.

In a report issued on January 8, Canaccord Genuity also reiterated a Buy rating on the stock with a C$58 price target.

Based on Canadian Natural Res’ latest earnings report for the quarter ending September 30, the company posted quarterly revenue of C$4.29 billion and quarterly net profit of C$684 million. In comparison, last year the company earned revenue of C$3.46 billion and had a net profit of C$566 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 Friday at C$46.31, close to its 52-week high of C$47.

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