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Downgrade Alert for Canadian Natural Resources (CNQ)

By James Quinn

Canadian Natural Resources (NYSE:CNQ) was downgraded from Overweight to Neutral at JP Morgan today. The stock closed yesterday at $19.34 on volume of 6.7 million shares, above average daily volume of 4.7 million.

Canadian Natural Resources has overhead space with shares priced $19.34, or 44.0% below the average consensus analyst price target of $34.51. Canadian Natural Resources shares should first meet resistance at the 50-day moving average (MA) of $25.12 and find additional resistance at the 200-day MA of $29.69.

In the past 52 weeks, shares of Canadian Natural Resources have traded between a low of $18.94 and a high of $43.58 and closed yesterday at $19.34, which is 2% above that low price. Over the past week, the 200-day moving average (MA) has gone down 0.7% while the 50-day MA has declined 2.1%.

Canadian Natural Resources Ltd. acquires, explores for, develops, and produces natural gas, crude oil, and related products. The Company operates in the Canadian provinces of Alberta, northeastern British Columbia and Saskatchewan. Canadian Natural also operates in areas which have access for exploration activities and where pipeline systems already exist.

SmarTrend is tracking the current trend status for Canadian Natural Resources and will alert subscribers who have CNQ in their portfolio or watchlist when shares have changed trend direction.

Keywords: analyst upgrades/downgrades canadian natural resources

Ticker(s): CNQ