Downgrade Alert for Canadian Natural Resources (CNQ)
Canadian Natural Resources (NYSE:CNQ) was downgraded from Outperform to Neutral at Macquarie today. The stock closed yesterday at $31.13 on volume of 3.0 million shares, above average daily volume of 2.4 million.
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.
Potential upside of 18.5% exists for Canadian Natural Resources, based on a current level of $31.13 and analysts' average consensus price target of $36.90. The stock should find initial support at its 50-day moving average (MA) of $30.16 and further support at its 200-day MA of $29.98.
In the past 52 weeks, shares of Canadian Natural Resources have traded between a low of $26.53 and a high of $35.12 and closed yesterday at $31.13, which is 17% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.5% while the 200-day MA has remained constant.
SmarTrend is monitoring the recent change of momentum in Canadian Natural Resources. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Canadian Natural Resources in search of a potential trend change.
Keywords: analyst upgrades/downgrades canadian natural resources