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Downgrade Alert for Canadian Natural Resources (CNQ)

By Nick Russo

Canadian Natural Resources (NYSE:CNQ) was downgraded from Peer Perform to Underperform at Wolfe Research today. The stock closed yesterday at $33.91 on volume of 4.9 million shares, below average daily volume of 5.1 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 33.2% exists for Canadian Natural Resources, based on a current level of $33.90 and analysts' average consensus price target of $45.17. Canadian Natural Resources shares should first meet resistance at the 50-day moving average (MA) of $35.77 and find additional resistance at the 200-day MA of $39.79.

Canadian Natural Resources share prices have moved between a 52-week high of $46.65 and a 52-week low of $30.85 and closed yesterday at 10% above that low price at $33.90 per share. The 200-day and 50-day moving averages have moved 0.04% lower and 0.8% lower over the past week, respectively.

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

Ticker(s): CNQ