Downgrade Alert for Canadian Natural Resources (CNQ)
Canadian Natural Resources (NYSE:CNQ) was downgraded from Buy to Hold at Canaccord Genuity today. The stock closed yesterday at $30.20 on volume of 3.0 million shares, below average daily volume of 3.2 million.
Canadian Natural Resources share prices have moved between a 52-week high of $41.38 and a 52-week low of $25.01 and closed yesterday at 21% above that low price at $30.20 per share. The 200-day and 50-day moving averages have moved 0.3% lower and 0.18% lower over the past week, respectively.
Canadian Natural Resources (NYSE:CNQ) has potential upside of 28.7% based on a current price of $30.20 and analysts' consensus price target of $38.87. The stock should discover initial support at its 200-day moving average (MA) of $29.74 and subsequent support at its 50-day MA of $28.70.
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 recommended that subscribers consider buying shares of Canadian Natural Resources on December 24th, 2012 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $29.13. Since that recommendation, shares of Canadian Natural Resources have risen 3.7%. We continue to monitor CNQ for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.
Keywords: analyst upgrades/downgrades canadian natural resources