Downgrade Alert for Canadian Natural Resources (CNQ)
Canadian Natural Resources (NYSE:CNQ) was downgraded from Buy to Hold at TD Securities 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 (NYSE:CNQ) has potential upside of 18.5% based on a current price of $31.13 and analysts' consensus price target of $36.90. The stock should discover initial support at its 50-day moving average (MA) of $30.16 and subsequent support at its 200-day MA of $29.98.
Canadian Natural Resources share prices have moved between a 52-week high of $35.12 and a 52-week low of $26.53 and closed yesterday at 17% above that low price at $31.13 per share. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 0.5%.
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 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