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Downgrade Alert for Canadian Natural Resources (CNQ)

By James Quinn

Canadian Natural Resources (NYSE:CNQ) was downgraded from Overweight to Equal Weight at Morgan Stanley today. The stock closed yesterday at $17.53 on volume of 8.8 million shares, above average daily volume of 4.0 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.

In the past 52 weeks, Canadian Natural Resources share prices have been bracketed by a low of $17.05 and a high of $34.46 and closed yesterday at $17.53, 3% above that low price. The 200-day and 50-day moving averages have moved 0.74% lower and 1.19% lower over the past week, respectively.

Canadian Natural Resources (NYSE:CNQ) has potential upside of 66.7% based on a current price of $17.53 and analysts' consensus price target of $29.22. Canadian Natural Resources shares should first meet resistance at the 50-day moving average (MA) of $22.64 and find additional resistance at the 200-day MA of $25.49.

SmarTrend recommended that its subscribers protect gains by selling shares of Canadian Natural Resources on December 4th, 2015 by issuing a Downtrend alert when the shares were trading at $22.73. Since that call, shares of Canadian Natural Resources have fallen 22.9%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: analyst upgrades/downgrades canadian natural resources

Ticker(s): CNQ