The stock of Canadian Natural Resources Limited (NYSE:CNQ) is now priced at $20.29 and the shares are 0.37 points up or 1.86% higher compared to its previous closing price of $19.92. The stock had 4.04 million contracts set over the past session. CNQ shares’ daily volume is compared to its average trading volume at 4.2 million shares. However, it has a float of 1150 million and although its performance was 14.5% over the week, it’s one to watch. It means the stock’s downside potential is -100% with the CNQ share price recently placing at $19.625 to $20.42. However, some brokerage firms have priced the stock below the average, including one that has called $12.52.

The shorts are running away from the Canadian Natural Resources Limited stock, with the latest data on short interest released on July 31, 2020, showing that short interest numbers in the CNQ shares have declined. Short interest in the stock represents just 0.51% of its float, but the volume has dropped by 0.

In the last trading session, Canadian Natural Resources Limited (NYSE:CNQ) raised by $2.57 over the week and gained $3.32 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $32.79. The stock recorded its established 52-week high on 01/03/20.

Since 03/18/20, the stock has traded to a low of $6.71 at 202.38%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge. The stock has a beta allocation of 1.76. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.

Looking at current readings, Canadian Natural Resources Limited’s two-week RSI is 66.8. This suggests that the stock is neutral at the moment and that CNQ shares’ price movement remains stable. The stochastic readings are equally revealing at 94.85% meaning the CNQ share price is currently in oversold territory.

The technical chart shows that the CNQ stock will likely settle at between $20.6 and $20.91 per share. However, if the stock dips below $19.8, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $19.32.

Currently, the stock is trading in the green of MACD, with a reading of 1.13. Investors always pay attention to any move above or below the zero-line, mainly because the indicator points to the position of the stock’s short-term average relative to its long-term measure. A MACD -a reading above the zero line means that the short-term is above the long-term average. This scenario implies that there is an upward momentum. The opposite is true when the MACD falls below the zero-line.

Analysts at Morgan Stanley raised their recommendation for CNQ from Equal-Weight to Overweight in July 08 review. Credit Suisse analysts see the stock as a Outperform, but they also raised the share’s target price from $29 to $32 in a flash note released to investors on July 02. National Bank Financial seeing the improvements upgraded the stock from Sector Perform to Outperform on June 24.

The average rating for the CNQ equity is 2.3 and is currently gathering a bullish momentum. Of 10 analysts tracking Canadian Natural Resources Limited polled by Reuters, 0 rated CNQ as a hold. The remaining 10 analysts were split evenly. However, the split wasn’t equal as a majority (9) rated it as a buy or strong buy. 1 analyst advised investors against buying the stock or to sell if they own any of the stock.

Elsewhere, the CNQ stock price is 45.7X ahead of its 12-month Consensus earnings per share estimates.

Zacks Consensus Estimate forecasts that the current-quarter revenues for Canadian Natural Resources Limited (NYSE:CNQ) will increase by about 38.28%, which will see them reach $3970 million. The company’s full-year revenues are, however, expected to increase by about 21.43%, up from $12970 million to $15750 million. CNQ’s expected adjusted earnings should surge almost 145% to end up at $0.49 per share, while for the fiscal year, analysts project the company’s earnings to grow by about 86.02% to record $1.73/share.

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