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Stock Investors Sell Off Shares of Canadian Natural Resources, Down 4.1%

Published on Mon, 04/15/2013 - 10:20
By Mallory Stone

Canadian Natural Resources (NYSE:CNQ) is one of today's biggest movers, down 4.1% to $29.58. The Dow Jones Industrial Average is now trading 0.4% lower to 14,799 and the S&P is trading 0.5% lower to 1,580.

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 26.3% exists for Canadian Natural Resources, based on a current level of $29.58 and analysts' average consensus price target of $37.36. Canadian Natural Resources shares should first meet resistance at the 200-day moving average (MA) of $29.92 and find additional resistance at the 50-day MA of $31.09.

In the past 52 weeks, shares of Canadian Natural Resources have traded between a low of $25.01 and a high of $35.40 and are now at $29.58, which is 18% above that low price. Over the past week, the 200-day moving average (MA) has gone up 0.4% while the 50-day MA has advanced 0.2%.

By Mallory Stone
mstone@fnno.com