NEW YORK (TheStreet) -- Canadian Natural Resources (CNQ) - Get Report stock is spiking 5.67% to $25.89 on Friday after JPMorgan upgraded the company earlier this morning to "overweight" from "neutral."
The firm also raised its price target to $40 from $28.
Analysts are bullish following the company's fourth quarter 2015 earnings, reported on Thursday before the market open.
The Canada-based oil and gas producer posted a loss of 4 Canadian cents a share, in line with Wall Street's projections.
However, revenue of C$2.79 billion missed estimates of C$2.89 billion.
Given weak commodity prices, the company cut its planned spending for this year, as it expects to spend C$3.5 billion to C$3.9 billion, down about 22% from its previous guidance in November.
Following this announcement, analysts said they are increasingly confident that the company has a "top-tier sustaining capex profile with the ability to flex its balance sheet within its target leverage range."
Separately, TheStreet Ratings currently has a "Hold" rating on the stock with a letter grade of C.
Among the primary strengths of the company is its expanding profit margins over time. At the same time, however, we also find weaknesses including a generally disappointing performance in the stock itself, deteriorating net income and generally higher debt management risk.
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles' author.
You can view the full analysis from the report here: CNQ