Canadian Natural Resources Limited to Post Q1 2024 Earnings of $1.06 Per Share, Zacks Research Forecasts (NYSE:CNQ)

Canadian Natural Resources Limited (NYSE:CNQ) (TSE:CNQ) – Equities research analysts at Zacks Research decreased their Q1 2024 earnings per share (EPS) estimates for shares of Canadian Natural Resources in a note issued to investors on Tuesday, April 23rd. Zacks Research analyst T. Saha now expects that the oil and gas producer will earn $1.06 per share for the quarter, down from their previous forecast of $1.22. The consensus estimate for Canadian Natural Resources’ current full-year earnings is $5.70 per share. Zacks Research also issued estimates for Canadian Natural Resources’ Q2 2024 earnings at $1.20 EPS, Q3 2024 earnings at $1.57 EPS, Q4 2024 earnings at $1.49 EPS, Q1 2025 earnings at $1.38 EPS, Q2 2025 earnings at $1.60 EPS, Q1 2026 earnings at $1.35 EPS and FY2026 earnings at $5.73 EPS.

Canadian Natural Resources (NYSE:CNQ) (TSE:CNQ) last posted its quarterly earnings results on Thursday, February 29th. The oil and gas producer reported $1.72 EPS for the quarter, beating the consensus estimate of $1.59 by $0.13. Canadian Natural Resources had a return on equity of 21.74% and a net margin of 20.15%. The firm had revenue of $7.02 billion during the quarter, compared to analysts’ expectations of $6.73 billion.

A number of other equities analysts have also recently issued reports on the company. Desjardins cut Canadian Natural Resources from a “buy” rating to a “hold” rating in a report on Tuesday. JPMorgan Chase & Co. increased their target price on Canadian Natural Resources from $101.00 to $102.00 and gave the stock a “neutral” rating in a report on Thursday, January 11th. Six equities research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to MarketBeat, Canadian Natural Resources presently has a consensus rating of “Hold” and a consensus price target of $94.00.

Canadian Natural Resources Trading Up 0.4 %

Shares of CNQ opened at $77.08 on Wednesday. Canadian Natural Resources has a 1 year low of $52.66 and a 1 year high of $82.58. The company has a current ratio of 0.96, a quick ratio of 0.69 and a debt-to-equity ratio of 0.25. The stock has a 50 day simple moving average of $73.20 and a 200-day simple moving average of $67.55. The stock has a market cap of $82.64 billion, a PE ratio of 13.91 and a beta of 1.54.

Institutional Investors Weigh In On Canadian Natural Resources

Large investors have recently bought and sold shares of the business. Raymond James Financial Services Advisors Inc. grew its position in Canadian Natural Resources by 993.8% during the 4th quarter. Raymond James Financial Services Advisors Inc. now owns 206,580 shares of the oil and gas producer’s stock worth $13,535,000 after acquiring an additional 187,694 shares during the last quarter. Cerity Partners LLC boosted its position in Canadian Natural Resources by 556.7% in the 4th quarter. Cerity Partners LLC now owns 96,338 shares of the oil and gas producer’s stock valued at $6,312,000 after buying an additional 81,669 shares during the last quarter. Baskin Financial Services Inc. boosted its position in Canadian Natural Resources by 3.5% in the 4th quarter. Baskin Financial Services Inc. now owns 464,287 shares of the oil and gas producer’s stock valued at $30,406,000 after buying an additional 15,546 shares during the last quarter. Principal Financial Group Inc. boosted its position in Canadian Natural Resources by 130.6% in the 3rd quarter. Principal Financial Group Inc. now owns 158,407 shares of the oil and gas producer’s stock valued at $10,292,000 after buying an additional 89,700 shares during the last quarter. Finally, NewEdge Wealth LLC boosted its position in Canadian Natural Resources by 10.8% in the 4th quarter. NewEdge Wealth LLC now owns 456,414 shares of the oil and gas producer’s stock valued at $29,904,000 after buying an additional 44,568 shares during the last quarter. 74.03% of the stock is currently owned by institutional investors.

Canadian Natural Resources Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, April 5th. Investors of record on Friday, March 15th were given a dividend of $0.774 per share. The ex-dividend date of this dividend was Thursday, March 14th. This is a positive change from Canadian Natural Resources’s previous quarterly dividend of $0.72. This represents a $3.10 dividend on an annualized basis and a yield of 4.02%. Canadian Natural Resources’s dividend payout ratio is 53.25%.

Canadian Natural Resources Company Profile

Canadian Natural Resources Limited acquires, explores for, develops, produces, markets, and sells crude oil, natural gas, and natural gas liquids (NGLs). The company offers light and medium crude oil, primary heavy crude oil, Pelican Lake heavy crude oil, bitumen (thermal oil), and synthetic crude oil (SCO).