Canadian Natural Resources Limited (TSE:CNQ) to Post Q2 2024 Earnings of $1.59 Per Share, Zacks Research Forecasts

Canadian Natural Resources Limited (TSE:CNQ) (NYSE:CNQ) – Investment analysts at Zacks Research lifted their Q2 2024 earnings per share estimates for Canadian Natural Resources in a research report issued to clients and investors on Tuesday, April 23rd. Zacks Research analyst T. Saha now forecasts that the company will post earnings of $1.59 per share for the quarter, up from their previous forecast of $1.54. The consensus estimate for Canadian Natural Resources’ current full-year earnings is $7.61 per share. Zacks Research also issued estimates for Canadian Natural Resources’ Q4 2024 earnings at $1.99 EPS, FY2024 earnings at $7.08 EPS, Q3 2025 earnings at $2.57 EPS, Q4 2025 earnings at $1.90 EPS and FY2025 earnings at $8.43 EPS.

Canadian Natural Resources (TSE:CNQ) (NYSE:CNQ) last issued its earnings results on Thursday, February 29th. The company reported C$2.34 earnings per share for the quarter, beating the consensus estimate of C$2.14 by C$0.20. The company had revenue of C$9.55 billion during the quarter, compared to analysts’ expectations of C$9.04 billion. Canadian Natural Resources had a return on equity of 21.11% and a net margin of 22.89%.

Several other analysts also recently commented on the company. UBS Group increased their target price on Canadian Natural Resources from C$113.00 to C$124.00 in a research note on Tuesday, April 9th. Scotiabank lifted their target price on Canadian Natural Resources from C$90.00 to C$100.00 and gave the company a “sector perform” rating in a research report on Friday, March 1st. BMO Capital Markets lifted their target price on Canadian Natural Resources from C$110.00 to C$115.00 in a research report on Thursday, March 28th. TD Securities lifted their target price on Canadian Natural Resources from C$100.00 to C$110.00 and gave the stock a “buy” rating in a report on Friday, March 1st. Finally, CIBC lifted their price target on Canadian Natural Resources from C$105.00 to C$115.00 and gave the stock an “outperform” rating in a research report on Monday. Six research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of C$111.00.

Canadian Natural Resources Stock Up 0.2 %

Shares of TSE:CNQ opened at C$105.68 on Thursday. Canadian Natural Resources has a 52-week low of C$69.83 and a 52-week high of C$112.99. The firm has a market capitalization of C$113.08 billion, a P/E ratio of 14.15, a P/E/G ratio of 0.53 and a beta of 1.98. The stock has a 50 day moving average price of C$100.29 and a 200-day moving average price of C$91.74. The company has a debt-to-equity ratio of 31.01, a quick ratio of 0.54 and a current ratio of 0.96.

Insiders Place Their Bets

In other Canadian Natural Resources news, Senior Officer Erin Louise Lunn sold 3,664 shares of the company’s stock in a transaction dated Thursday, April 4th. The shares were sold at an average price of C$35.59, for a total transaction of C$130,419.35. In related news, Director Norman Murray Edwards sold 13,500 shares of the company’s stock in a transaction that occurred on Thursday, March 7th. The shares were sold at an average price of C$97.66, for a total transaction of C$1,318,349.25. Also, Senior Officer Erin Louise Lunn sold 3,664 shares of the company’s stock in a transaction that occurred on Thursday, April 4th. The shares were sold at an average price of C$35.59, for a total transaction of C$130,419.35. Over the last three months, insiders have sold 331,237 shares of company stock worth $32,470,646. 2.20% of the stock is owned by company insiders.

Canadian Natural Resources Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, April 5th. Investors of record on Friday, March 15th were issued a dividend of $1.05 per share. This is a boost from Canadian Natural Resources’s previous quarterly dividend of $1.00. This represents a $4.20 annualized dividend and a yield of 3.97%. The ex-dividend date of this dividend was Thursday, March 14th. Canadian Natural Resources’s dividend payout ratio is currently 51.54%.

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).