Canadian Natural Resources Limited Expected to Earn Q3 2024 Earnings of $0.63 Per Share (NYSE:CNQ)

Canadian Natural Resources Limited (NYSE:CNQ) (TSE:CNQ) – Analysts at Zacks Research cut their Q3 2024 earnings estimates for shares of Canadian Natural Resources in a research report issued on Wednesday, September 11th. Zacks Research analyst T. Saha now anticipates that the oil and gas producer will post earnings per share of $0.63 for the quarter, down from their prior estimate of $0.66. The consensus estimate for Canadian Natural Resources’ current full-year earnings is $2.49 per share. Zacks Research also issued estimates for Canadian Natural Resources’ Q4 2024 earnings at $0.69 EPS, Q2 2025 earnings at $0.85 EPS, Q3 2025 earnings at $0.72 EPS, FY2025 earnings at $3.07 EPS and FY2026 earnings at $2.65 EPS.

Canadian Natural Resources (NYSE:CNQ) (TSE:CNQ) last released its quarterly earnings results on Thursday, August 1st. The oil and gas producer reported $0.88 earnings per share for the quarter, topping the consensus estimate of $0.62 by $0.26. Canadian Natural Resources had a net margin of 18.05% and a return on equity of 22.09%. The firm had revenue of $7.76 billion during the quarter, compared to the consensus estimate of $6.19 billion. During the same quarter in the prior year, the firm earned $0.43 EPS.

Other analysts also recently issued reports about the company. Wolfe Research began coverage on Canadian Natural Resources in a research note on Thursday, July 18th. They issued a “peer perform” rating for the company. StockNews.com downgraded shares of Canadian Natural Resources from a “buy” rating to a “hold” rating in a research report on Friday, August 23rd. Scotiabank reaffirmed a “sector perform” rating on shares of Canadian Natural Resources in a research report on Tuesday, June 11th. Finally, Raymond James raised Canadian Natural Resources to a “hold” rating in a report on Tuesday, May 28th. Six equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. According to MarketBeat.com, Canadian Natural Resources currently has an average rating of “Hold” and an average price target of $49.50.

Canadian Natural Resources Price Performance

Shares of Canadian Natural Resources stock opened at $32.38 on Thursday. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.88 and a quick ratio of 0.59. The business has a 50 day simple moving average of $35.23 and a two-hundred day simple moving average of $36.49. The stock has a market capitalization of $68.90 billion, a P/E ratio of 12.90 and a beta of 1.51. Canadian Natural Resources has a 12 month low of $29.45 and a 12 month high of $41.29.

Canadian Natural Resources Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 4th. Shareholders of record on Friday, September 13th will be given a $0.384 dividend. This represents a $1.54 annualized dividend and a yield of 4.74%. The ex-dividend date is Friday, September 13th. Canadian Natural Resources’s dividend payout ratio (DPR) is presently 60.56%.

Institutional Investors Weigh In On Canadian Natural Resources

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Bruce G. Allen Investments LLC grew its stake in shares of Canadian Natural Resources by 117.8% during the first quarter. Bruce G. Allen Investments LLC now owns 453 shares of the oil and gas producer’s stock valued at $35,000 after acquiring an additional 245 shares in the last quarter. YHB Investment Advisors Inc. bought a new stake in shares of Canadian Natural Resources in the first quarter worth $37,000. Principal Securities Inc. bought a new position in Canadian Natural Resources during the 4th quarter valued at $35,000. LifeSteps Financial Inc. bought a new stake in shares of Canadian Natural Resources in the 1st quarter worth about $46,000. Finally, RFP Financial Group LLC lifted its position in shares of Canadian Natural Resources by 98.3% during the second quarter. RFP Financial Group LLC now owns 710 shares of the oil and gas producer’s stock worth $25,000 after purchasing an additional 352 shares during the last quarter. Hedge funds and other institutional investors own 74.03% of the company’s stock.

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).