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) – Research analysts at Zacks Research dropped their Q1 2024 earnings per share estimates for Canadian Natural Resources in a report issued on Tuesday, April 23rd. Zacks Research analyst T. Saha now anticipates that the oil and gas producer will post earnings per share of $1.06 for the quarter, down from their prior estimate 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, topping analysts’ consensus estimates 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 business 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 commented on CNQ. Desjardins cut Canadian Natural Resources from a “buy” rating to a “hold” rating in a report on Tuesday. JPMorgan Chase & Co. boosted their price objective 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, the stock has a consensus rating of “Hold” and an average price target of $94.00.

Canadian Natural Resources Trading Up 0.4 %

Canadian Natural Resources stock opened at $77.08 on Wednesday. Canadian Natural Resources has a 52 week low of $52.66 and a 52 week high of $82.58. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.69 and a current ratio of 0.96. The stock has a market capitalization of $82.64 billion, a P/E ratio of 13.91 and a beta of 1.54. The stock has a 50-day simple moving average of $73.20 and a 200 day simple moving average of $67.55.

Institutional Investors Weigh In On Canadian Natural Resources

Several institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. boosted its stake in shares of Canadian Natural Resources by 2.0% in the fourth quarter. Vanguard Group Inc. now owns 43,099,191 shares of the oil and gas producer’s stock valued at $2,823,859,000 after buying an additional 835,633 shares during the period. FIL Ltd boosted its stake in shares of Canadian Natural Resources by 1.1% in the fourth quarter. FIL Ltd now owns 23,340,567 shares of the oil and gas producer’s stock valued at $1,529,146,000 after buying an additional 250,256 shares during the period. TD Asset Management Inc boosted its stake in shares of Canadian Natural Resources by 24.4% in the fourth quarter. TD Asset Management Inc now owns 21,562,341 shares of the oil and gas producer’s stock valued at $1,419,556,000 after buying an additional 4,224,598 shares during the period. 1832 Asset Management L.P. boosted its stake in shares of Canadian Natural Resources by 0.4% in the fourth quarter. 1832 Asset Management L.P. now owns 15,792,161 shares of the oil and gas producer’s stock valued at $1,034,702,000 after buying an additional 58,960 shares during the period. Finally, The Manufacturers Life Insurance Company boosted its stake in shares of Canadian Natural Resources by 3.9% in the fourth quarter. The Manufacturers Life Insurance Company now owns 13,352,245 shares of the oil and gas producer’s stock valued at $876,170,000 after buying an additional 499,460 shares during the period. 74.03% of the stock is currently owned by institutional investors.

Canadian Natural Resources Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, April 5th. Stockholders of record on Friday, March 15th were issued a dividend of $0.774 per share. This represents a $3.10 dividend on an annualized basis and a dividend yield of 4.02%. The ex-dividend date was Thursday, March 14th. This is a boost from Canadian Natural Resources’s previous quarterly dividend of $0.72. Canadian Natural Resources’s payout ratio is currently 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).