Canadian Natural Resources Limited Forecasted to Earn FY2024 Earnings of $5.32 Per Share (NYSE:CNQ)

Canadian Natural Resources Limited (NYSE:CNQ) (TSE:CNQ) – Zacks Research boosted their FY2024 earnings per share estimates for Canadian Natural Resources in a report released on Tuesday, April 23rd. Zacks Research analyst T. Saha now forecasts that the oil and gas producer will post earnings per share of $5.32 for the year, up from their previous estimate of $5.26. The consensus estimate for Canadian Natural Resources’ current full-year earnings is $5.71 per share. Zacks Research also issued estimates for Canadian Natural Resources’ Q3 2025 earnings at $1.93 EPS, Q4 2025 earnings at $1.43 EPS and FY2025 earnings at $6.34 EPS.

Other research analysts also recently issued reports about the company. Desjardins downgraded Canadian Natural Resources from a “buy” rating to a “hold” rating in a report on Tuesday. JPMorgan Chase & Co. lifted their price objective on Canadian Natural Resources from $101.00 to $102.00 and gave the stock a “neutral” rating in a research note on Thursday, January 11th. Six analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $94.00.

Canadian Natural Resources Stock Performance

Shares of Canadian Natural Resources stock opened at $77.95 on Thursday. The stock has a market cap of $83.57 billion, a price-to-earnings ratio of 14.07 and a beta of 1.54. Canadian Natural Resources has a twelve month low of $52.66 and a twelve month high of $82.58. The company’s fifty day moving average is $74.12 and its 200 day moving average is $67.77. The company has a quick ratio of 0.69, a current ratio of 0.96 and a debt-to-equity ratio of 0.25.

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

Canadian Natural Resources Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, April 5th. Stockholders of record on Friday, March 15th were paid a $0.774 dividend. This represents a $3.10 dividend on an annualized basis and a dividend yield of 3.97%. This is an increase from Canadian Natural Resources’s previous quarterly dividend of $0.72. The ex-dividend date was Thursday, March 14th. Canadian Natural Resources’s payout ratio is currently 53.25%.

Institutional Investors Weigh In On Canadian Natural Resources

Large investors have recently added to or reduced their stakes in the business. K.J. Harrison & Partners Inc lifted its stake in Canadian Natural Resources by 10.5% in the first quarter. K.J. Harrison & Partners Inc now owns 162,468 shares of the oil and gas producer’s stock valued at $12,390,000 after buying an additional 15,386 shares during the period. Triasima Portfolio Management inc. grew its position in shares of Canadian Natural Resources by 0.3% during the 1st quarter. Triasima Portfolio Management inc. now owns 755,202 shares of the oil and gas producer’s stock worth $57,610,000 after buying an additional 2,155 shares during the period. UMB Bank n.a. increased its stake in shares of Canadian Natural Resources by 873.6% in the 1st quarter. UMB Bank n.a. now owns 1,178 shares of the oil and gas producer’s stock valued at $90,000 after acquiring an additional 1,057 shares in the last quarter. LifeSteps Financial Inc. acquired a new position in shares of Canadian Natural Resources during the 1st quarter valued at $46,000. Finally, YHB Investment Advisors Inc. bought a new position in Canadian Natural Resources during the first quarter worth $37,000. Institutional investors and hedge funds own 74.03% of the company’s stock.

About Canadian Natural Resources

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).