Zacks Research Equities Analysts Cut Earnings Estimates for Canadian Natural Resources Limited (NYSE:CNQ)

Canadian Natural Resources Limited (NYSE:CNQFree Report) (TSE:CNQ) – Research analysts at Zacks Research reduced their Q1 2024 earnings per share estimates for Canadian Natural Resources in a report released on Thursday, March 21st. Zacks Research analyst T. Saha now anticipates that the oil and gas producer will post earnings of $1.27 per share for the quarter, down from their prior forecast of $1.48. The consensus estimate for Canadian Natural Resources’ current full-year earnings is $5.44 per share. Zacks Research also issued estimates for Canadian Natural Resources’ FY2024 earnings at $5.28 EPS, Q1 2025 earnings at $1.45 EPS, Q3 2025 earnings at $1.86 EPS, Q4 2025 earnings at $1.42 EPS and FY2025 earnings at $6.31 EPS.

Separately, JPMorgan Chase & Co. upped their price objective on Canadian Natural Resources from $101.00 to $102.00 and gave the stock a “neutral” rating in a research report on Thursday, January 11th. Five research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat, Canadian Natural Resources currently has an average rating of “Hold” and an average target price of $94.00.

Read Our Latest Research Report on CNQ

Canadian Natural Resources Stock Performance

Shares of CNQ opened at $74.10 on Monday. Canadian Natural Resources has a 1 year low of $50.08 and a 1 year high of $74.52. The stock has a 50-day simple moving average of $66.28 and a 200-day simple moving average of $65.29. 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 $79.56 billion, a PE ratio of 13.38 and a beta of 1.53.

Canadian Natural Resources (NYSE:CNQGet Free Report) (TSE:CNQ) last announced its earnings results 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 return on equity of 21.74% and a net margin of 20.15%. The company had revenue of $7.02 billion for the quarter, compared to analyst estimates of $6.73 billion.

Institutional Investors Weigh In On Canadian Natural Resources

Several institutional investors have recently modified their holdings of the company. Money Concepts Capital Corp acquired a new stake in Canadian Natural Resources in the 4th quarter valued at $25,000. Central Bank & Trust Co. bought a new stake in Canadian Natural Resources in the fourth quarter valued at about $26,000. GAMMA Investing LLC acquired a new stake in Canadian Natural Resources during the fourth quarter valued at approximately $27,000. Captrust Financial Advisors grew its position in shares of Canadian Natural Resources by 57.6% in the 2nd quarter. Captrust Financial Advisors now owns 594 shares of the oil and gas producer’s stock worth $32,000 after acquiring an additional 217 shares in the last quarter. Finally, Principal Securities Inc. acquired a new position in Canadian Natural Resources in the fourth quarter worth $35,000. Hedge funds and other institutional investors own 73.88% of the company’s stock.

Canadian Natural Resources Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, April 5th. Stockholders of record on Friday, March 15th will be issued a $0.774 dividend. This is a boost from Canadian Natural Resources’s previous quarterly dividend of $0.72. This represents a $3.10 annualized dividend and a dividend yield of 4.18%. The ex-dividend date of this dividend is Thursday, March 14th. Canadian Natural Resources’s dividend payout ratio (DPR) is currently 53.25%.

About Canadian Natural Resources

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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).

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Earnings History and Estimates for Canadian Natural Resources (NYSE:CNQ)

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