Q1 2024 Earnings Forecast for Canadian Natural Resources Limited Issued By Zacks Research (NYSE:CNQ)

Canadian Natural Resources Limited (NYSE:CNQ) (TSE:CNQ) – Zacks Research lowered their Q1 2024 EPS estimates for shares of Canadian Natural Resources in a research note issued on Tuesday, April 23rd. Zacks Research analyst T. Saha now expects that the oil and gas producer will earn $1.06 per share 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.

A number of other analysts also recently commented on CNQ. Desjardins downgraded shares of Canadian Natural Resources from a “buy” rating to a “hold” rating in a report on Tuesday. JPMorgan Chase & Co. raised their price target on shares of 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 company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $94.00.

Canadian Natural Resources Stock Up 0.5 %

CNQ stock opened at $77.32 on Wednesday. The company has a market cap of $82.90 billion, a price-to-earnings ratio of 13.96 and a beta of 1.54. The company has a current ratio of 0.96, a quick ratio of 0.69 and a debt-to-equity ratio of 0.25. Canadian Natural Resources has a 12 month low of $52.66 and a 12 month high of $82.58. The firm has a 50-day moving average of $73.82 and a two-hundred day moving average of $67.68.

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

Institutional Trading of Canadian Natural Resources

Several institutional investors have recently added to or reduced their stakes in CNQ. Vontobel Holding Ltd. acquired a new stake in Canadian Natural Resources in the 3rd quarter valued at approximately $494,000. CWM LLC increased its holdings in Canadian Natural Resources by 52.0% in the 3rd quarter. CWM LLC now owns 2,559 shares of the oil and gas producer’s stock valued at $165,000 after purchasing an additional 875 shares during the last quarter. SG Americas Securities LLC increased its holdings in Canadian Natural Resources by 5.0% in the 3rd quarter. SG Americas Securities LLC now owns 40,333 shares of the oil and gas producer’s stock valued at $2,619,000 after purchasing an additional 1,938 shares during the last quarter. Washington Trust Advisors Inc. increased its holdings in Canadian Natural Resources by 238.1% in the 3rd quarter. Washington Trust Advisors Inc. now owns 1,136 shares of the oil and gas producer’s stock valued at $73,000 after purchasing an additional 800 shares during the last quarter. Finally, Caprock Group LLC acquired a new stake in Canadian Natural Resources in the 3rd quarter valued at approximately $230,000. Institutional investors and hedge funds own 74.03% of the company’s stock.

Canadian Natural Resources Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, April 5th. Investors of record on Friday, March 15th were issued a $0.774 dividend. This represents a $3.10 annualized dividend and a yield of 4.00%. The ex-dividend date was Thursday, March 14th. This is an increase from Canadian Natural Resources’s previous quarterly dividend of $0.72. Canadian Natural Resources’s dividend payout ratio (DPR) is 53.25%.

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).