Zacks Research Brokers Cut Earnings Estimates for Canadian Natural Resources Limited (TSE:CNQ)

Canadian Natural Resources Limited (TSE:CNQ) (NYSE:CNQ) – Equities researchers at Zacks Research cut their Q3 2024 EPS estimates for Canadian Natural Resources in a research report issued on Wednesday, September 11th. Zacks Research analyst T. Saha now anticipates that the company will post earnings per share of $0.86 for the quarter, down from their previous forecast of $0.90. The consensus estimate for Canadian Natural Resources’ current full-year earnings is $4.23 per share. Zacks Research also issued estimates for Canadian Natural Resources’ Q4 2024 earnings at $0.94 EPS, Q1 2025 earnings at $1.12 EPS, Q2 2025 earnings at $1.17 EPS, Q3 2025 earnings at $0.99 EPS and FY2025 earnings at $4.20 EPS.

Canadian Natural Resources (TSE:CNQ) (NYSE:CNQ) last issued its quarterly earnings results on Wednesday, July 31st. The company reported C$0.88 earnings per share for the quarter, topping the consensus estimate of C$0.84 by C$0.04. Canadian Natural Resources had a return on equity of 19.65% and a net margin of 20.88%. The firm had revenue of C$9.05 billion for the quarter, compared to the consensus estimate of C$8.41 billion.

A number of other research firms have also recently commented on CNQ. Raymond James cut their price target on shares of Canadian Natural Resources from C$97.00 to C$49.00 and set a “market perform” rating on the stock in a report on Wednesday, June 12th. Scotiabank dropped their target price on shares of Canadian Natural Resources from C$114.00 to C$57.00 and set a “sector perform” rating on the stock in a research note on Tuesday, June 11th. Desjardins lifted their price target on shares of Canadian Natural Resources from C$55.00 to C$56.00 and gave the company a “hold” rating in a research note on Friday, August 2nd. Jefferies Financial Group dropped their price objective on Canadian Natural Resources from C$110.00 to C$55.00 and set a “hold” rating on the stock in a research note on Monday, July 15th. Finally, TD Securities raised their price objective on Canadian Natural Resources from C$49.00 to C$60.00 and gave the stock a “buy” rating in a report on Friday, August 2nd. Eight equities research analysts have rated the stock with a hold rating and six 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 a consensus target price of C$90.88.

Canadian Natural Resources Stock Performance

CNQ stock opened at C$43.40 on Thursday. Canadian Natural Resources has a twelve month low of C$40.02 and a twelve month high of C$56.49. The firm has a market cap of C$92.44 billion, a price-to-earnings ratio of 12.33, a PEG ratio of 0.53 and a beta of 1.91. The business’s fifty day simple moving average is C$47.91 and its two-hundred day simple moving average is C$76.80. The company has a quick ratio of 0.54, a current ratio of 0.88 and a debt-to-equity ratio of 29.64.

Canadian Natural Resources Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 4th. Stockholders of record on Friday, September 13th will be given a $0.525 dividend. This represents a $2.10 dividend on an annualized basis and a dividend yield of 4.84%. The ex-dividend date of this dividend is Friday, September 13th. Canadian Natural Resources’s payout ratio is currently 59.09%.

Insider Buying and Selling

In other Canadian Natural Resources news, Senior Officer Devin Craig Lowe sold 3,750 shares of the firm’s stock in a transaction that occurred on Monday, June 24th. The shares were sold at an average price of C$48.43, for a total value of C$181,612.50. 4.24% of the stock is currently owned by company insiders.

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).