Equities Analysts Issue Forecasts for Canadian Natural Resources Limited’s FY2024 Earnings (NYSE:CNQ)

Canadian Natural Resources Limited (NYSE:CNQ) (TSE:CNQ) – Research analysts at Zacks Research issued their FY2024 earnings estimates for shares of Canadian Natural Resources in a research report issued on Wednesday, September 11th. Zacks Research analyst T. Saha anticipates that the oil and gas producer will earn $2.46 per share for the year. The consensus estimate for Canadian Natural Resources’ current full-year earnings is $2.49 per share. Zacks Research also issued estimates for Canadian Natural Resources’ Q4 2025 earnings at $0.68 EPS, Q1 2026 earnings at $0.76 EPS and Q2 2026 earnings at $0.56 EPS.

Several other analysts have also issued reports on CNQ. StockNews.com lowered shares of Canadian Natural Resources from a “buy” rating to a “hold” rating in a research report on Friday, August 23rd. Wolfe Research started coverage on shares of Canadian Natural Resources in a research report on Thursday, July 18th. They set a “peer perform” rating on the stock. Scotiabank reissued a “sector perform” rating on shares of Canadian Natural Resources in a research note on Tuesday, June 11th. Finally, Raymond James raised shares of Canadian Natural Resources to a “hold” rating in a research note on Tuesday, May 28th. Six equities research analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $49.50.

Canadian Natural Resources Stock Performance

Shares of NYSE:CNQ opened at $31.97 on Friday. The company has a quick ratio of 0.59, a current ratio of 0.88 and a debt-to-equity ratio of 0.24. The firm has a market cap of $67.86 billion, a PE ratio of 12.74 and a beta of 1.51. The company’s 50 day moving average price is $35.07 and its two-hundred day moving average price is $36.46. Canadian Natural Resources has a 12-month low of $29.45 and a 12-month high of $41.29.

Canadian Natural Resources (NYSE:CNQ) (TSE:CNQ) last released its quarterly earnings results on Thursday, August 1st. The oil and gas producer reported $0.88 earnings per share for the quarter, beating the consensus estimate of $0.62 by $0.26. The firm had revenue of $7.76 billion for the quarter, compared to analysts’ expectations of $6.19 billion. Canadian Natural Resources had a net margin of 18.05% and a return on equity of 22.09%. During the same period in the prior year, the firm earned $0.43 EPS.

Canadian Natural Resources Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 4th. Stockholders of record on Friday, September 13th will be paid a dividend of $0.384 per share. This represents a $1.54 annualized dividend and a dividend yield of 4.80%. The ex-dividend date is Friday, September 13th. Canadian Natural Resources’s payout ratio is currently 61.35%.

Hedge Funds Weigh In On Canadian Natural Resources

Several large investors have recently modified their holdings of the business. Capital World Investors raised its stake in Canadian Natural Resources by 0.5% during the first quarter. Capital World Investors now owns 144,344,207 shares of the oil and gas producer’s stock worth $11,011,765,000 after buying an additional 684,532 shares during the last quarter. Vanguard Group Inc. raised its stake in Canadian Natural Resources by 1.7% during the first quarter. Vanguard Group Inc. now owns 43,813,537 shares of the oil and gas producer’s stock worth $3,343,849,000 after buying an additional 714,346 shares during the last quarter. TD Asset Management Inc grew its holdings in Canadian Natural Resources by 96.2% in the second quarter. TD Asset Management Inc now owns 42,518,833 shares of the oil and gas producer’s stock worth $1,514,190,000 after purchasing an additional 20,843,193 shares during the period. Canada Pension Plan Investment Board grew its holdings in Canadian Natural Resources by 93.0% in the second quarter. Canada Pension Plan Investment Board now owns 41,464,502 shares of the oil and gas producer’s stock worth $1,476,644,000 after purchasing an additional 19,980,902 shares during the period. Finally, 1832 Asset Management L.P. grew its holdings in Canadian Natural Resources by 105.3% in the second quarter. 1832 Asset Management L.P. now owns 31,668,045 shares of the oil and gas producer’s stock worth $1,127,382,000 after purchasing an additional 16,245,046 shares during the period. Institutional investors 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).