What is Zacks Research’s Forecast for CNQ FY2024 Earnings?

Canadian Natural Resources Limited (NYSE:CNQ) (TSE:CNQ) – Zacks Research decreased their FY2024 earnings estimates for shares of Canadian Natural Resources in a report issued on Friday, October 18th. Zacks Research analyst T. Saha now expects that the oil and gas producer will post earnings per share of $2.36 for the year, down from their previous estimate of $2.45. The consensus estimate for Canadian Natural Resources’ current full-year earnings is $2.50 per share. Zacks Research also issued estimates for Canadian Natural Resources’ Q4 2024 earnings at $0.58 EPS, Q3 2025 earnings at $0.51 EPS, Q1 2026 earnings at $0.62 EPS, Q2 2026 earnings at $0.48 EPS and Q3 2026 earnings at $0.49 EPS.

Canadian Natural Resources (NYSE:CNQ) (TSE:CNQ) last posted its quarterly earnings data on Thursday, August 1st. The oil and gas producer reported $0.88 EPS for the quarter, beating analysts’ consensus estimates of $0.62 by $0.26. The business had revenue of $7.76 billion for the quarter, compared to analyst estimates 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 quarter last year, the business earned $0.43 earnings per share.

Several other research analysts also recently weighed in on CNQ. Desjardins raised shares of Canadian Natural Resources from a “hold” rating to a “moderate buy” rating in a research report on Tuesday, October 8th. 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. Finally, StockNews.com downgraded shares of Canadian Natural Resources from a “buy” rating to a “hold” rating in a research note on Friday, August 23rd. Five equities research analysts have rated the stock with a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $49.50.

Canadian Natural Resources Stock Performance

CNQ opened at $35.45 on Monday. 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 $75.43 billion, a PE ratio of 14.12 and a beta of 1.50. The business has a fifty day simple moving average of $34.99 and a 200-day simple moving average of $36.06. Canadian Natural Resources has a fifty-two week low of $29.45 and a fifty-two week high of $41.29.

Canadian Natural Resources Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, January 3rd. Investors of record on Friday, December 13th will be given a dividend of $0.388 per share. The ex-dividend date of this dividend is Friday, December 13th. This is an increase from Canadian Natural Resources’s previous quarterly dividend of $0.38. This represents a $1.55 dividend on an annualized basis and a yield of 4.38%. Canadian Natural Resources’s payout ratio is presently 66.14%.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in CNQ. RFP Financial Group LLC grew its holdings in shares of Canadian Natural Resources by 98.3% during the 2nd quarter. RFP Financial Group LLC now owns 710 shares of the oil and gas producer’s stock valued at $25,000 after acquiring an additional 352 shares in the last quarter. Park Place Capital Corp boosted its position in Canadian Natural Resources by 100.0% during the second quarter. Park Place Capital Corp now owns 716 shares of the oil and gas producer’s stock valued at $25,000 after purchasing an additional 358 shares during the last quarter. Sugarloaf Wealth Management LLC grew its stake in Canadian Natural Resources by 100.0% in the second quarter. Sugarloaf Wealth Management LLC now owns 728 shares of the oil and gas producer’s stock valued at $26,000 after purchasing an additional 364 shares in the last quarter. Bruce G. Allen Investments LLC increased its position in Canadian Natural Resources by 91.6% in the 2nd quarter. Bruce G. Allen Investments LLC now owns 868 shares of the oil and gas producer’s stock worth $31,000 after purchasing an additional 415 shares during the last quarter. Finally, GAMMA Investing LLC raised its stake in shares of Canadian Natural Resources by 104.7% during the 2nd quarter. GAMMA Investing LLC now owns 874 shares of the oil and gas producer’s stock worth $31,000 after purchasing an additional 447 shares in the last quarter. Institutional investors and hedge funds own 74.03% of the company’s stock.

Canadian Natural Resources Company Profile

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).