Zacks Research Has Bullish Forecast for CNQ FY2024 Earnings

Canadian Natural Resources Limited (NYSE:CNQ) (TSE:CNQ) – Investment analysts at Zacks Research lifted their FY2024 earnings estimates for Canadian Natural Resources in a report issued on Wednesday, November 20th. Zacks Research analyst T. Saha now forecasts that the oil and gas producer will post earnings of $2.44 per share for the year, up from their previous estimate of $2.36. The consensus estimate for Canadian Natural Resources’ current full-year earnings is $2.47 per share. Zacks Research also issued estimates for Canadian Natural Resources’ Q3 2025 earnings at $0.54 EPS, Q3 2026 earnings at $0.50 EPS and FY2026 earnings at $2.19 EPS.

Canadian Natural Resources (NYSE:CNQ) (TSE:CNQ) last posted its earnings results on Thursday, October 31st. The oil and gas producer reported $0.97 earnings per share for the quarter, topping analysts’ consensus estimates of $0.67 by $0.30. Canadian Natural Resources had a net margin of 18.45% and a return on equity of 20.07%. The firm had revenue of $7.62 billion for the quarter, compared to the consensus estimate of $6.40 billion. During the same period in the previous year, the firm posted $0.96 EPS.

Other equities analysts also recently issued research reports about the company. Desjardins raised Canadian Natural Resources from a “hold” rating to a “moderate buy” rating in a research report on Tuesday, October 8th. StockNews.com cut shares of Canadian Natural Resources from a “buy” rating to a “hold” rating in a research report on Friday, August 23rd. Five analysts have rated the stock with a hold rating, According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $51.00.

Canadian Natural Resources Trading Down 2.3 %

Shares of NYSE CNQ opened at $34.05 on Monday. Canadian Natural Resources has a 1-year low of $29.45 and a 1-year high of $41.29. The company has a debt-to-equity ratio of 0.21, a current ratio of 0.84 and a quick ratio of 0.53. The business’s 50 day moving average is $34.62 and its two-hundred day moving average is $35.30. The stock has a market capitalization of $71.85 billion, a P/E ratio of 13.22 and a beta of 1.50.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in CNQ. Park Place Capital Corp boosted its position in Canadian Natural Resources by 100.0% in the 2nd quarter. Park Place Capital Corp now owns 716 shares of the oil and gas producer’s stock valued at $25,000 after buying an additional 358 shares during the period. RFP Financial Group LLC grew its stake in Canadian Natural Resources by 98.3% in the second quarter. RFP Financial Group LLC now owns 710 shares of the oil and gas producer’s stock worth $25,000 after purchasing an additional 352 shares in the last quarter. Sugarloaf Wealth Management LLC increased its holdings in Canadian Natural Resources by 100.0% during the 2nd quarter. Sugarloaf Wealth Management LLC now owns 728 shares of the oil and gas producer’s stock worth $26,000 after purchasing an additional 364 shares during the period. Continuum Advisory LLC raised its position in Canadian Natural Resources by 144.1% during the 3rd quarter. Continuum Advisory LLC now owns 830 shares of the oil and gas producer’s stock valued at $28,000 after purchasing an additional 490 shares in the last quarter. Finally, Bruce G. Allen Investments LLC lifted its holdings in shares of 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 buying an additional 415 shares during the period. 74.03% of the stock is currently owned by institutional investors.

Canadian Natural Resources Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, January 3rd. Stockholders of record on Friday, December 13th will be issued a $0.388 dividend. This represents a $1.55 annualized dividend and a dividend yield of 4.56%. This is an increase from Canadian Natural Resources’s previous quarterly dividend of $0.38. The ex-dividend date of this dividend is Friday, December 13th. Canadian Natural Resources’s dividend payout ratio is presently 60.58%.

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).