Brokers Set Expectations for Canadian Natural Resources Limited’s FY2024 Earnings (NYSE:CNQ)

Canadian Natural Resources Limited (NYSE:CNQ) (TSE:CNQ) – Research analysts at Raymond James issued their FY2024 EPS estimates for shares of Canadian Natural Resources in a note issued to investors on Wednesday, June 12th. Raymond James analyst M. Barth anticipates that the oil and gas producer will post earnings of $2.62 per share for the year. Raymond James has a “Hold” rating on the stock. The consensus estimate for Canadian Natural Resources’ current full-year earnings is $2.78 per share. Raymond James also issued estimates for Canadian Natural Resources’ FY2025 earnings at $3.05 EPS, FY2026 earnings at $2.83 EPS, FY2027 earnings at $2.97 EPS and FY2028 earnings at $2.90 EPS.

Other equities research analysts have also issued reports about the stock. StockNews.com raised shares of Canadian Natural Resources from a “hold” rating to a “buy” rating in a research note on Tuesday. Scotiabank restated a “sector perform” rating on shares of Canadian Natural Resources in a report on Tuesday. Finally, Desjardins downgraded shares of Canadian Natural Resources from a “buy” rating to a “hold” rating in a report on Tuesday, April 23rd. Seven analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $47.00.

Canadian Natural Resources Trading Down 0.4 %

CNQ opened at $33.96 on Friday. Canadian Natural Resources has a fifty-two week low of $26.33 and a fifty-two week high of $41.29. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.88 and a quick ratio of 0.61. The firm has a market capitalization of $72.67 billion, a price-to-earnings ratio of 13.53 and a beta of 1.50. The company’s 50 day moving average price is $37.92 and its two-hundred day moving average price is $35.04.

Canadian Natural Resources (NYSE:CNQ) (TSE:CNQ) last issued its earnings results on Thursday, May 2nd. The oil and gas producer reported $0.51 EPS for the quarter, missing the consensus estimate of $0.52 by ($0.01). The firm had revenue of $6.12 billion during the quarter, compared to analyst estimates of $6.01 billion. Canadian Natural Resources had a net margin of 18.21% and a return on equity of 20.58%.

Institutional Investors Weigh In On Canadian Natural Resources

Several hedge funds and other institutional investors have recently made changes to their positions in CNQ. Central Bank & Trust Co. bought a new position in shares of Canadian Natural Resources during the 4th quarter valued at approximately $26,000. GAMMA Investing LLC bought a new stake in shares of Canadian Natural Resources in the fourth quarter valued at about $27,000. Principal Securities Inc. purchased a new position in Canadian Natural Resources in the fourth quarter valued at about $35,000. Bruce G. Allen Investments LLC grew its stake in shares of Canadian Natural Resources by 117.8% during the first quarter. Bruce G. Allen Investments LLC now owns 453 shares of the oil and gas producer’s stock worth $35,000 after acquiring an additional 245 shares during the last quarter. Finally, YHB Investment Advisors Inc. purchased a new stake in shares of Canadian Natural Resources during the first quarter worth about $37,000. Hedge funds and other institutional investors own 74.03% of the company’s stock.

Canadian Natural Resources Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 5th. Shareholders of record on Monday, June 17th will be given a $0.777 dividend. This is a positive change from Canadian Natural Resources’s previous quarterly dividend of $0.77. The ex-dividend date of this dividend is Monday, June 17th. This represents a $3.11 dividend on an annualized basis and a yield of 9.15%. Canadian Natural Resources’s payout ratio is 61.75%.

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).