Research Analysts Set Expectations for CNQ FY2024 Earnings

Canadian Natural Resources Limited (NYSE:CNQ) (TSE:CNQ) – Analysts at Raymond James decreased their FY2024 EPS estimates for Canadian Natural Resources in a research note issued on Thursday, January 9th. Raymond James analyst M. Barth now expects that the oil and gas producer will post earnings per share of $2.38 for the year, down from their prior estimate of $2.47. The consensus estimate for Canadian Natural Resources’ current full-year earnings is $2.47 per share. Raymond James also issued estimates for Canadian Natural Resources’ FY2025 earnings at $2.86 EPS, FY2026 earnings at $2.53 EPS, FY2027 earnings at $2.70 EPS and FY2028 earnings at $2.89 EPS.

Canadian Natural Resources (NYSE:CNQ) (TSE:CNQ) last issued 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 return on equity of 20.07% and a net margin of 18.45%. The company had revenue of $7.62 billion for the quarter, compared to analyst estimates of $6.40 billion. During the same period in the prior year, the firm earned $0.96 earnings per share.

Separately, Desjardins raised shares of Canadian Natural Resources from a “hold” rating to a “moderate buy” rating in a research report on Tuesday, October 8th. Four equities research analysts have rated the stock with a hold rating, Based on data from MarketBeat.com, the company has an average rating of “Hold”.

Canadian Natural Resources Stock Down 3.5 %

Canadian Natural Resources stock opened at $31.60 on Monday. The firm has a market capitalization of $66.57 billion, a price-to-earnings ratio of 12.27 and a beta of 1.46. The firm’s fifty day moving average price is $32.45 and its two-hundred day moving average price is $34.12. Canadian Natural Resources has a 1-year low of $29.23 and a 1-year high of $41.29. The company has a current ratio of 0.84, a quick ratio of 0.53 and a debt-to-equity ratio of 0.21.

Institutional Trading of Canadian Natural Resources

Several institutional investors have recently made changes to their positions in CNQ. Moloney Securities Asset Management LLC increased its position in shares of Canadian Natural Resources by 5.4% during the third quarter. Moloney Securities Asset Management LLC now owns 7,302 shares of the oil and gas producer’s stock valued at $242,000 after acquiring an additional 376 shares in the last quarter. Measured Wealth Private Client Group LLC boosted its stake in Canadian Natural Resources by 4.1% during the 3rd quarter. Measured Wealth Private Client Group LLC now owns 10,158 shares of the oil and gas producer’s stock valued at $337,000 after purchasing an additional 404 shares during the last quarter. Kingsview Wealth Management LLC increased its holdings in shares of Canadian Natural Resources by 4.9% in the 3rd quarter. Kingsview Wealth Management LLC now owns 9,018 shares of the oil and gas producer’s stock worth $300,000 after purchasing an additional 419 shares in the last quarter. Pitcairn Co. raised its stake in shares of Canadian Natural Resources by 1.3% in the third quarter. Pitcairn Co. now owns 36,390 shares of the oil and gas producer’s stock worth $1,209,000 after purchasing an additional 475 shares during the last quarter. Finally, Continuum Advisory LLC lifted its holdings in shares of Canadian Natural Resources by 144.1% during the third 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. 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).