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

Canadian Natural Resources Limited (NYSE:CNQ) (TSE:CNQ) – Equities researchers at Zacks Research cut their FY2024 earnings per share (EPS) 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 earn $2.36 per share for the year, down from their prior forecast 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.

Several other analysts have also weighed in on the company. Desjardins raised Canadian Natural Resources from a “hold” rating to a “moderate buy” rating in a report on Tuesday, October 8th. StockNews.com lowered Canadian Natural Resources from a “buy” rating to a “hold” rating in a research report on Friday, August 23rd. Finally, Wolfe Research began coverage on shares of Canadian Natural Resources in a report on Thursday, July 18th. They issued a “peer perform” rating for the company. Five analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat, Canadian Natural Resources has an average rating of “Hold” and an average price target of $49.50.

Canadian Natural Resources Stock Performance

Shares of Canadian Natural Resources stock opened at $35.71 on Monday. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.59 and a current ratio of 0.88. Canadian Natural Resources has a 1 year low of $29.45 and a 1 year high of $41.29. The firm’s 50-day simple moving average is $35.00 and its 200-day simple moving average is $36.10. The firm has a market cap of $75.99 billion, a PE ratio of 14.23 and a beta of 1.50.

Canadian Natural Resources (NYSE:CNQ) (TSE:CNQ) last posted its quarterly earnings results on Thursday, August 1st. The oil and gas producer reported $0.88 earnings per share (EPS) 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 company posted $0.43 earnings per share.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the stock. Capital World Investors grew its position in shares of 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 acquiring an additional 684,532 shares during the last quarter. Vanguard Group Inc. increased its stake in shares of Canadian Natural Resources by 1.7% in the first quarter. Vanguard Group Inc. now owns 43,813,537 shares of the oil and gas producer’s stock valued at $3,343,849,000 after purchasing an additional 714,346 shares during the period. TD Asset Management Inc raised its holdings in shares of Canadian Natural Resources by 96.2% during the second quarter. TD Asset Management Inc now owns 42,518,833 shares of the oil and gas producer’s stock valued at $1,514,190,000 after buying an additional 20,843,193 shares during the last quarter. Canada Pension Plan Investment Board boosted its position in shares of Canadian Natural Resources by 93.0% during 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 buying 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 2nd 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 buying an additional 16,245,046 shares in the last quarter. 74.03% of the stock is currently owned by institutional investors.

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 represents a $1.55 dividend on an annualized basis and a yield of 4.35%. This is a positive change from Canadian Natural Resources’s previous quarterly dividend of $0.38. Canadian Natural Resources’s payout ratio is currently 66.14%.

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).