Q1 2024 EPS Estimates for Canadian Natural Resources Limited (NYSE:CNQ) Lowered by Analyst

Canadian Natural Resources Limited (NYSE:CNQ) (TSE:CNQ) – Zacks Research reduced their Q1 2024 earnings estimates for shares of Canadian Natural Resources in a research report issued to clients and investors on Tuesday, April 23rd. Zacks Research analyst T. Saha now forecasts that the oil and gas producer will post earnings per share of $1.06 for the quarter, down from their previous forecast of $1.22. The consensus estimate for Canadian Natural Resources’ current full-year earnings is $5.70 per share. Zacks Research also issued estimates for Canadian Natural Resources’ Q2 2024 earnings at $1.20 EPS, Q3 2024 earnings at $1.57 EPS, Q4 2024 earnings at $1.49 EPS, Q1 2025 earnings at $1.38 EPS, Q2 2025 earnings at $1.60 EPS, Q1 2026 earnings at $1.35 EPS and FY2026 earnings at $5.73 EPS.

Canadian Natural Resources (NYSE:CNQ) (TSE:CNQ) last released its quarterly earnings results on Thursday, February 29th. The oil and gas producer reported $1.72 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.59 by $0.13. The business had revenue of $7.02 billion during the quarter, compared to analyst estimates of $6.73 billion. Canadian Natural Resources had a return on equity of 21.74% and a net margin of 20.15%.

Several other equities analysts also recently weighed in on the stock. JPMorgan Chase & Co. lifted their price target on shares of Canadian Natural Resources from $101.00 to $102.00 and gave the company a “neutral” rating in a report on Thursday, January 11th. Desjardins cut shares of Canadian Natural Resources from a “buy” rating to a “hold” rating in a research note on Tuesday. Six analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $94.00.

Canadian Natural Resources Stock Down 0.2 %

CNQ stock opened at $76.95 on Wednesday. The business’s 50-day moving average price is $73.54 and its 200-day moving average price is $67.62. The stock has a market cap of $82.50 billion, a P/E ratio of 13.89 and a beta of 1.54. Canadian Natural Resources has a twelve month low of $52.66 and a twelve month high of $82.58. The company has a quick ratio of 0.69, a current ratio of 0.96 and a debt-to-equity ratio of 0.25.

Institutional Trading of Canadian Natural Resources

Hedge funds have recently bought and sold shares of the stock. Central Bank & Trust Co. bought a new stake in shares of Canadian Natural Resources in the fourth quarter worth about $26,000. GAMMA Investing LLC bought a new stake in Canadian Natural Resources in the 4th quarter worth approximately $27,000. Principal Securities Inc. bought a new stake in Canadian Natural Resources in the 4th quarter worth approximately $35,000. Bruce G. Allen Investments LLC raised its holdings in shares of Canadian Natural Resources by 117.8% during the 1st 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 in the last quarter. Finally, Janiczek Wealth Management LLC boosted its position in shares of Canadian Natural Resources by 39.7% during the 4th quarter. Janiczek Wealth Management LLC now owns 609 shares of the oil and gas producer’s stock valued at $40,000 after acquiring an additional 173 shares during the last quarter. Hedge funds and other institutional investors own 74.03% of the company’s stock.

Canadian Natural Resources Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, April 5th. Stockholders of record on Friday, March 15th were issued a $0.774 dividend. This represents a $3.10 annualized dividend and a dividend yield of 4.02%. The ex-dividend date was Thursday, March 14th. This is an increase from Canadian Natural Resources’s previous quarterly dividend of $0.72. Canadian Natural Resources’s payout ratio is 53.25%.

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).