Brokers Offer Predictions for Canadian Natural Resources Limited’s Q2 2024 Earnings (TSE:CNQ)

Canadian Natural Resources Limited (TSE:CNQ) (NYSE:CNQ) – Equities research analysts at Zacks Research boosted their Q2 2024 earnings per share (EPS) estimates for shares of Canadian Natural Resources in a research note issued to investors on Tuesday, April 23rd. Zacks Research analyst T. Saha now anticipates that the company will post earnings of $1.59 per share for the quarter, up from their previous forecast of $1.54. The consensus estimate for Canadian Natural Resources’ current full-year earnings is $7.61 per share. Zacks Research also issued estimates for Canadian Natural Resources’ Q4 2024 earnings at $1.99 EPS, FY2024 earnings at $7.08 EPS, Q3 2025 earnings at $2.57 EPS, Q4 2025 earnings at $1.90 EPS and FY2025 earnings at $8.43 EPS.

Several other analysts have also recently commented on the company. TD Securities raised their target price on Canadian Natural Resources from C$100.00 to C$110.00 and gave the stock a “buy” rating in a research report on Friday, March 1st. Royal Bank of Canada raised their target price on Canadian Natural Resources from C$100.00 to C$120.00 in a research report on Tuesday, April 9th. CIBC raised their target price on Canadian Natural Resources from C$105.00 to C$115.00 and gave the stock an “outperform” rating in a research report on Monday, April 22nd. Desjardins cut Canadian Natural Resources from a “buy” rating to a “hold” rating and lifted their price objective for the company from C$104.00 to C$110.00 in a research report on Tuesday. Finally, National Bankshares lifted their price objective on Canadian Natural Resources from C$94.00 to C$120.00 and gave the company a “sector perform” rating in a research report on Friday, April 19th. Six investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of C$111.00.

Canadian Natural Resources Stock Performance

Shares of Canadian Natural Resources stock opened at C$106.52 on Thursday. The stock has a market cap of C$113.98 billion, a PE ratio of 14.26, a price-to-earnings-growth ratio of 0.53 and a beta of 1.98. The business has a fifty day simple moving average of C$100.72 and a 200-day simple moving average of C$91.89. The company has a quick ratio of 0.54, a current ratio of 0.96 and a debt-to-equity ratio of 31.01. Canadian Natural Resources has a 12 month low of C$69.83 and a 12 month high of C$112.99.

Canadian Natural Resources (TSE:CNQ) (NYSE:CNQ) last issued its quarterly earnings results on Thursday, February 29th. The company reported C$2.34 earnings per share (EPS) for the quarter, beating the consensus estimate of C$2.14 by C$0.20. The company had revenue of C$9.55 billion for the quarter, compared to analysts’ expectations of C$9.04 billion. Canadian Natural Resources had a return on equity of 21.11% and a net margin of 22.89%.

Canadian Natural Resources Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, April 5th. Stockholders of record on Friday, March 15th were paid a $1.05 dividend. The ex-dividend date was Thursday, March 14th. This is a positive change from Canadian Natural Resources’s previous quarterly dividend of $1.00. This represents a $4.20 dividend on an annualized basis and a dividend yield of 3.94%. Canadian Natural Resources’s payout ratio is presently 51.54%.

Insider Activity at Canadian Natural Resources

In related news, Senior Officer Kyle Grayson Pisio sold 1,228 shares of the business’s stock in a transaction dated Monday, January 29th. The stock was sold at an average price of C$86.60, for a total transaction of C$106,344.80. In other news, Senior Officer Devin Craig Lowe sold 1,170 shares of the company’s stock in a transaction that occurred on Monday, March 4th. The stock was sold at an average price of C$96.61, for a total value of C$113,033.70. Also, Senior Officer Kyle Grayson Pisio sold 1,228 shares of the company’s stock in a transaction that occurred on Monday, January 29th. The shares were sold at an average price of C$86.60, for a total value of C$106,344.80. Insiders have sold 331,237 shares of company stock worth $32,470,646 over the last three months. Company insiders own 2.20% of the company’s stock.

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).