Q2 2024 Earnings Estimate for Canadian Natural Resources Limited Issued By Zacks Research (NYSE:CNQ)

Canadian Natural Resources Limited (NYSE:CNQ) (TSE:CNQ) – Analysts at Zacks Research lifted their Q2 2024 earnings per share (EPS) estimates for Canadian Natural Resources in a note issued to investors on Tuesday, June 18th. Zacks Research analyst T. Saha now expects that the oil and gas producer will earn $0.64 per share for the quarter, up from their prior forecast of $0.62. The consensus estimate for Canadian Natural Resources’ current full-year earnings is $2.75 per share. Zacks Research also issued estimates for Canadian Natural Resources’ Q3 2024 earnings at $0.82 EPS, Q4 2024 earnings at $0.84 EPS, Q1 2025 earnings at $0.80 EPS, Q2 2025 earnings at $0.96 EPS, FY2025 earnings at $3.23 EPS, Q1 2026 earnings at $0.81 EPS and FY2026 earnings at $2.86 EPS.

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

Several other analysts also recently issued reports on CNQ. StockNews.com downgraded shares of Canadian Natural Resources from a “buy” rating to a “hold” rating in a research note on Wednesday. Raymond James upgraded Canadian Natural Resources to a “hold” rating in a research note on Tuesday, May 28th. Desjardins downgraded Canadian Natural Resources from a “buy” rating to a “hold” rating in a research note on Tuesday, April 23rd. Finally, Scotiabank restated a “sector perform” rating on shares of Canadian Natural Resources in a research note on Tuesday, June 11th. Eight investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat, Canadian Natural Resources currently has an average rating of “Hold” and an average price target of $47.00.

Canadian Natural Resources Price Performance

Shares of NYSE:CNQ opened at $34.44 on Wednesday. The company’s fifty day moving average is $37.52 and its two-hundred day moving average is $35.07. The company has a quick ratio of 0.61, a current ratio of 0.88 and a debt-to-equity ratio of 0.23. Canadian Natural Resources has a 12-month low of $26.33 and a 12-month high of $41.29. The company has a market cap of $73.78 billion, a P/E ratio of 13.72 and a beta of 1.50.

Canadian Natural Resources Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, July 5th. Shareholders of record on Monday, June 17th will be issued a $0.777 dividend. This is a boost from Canadian Natural Resources’s previous quarterly dividend of $0.77. The ex-dividend date is Monday, June 17th. This represents a $3.11 annualized dividend and a yield of 9.02%. Canadian Natural Resources’s dividend payout ratio is 60.56%.

Hedge Funds Weigh In On Canadian Natural Resources

Several large investors have recently added to or reduced their stakes in CNQ. Atria Wealth Solutions Inc. bought a new stake in Canadian Natural Resources during the 3rd quarter worth approximately $216,000. Pathstone Family Office LLC acquired a new position in shares of Canadian Natural Resources in the 3rd quarter valued at $381,000. PNC Financial Services Group Inc. raised its stake in Canadian Natural Resources by 2.6% during the 3rd quarter. PNC Financial Services Group Inc. now owns 16,579 shares of the oil and gas producer’s stock worth $1,072,000 after buying an additional 426 shares during the period. Prudential PLC raised its stake in Canadian Natural Resources by 18.5% during the 3rd quarter. Prudential PLC now owns 6,410 shares of the oil and gas producer’s stock worth $415,000 after buying an additional 1,002 shares during the period. Finally, Envestnet Portfolio Solutions Inc. acquired a new stake in Canadian Natural Resources during the 3rd quarter worth $398,000. Institutional investors and hedge funds own 74.03% 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).