Zacks Research Has Strong Forecast for CNQ FY2024 Earnings

Canadian Natural Resources Limited (NYSE:CNQ) (TSE:CNQ) – Investment analysts at Zacks Research boosted their FY2024 earnings estimates for shares of Canadian Natural Resources in a research note issued to investors on Tuesday, January 14th. Zacks Research analyst T. Saha now anticipates that the oil and gas producer will post earnings per share of $2.47 for the year, up from their previous forecast of $2.44. The consensus estimate for Canadian Natural Resources’ current full-year earnings is $2.42 per share. Zacks Research also issued estimates for Canadian Natural Resources’ Q4 2024 earnings at $0.62 EPS, Q3 2025 earnings at $0.56 EPS, Q2 2026 earnings at $0.49 EPS and Q3 2026 earnings at $0.52 EPS.

Canadian Natural Resources (NYSE:CNQ) (TSE:CNQ) last announced its quarterly earnings data on Thursday, October 31st. The oil and gas producer reported $0.97 EPS for the quarter, beating the consensus estimate of $0.67 by $0.30. The firm had revenue of $7.62 billion during the quarter, compared to analyst estimates of $6.40 billion. Canadian Natural Resources had a net margin of 18.45% and a return on equity of 20.07%. During the same period last year, the firm posted $0.96 EPS.

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

Canadian Natural Resources Stock Performance

Shares of Canadian Natural Resources stock opened at $30.77 on Thursday. The firm has a market capitalization of $64.72 billion, a P/E ratio of 11.95 and a beta of 1.46. The company has a quick ratio of 0.53, a current ratio of 0.84 and a debt-to-equity ratio of 0.21. The company has a 50 day moving average price of $32.33 and a 200 day moving average price of $34.07. Canadian Natural Resources has a 52 week low of $29.23 and a 52 week high of $41.29.

Hedge Funds Weigh In On Canadian Natural Resources

Hedge funds and other institutional investors have recently bought and sold shares of the business. Continuum Advisory LLC increased its holdings in Canadian Natural Resources by 144.1% in the 3rd quarter. Continuum Advisory LLC now owns 830 shares of the oil and gas producer’s stock worth $28,000 after buying an additional 490 shares during the period. Coastline Trust Co acquired a new stake in shares of Canadian Natural Resources during the 3rd quarter worth approximately $33,000. Wilmington Savings Fund Society FSB acquired a new stake in shares of Canadian Natural Resources during the 3rd quarter worth approximately $37,000. Sound Income Strategies LLC acquired a new stake in shares of Canadian Natural Resources during the 3rd quarter worth approximately $46,000. Finally, First Horizon Advisors Inc. grew its stake in shares of Canadian Natural Resources by 58.4% during the 3rd quarter. First Horizon Advisors Inc. now owns 1,432 shares of the oil and gas producer’s stock worth $48,000 after purchasing an additional 528 shares during the period. 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).