Raymond James Has Bearish Forecast for CNQ FY2024 Earnings

Canadian Natural Resources Limited (NYSE:CNQ) (TSE:CNQ) – Stock analysts at Raymond James dropped their FY2024 earnings per share (EPS) estimates for Canadian Natural Resources in a research note issued on Thursday, January 9th. Raymond James analyst M. Barth now anticipates that the oil and gas producer will post earnings per share of $2.38 for the year, down from their prior forecast of $2.47. The consensus estimate for Canadian Natural Resources’ current full-year earnings is $2.47 per share. Raymond James also issued estimates for Canadian Natural Resources’ FY2025 earnings at $2.86 EPS, FY2026 earnings at $2.53 EPS, FY2027 earnings at $2.70 EPS and FY2028 earnings at $2.89 EPS.

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

Canadian Natural Resources Price Performance

Shares of NYSE CNQ opened at $32.78 on Monday. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.53 and a current ratio of 0.84. Canadian Natural Resources has a one year low of $29.23 and a one year high of $41.29. The firm has a market capitalization of $69.06 billion, a P/E ratio of 12.73 and a beta of 1.46. The company’s fifty day moving average is $32.50 and its two-hundred day moving average is $34.15.

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

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in CNQ. Moloney Securities Asset Management LLC grew its position in shares of Canadian Natural Resources by 5.4% in the third quarter. Moloney Securities Asset Management LLC now owns 7,302 shares of the oil and gas producer’s stock valued at $242,000 after purchasing an additional 376 shares during the last quarter. Measured Wealth Private Client Group LLC raised its position in shares of Canadian Natural Resources by 4.1% in the third quarter. Measured Wealth Private Client Group LLC now owns 10,158 shares of the oil and gas producer’s stock valued at $337,000 after buying an additional 404 shares during the last quarter. Kingsview Wealth Management LLC boosted its position in Canadian Natural Resources by 4.9% during the third quarter. Kingsview Wealth Management LLC now owns 9,018 shares of the oil and gas producer’s stock worth $300,000 after acquiring an additional 419 shares during the last quarter. Pitcairn Co. grew its stake in Canadian Natural Resources by 1.3% in the 3rd quarter. Pitcairn Co. now owns 36,390 shares of the oil and gas producer’s stock worth $1,209,000 after acquiring an additional 475 shares during the period. Finally, Continuum Advisory LLC lifted its stake in shares of Canadian Natural Resources by 144.1% during the 3rd quarter. Continuum Advisory LLC now owns 830 shares of the oil and gas producer’s stock worth $28,000 after purchasing an additional 490 shares during the period. Hedge funds and other institutional investors 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).