Zacks Research Comments on Canadian Natural Resources Limited’s FY2023 Earnings (TSE:CNQ)

Canadian Natural Resources Limited (TSE:CNQ) (NYSE:CNQ) – Analysts at Zacks Research reduced their FY2023 earnings per share estimates for Canadian Natural Resources in a research report issued to clients and investors on Monday, September 11th. Zacks Research analyst T. Saha now forecasts that the company will post earnings of $6.39 per share for the year, down from their prior estimate of $6.74. The consensus estimate for Canadian Natural Resources’ current full-year earnings is $7.79 per share. Zacks Research also issued estimates for Canadian Natural Resources’ Q1 2024 earnings at $2.66 EPS, Q1 2025 earnings at $1.80 EPS and FY2025 earnings at $7.93 EPS.

A number of other research firms have also commented on CNQ. Jefferies Financial Group boosted their price objective on Canadian Natural Resources from C$84.00 to C$94.00 and gave the stock a “hold” rating in a research note on Monday, August 28th. Evercore boosted their price objective on Canadian Natural Resources from C$88.00 to C$90.00 and gave the stock an “in-line” rating in a research note on Friday, August 4th. Stifel Nicolaus upped their price target on Canadian Natural Resources from C$95.00 to C$97.00 and gave the company a “buy” rating in a research note on Wednesday, August 9th. National Bankshares lowered Canadian Natural Resources from an “outperform” rating to a “sector perform” rating and cut their price target for the company from C$93.00 to C$90.00 in a research note on Friday, August 4th. Finally, CIBC upped their price target on Canadian Natural Resources from C$90.00 to C$93.00 and gave the company an “outperform” rating in a research note on Tuesday, August 29th. Three 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 an average target price of C$90.35.

Canadian Natural Resources Stock Performance

Shares of TSE:CNQ opened at C$87.77 on Tuesday. The business’s fifty day moving average price is C$81.23 and its two-hundred day moving average price is C$77.91. Canadian Natural Resources has a fifty-two week low of C$61.23 and a fifty-two week high of C$90.15. The stock has a market capitalization of C$95.67 billion, a price-to-earnings ratio of 12.85, a price-to-earnings-growth ratio of 0.53 and a beta of 2.04. The company has a debt-to-equity ratio of 35.40, a current ratio of 0.69 and a quick ratio of 0.54.

Canadian Natural Resources (TSE:CNQ) (NYSE:CNQ) last announced its quarterly earnings results on Thursday, August 3rd. The company reported C$1.14 earnings per share for the quarter, missing analysts’ consensus estimates of C$1.16 by C($0.02). Canadian Natural Resources had a net margin of 20.72% and a return on equity of 19.48%. The company had revenue of C$7.89 billion during the quarter, compared to the consensus estimate of C$7.19 billion.

Insider Buying and Selling at Canadian Natural Resources

In other Canadian Natural Resources news, Senior Officer Erin Louise Lunn sold 2,360 shares of the stock in a transaction dated Wednesday, August 30th. The stock was sold at an average price of C$87.14, for a total value of C$205,650.40. In other Canadian Natural Resources news, Senior Officer Erin Louise Lunn sold 2,360 shares of the stock in a transaction dated Wednesday, August 30th. The stock was sold at an average price of C$87.14, for a total value of C$205,650.40. Also, Director Stephen W. Laut sold 5,000 shares of the stock in a transaction dated Friday, July 7th. The stock was sold at an average price of C$72.78, for a total value of C$363,895.00. Over the last quarter, insiders have sold 20,378 shares of company stock valued at $1,649,235. 2.22% of the stock is currently owned by company insiders.

Canadian Natural Resources Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, October 5th. Shareholders of record on Friday, September 15th will be paid a $0.90 dividend. This represents a $3.60 annualized dividend and a yield of 4.10%. The ex-dividend date of this dividend is Thursday, September 14th. Canadian Natural Resources’s payout ratio is 52.71%.

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).