Q1 2024 EPS Estimates for Canadian Natural Resources Limited Lowered by Analyst (NYSE:CNQ)

Canadian Natural Resources Limited (NYSE:CNQ) (TSE:CNQ) – Research analysts at Zacks Research cut their Q1 2024 earnings per share (EPS) estimates for Canadian Natural Resources in a report released on Tuesday, April 23rd. Zacks Research analyst T. Saha now expects that the oil and gas producer will post earnings of $1.06 per share for the quarter, down from their prior estimate of $1.22. The consensus estimate for Canadian Natural Resources’ current full-year earnings is $5.70 per share. Zacks Research also issued estimates for Canadian Natural Resources’ Q2 2024 earnings at $1.20 EPS, Q3 2024 earnings at $1.57 EPS, Q4 2024 earnings at $1.49 EPS, Q1 2025 earnings at $1.38 EPS, Q2 2025 earnings at $1.60 EPS, Q1 2026 earnings at $1.35 EPS and FY2026 earnings at $5.73 EPS.

Canadian Natural Resources (NYSE:CNQ) (TSE:CNQ) last released its quarterly earnings data on Thursday, February 29th. The oil and gas producer reported $1.72 EPS for the quarter, topping the consensus estimate of $1.59 by $0.13. Canadian Natural Resources had a net margin of 20.15% and a return on equity of 21.74%. The business had revenue of $7.02 billion for the quarter, compared to analyst estimates of $6.73 billion.

CNQ has been the subject of several other reports. JPMorgan Chase & Co. upped their target price on Canadian Natural Resources from $101.00 to $102.00 and gave the company a “neutral” rating in a research note on Thursday, January 11th. Desjardins cut Canadian Natural Resources from a “buy” rating to a “hold” rating in a report on Tuesday. Six equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $94.00.

Canadian Natural Resources Stock Down 0.2 %

Shares of NYSE CNQ opened at $76.95 on Wednesday. The firm’s 50-day moving average is $73.54 and its two-hundred day moving average is $67.62. The company has a market capitalization of $82.50 billion, a PE ratio of 13.89 and a beta of 1.54. Canadian Natural Resources has a 12-month low of $52.66 and a 12-month high of $82.58. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.96 and a quick ratio of 0.69.

Hedge Funds Weigh In On Canadian Natural Resources

Several hedge funds and other institutional investors have recently bought and sold shares of CNQ. Capital International Investors raised its stake in Canadian Natural Resources by 103.3% during the fourth quarter. Capital International Investors now owns 9,819,333 shares of the oil and gas producer’s stock valued at $643,348,000 after buying an additional 4,989,634 shares in the last quarter. TD Asset Management Inc grew its position in shares of Canadian Natural Resources by 24.4% during the 4th quarter. TD Asset Management Inc now owns 21,562,341 shares of the oil and gas producer’s stock valued at $1,419,556,000 after buying an additional 4,224,598 shares during the last quarter. Principal Financial Group Inc. raised its stake in Canadian Natural Resources by 1,606.4% during the fourth quarter. Principal Financial Group Inc. now owns 2,703,000 shares of the oil and gas producer’s stock worth $177,952,000 after acquiring an additional 2,544,593 shares during the period. Healthcare of Ontario Pension Plan Trust Fund lifted its holdings in Canadian Natural Resources by 43.2% in the third quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 7,640,000 shares of the oil and gas producer’s stock worth $494,262,000 after acquiring an additional 2,305,000 shares during the last quarter. Finally, WCM Investment Management LLC boosted its stake in Canadian Natural Resources by 9,297.9% in the fourth quarter. WCM Investment Management LLC now owns 2,192,895 shares of the oil and gas producer’s stock valued at $143,284,000 after acquiring an additional 2,169,561 shares during the period. 74.03% of the stock is owned by institutional investors and hedge funds.

Canadian Natural Resources Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, April 5th. Stockholders of record on Friday, March 15th were paid a $0.774 dividend. This represents a $3.10 dividend on an annualized basis and a dividend yield of 4.02%. The ex-dividend date was Thursday, March 14th. This is an increase from Canadian Natural Resources’s previous quarterly dividend of $0.72. Canadian Natural Resources’s dividend payout ratio (DPR) is currently 53.25%.

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).