Canadian Natural Resources Limited to Post Q2 2024 Earnings of $1.59 Per Share, Zacks Research Forecasts (TSE:CNQ)

Canadian Natural Resources Limited (TSE:CNQ) (NYSE:CNQ) – Equities researchers at Zacks Research boosted their Q2 2024 earnings estimates for shares of Canadian Natural Resources in a research report issued on Tuesday, April 23rd. Zacks Research analyst T. Saha now expects that the company will earn $1.59 per share for the quarter, up from their prior estimate of $1.54. The consensus estimate for Canadian Natural Resources’ current full-year earnings is $7.61 per share. Zacks Research also issued estimates for Canadian Natural Resources’ Q4 2024 earnings at $1.99 EPS, FY2024 earnings at $7.08 EPS, Q3 2025 earnings at $2.57 EPS, Q4 2025 earnings at $1.90 EPS and FY2025 earnings at $8.43 EPS.

A number of other research firms also recently weighed in on CNQ. BMO Capital Markets raised their price target on shares of Canadian Natural Resources from C$110.00 to C$115.00 in a report on Thursday, March 28th. Jefferies Financial Group raised their target price on shares of Canadian Natural Resources from C$86.00 to C$110.00 and gave the company a “hold” rating in a research note on Friday, April 12th. ATB Capital raised their target price on shares of Canadian Natural Resources from C$100.00 to C$107.00 and gave the company an “outperform” rating in a research note on Wednesday, March 20th. Stifel Nicolaus raised their target price on shares of Canadian Natural Resources from C$110.00 to C$126.00 and gave the company a “buy” rating in a research note on Tuesday. Finally, Evercore raised their target price on shares of Canadian Natural Resources from C$105.00 to C$115.00 in a research note on Monday, April 8th. Six investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat, Canadian Natural Resources currently has an average rating of “Moderate Buy” and a consensus target price of C$111.00.

Canadian Natural Resources Stock Up 0.2 %

Shares of TSE:CNQ opened at C$105.68 on Thursday. The company has a debt-to-equity ratio of 31.01, a quick ratio of 0.54 and a current ratio of 0.96. The company has a market cap of C$113.08 billion, a PE ratio of 14.15, a price-to-earnings-growth ratio of 0.53 and a beta of 1.98. Canadian Natural Resources has a 52 week low of C$69.83 and a 52 week high of C$112.99. The firm has a 50 day simple moving average of C$100.29 and a 200 day simple moving average of C$91.74.

Canadian Natural Resources (TSE:CNQ) (NYSE:CNQ) last released its quarterly earnings data on Thursday, February 29th. The company reported C$2.34 earnings per share for the quarter, topping the consensus estimate of C$2.14 by C$0.20. Canadian Natural Resources had a net margin of 22.89% and a return on equity of 21.11%. The firm had revenue of C$9.55 billion for the quarter, compared to analyst estimates of C$9.04 billion.

Canadian Natural Resources Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, April 5th. Stockholders of record on Friday, March 15th were given a dividend of $1.05 per share. This represents a $4.20 dividend on an annualized basis and a dividend yield of 3.97%. This is a positive change from Canadian Natural Resources’s previous quarterly dividend of $1.00. The ex-dividend date was Thursday, March 14th. Canadian Natural Resources’s dividend payout ratio is presently 51.54%.

Insider Transactions at Canadian Natural Resources

In related news, Senior Officer Erin Louise Lunn sold 3,664 shares of the business’s stock in a transaction that occurred on Thursday, April 4th. The shares were sold at an average price of C$35.59, for a total transaction of C$130,419.35. In other Canadian Natural Resources news, Senior Officer Warren Paul Raczynski sold 3,000 shares of the company’s stock in a transaction that occurred on Tuesday, April 9th. The shares were sold at an average price of C$110.81, for a total value of C$332,430.00. Also, Senior Officer Erin Louise Lunn sold 3,664 shares of the company’s stock in a transaction that occurred on Thursday, April 4th. The shares were sold at an average price of C$35.59, for a total transaction of C$130,419.35. Over the last three months, insiders have sold 331,237 shares of company stock worth $32,470,646. Corporate insiders own 2.20% of the company’s stock.

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).