Q2 2024 Earnings Estimate for Canadian Natural Resources Limited Issued By Zacks Research (NYSE:CNQ)

Canadian Natural Resources Limited (NYSE:CNQ) (TSE:CNQ) – Analysts at Zacks Research boosted their Q2 2024 EPS estimates for Canadian Natural Resources in a note issued to investors on Thursday, May 23rd. Zacks Research analyst T. Saha now anticipates that the oil and gas producer will post earnings per share of $1.23 for the quarter, up from their previous forecast of $1.20. The consensus estimate for Canadian Natural Resources’ current full-year earnings is $5.55 per share. Zacks Research also issued estimates for Canadian Natural Resources’ Q3 2024 earnings at $1.60 EPS, Q4 2024 earnings at $1.56 EPS, FY2024 earnings at $5.41 EPS, Q1 2025 earnings at $1.46 EPS, Q2 2025 earnings at $1.64 EPS, Q3 2025 earnings at $1.97 EPS and FY2025 earnings at $6.42 EPS.

Canadian Natural Resources (NYSE:CNQ) (TSE:CNQ) last posted its quarterly earnings results on Thursday, May 2nd. The oil and gas producer reported $1.02 EPS for the quarter, missing the consensus estimate of $1.04 by ($0.02). The company had revenue of $6.12 billion for the quarter, compared to analyst estimates of $6.01 billion. Canadian Natural Resources had a return on equity of 20.58% and a net margin of 18.21%.

Separately, Desjardins cut shares of Canadian Natural Resources from a “buy” rating to a “hold” rating in a research note on Tuesday, April 23rd. Six investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Canadian Natural Resources has an average rating of “Hold” and a consensus target price of $94.00.

Canadian Natural Resources Price Performance

NYSE CNQ opened at $76.61 on Friday. The company has a quick ratio of 0.61, a current ratio of 0.88 and a debt-to-equity ratio of 0.23. The stock has a market capitalization of $82.14 billion, a PE ratio of 15.26 and a beta of 1.52. The company has a 50 day moving average price of $76.93 and a two-hundred day moving average price of $69.31. Canadian Natural Resources has a 12-month low of $52.66 and a 12-month high of $82.58.

Shares of Canadian Natural Resources are scheduled to split before the market opens on Tuesday, June 11th. The 2-1 split was announced on Tuesday, June 11th. The newly minted shares will be distributed to shareholders after the market closes on Tuesday, June 11th.

Institutional Trading of Canadian Natural Resources

Institutional investors and hedge funds have recently modified their holdings of the stock. Central Bank & Trust Co. bought a new stake in Canadian Natural Resources during the 4th quarter worth approximately $26,000. GAMMA Investing LLC bought a new position in shares of Canadian Natural Resources during the 4th quarter worth approximately $27,000. Bruce G. Allen Investments LLC grew its stake in shares of Canadian Natural Resources by 117.8% during the 1st quarter. Bruce G. Allen Investments LLC now owns 453 shares of the oil and gas producer’s stock worth $35,000 after acquiring an additional 245 shares in the last quarter. YHB Investment Advisors Inc. bought a new position in shares of Canadian Natural Resources during the 1st quarter worth approximately $37,000. Finally, Principal Securities Inc. acquired a new stake in shares of Canadian Natural Resources in the 4th quarter valued at approximately $35,000. 74.03% of the stock is owned by institutional investors.

Canadian Natural Resources Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, July 5th. Stockholders of record on Monday, June 17th will be paid a $0.777 dividend. The ex-dividend date of this dividend is Monday, June 17th. This is a boost from Canadian Natural Resources’s previous quarterly dividend of $0.77. This represents a $3.11 dividend on an annualized basis and a dividend yield of 4.06%. Canadian Natural Resources’s dividend payout ratio is 61.55%.

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).