$1.98 Billion in Sales Expected for Canadian Natural Resources Ltd (NYSE:CNQ) This Quarter

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Wall Street analysts expect that Canadian Natural Resources Ltd (NYSE:CNQ) (TSE:CNQ) will report $1.98 billion in sales for the current quarter, Zacks Investment Research reports. Two analysts have made estimates for Canadian Natural Resources’ earnings. The lowest sales estimate is $1.70 billion and the highest is $2.27 billion. Canadian Natural Resources posted sales of $4.16 billion in the same quarter last year, which would indicate a negative year-over-year growth rate of 52.4%. The firm is scheduled to announce its next quarterly earnings results before the market opens on Thursday, August 6th.

According to Zacks, analysts expect that Canadian Natural Resources will report full year sales of $10.41 billion for the current year, with estimates ranging from $9.36 billion to $11.47 billion. For the next fiscal year, analysts expect that the company will report sales of $11.56 billion, with estimates ranging from $10.59 billion to $12.54 billion. Zacks’ sales averages are a mean average based on a survey of sell-side research firms that that provide coverage for Canadian Natural Resources.

Canadian Natural Resources (NYSE:CNQ) (TSE:CNQ) last issued its earnings results on Thursday, May 7th. The oil and gas producer reported ($0.25) EPS for the quarter, missing the Zacks’ consensus estimate of $0.04 by ($0.29). The business had revenue of $3.36 billion during the quarter, compared to analyst estimates of $3.61 billion. Canadian Natural Resources had a net margin of 13.51% and a return on equity of 6.70%. During the same quarter last year, the company earned $0.70 earnings per share.

A number of equities research analysts have recently commented on the stock. Deutsche Bank increased their target price on shares of Canadian Natural Resources from $84.00 to $92.00 and gave the company a “hold” rating in a research report on Wednesday, June 17th. Morgan Stanley upgraded shares of Canadian Natural Resources from an “equal weight” rating to an “overweight” rating and increased their target price for the company from $24.00 to $32.00 in a research report on Wednesday, July 8th. Credit Suisse Group reissued an “outperform” rating and issued a $32.00 price objective (up previously from $29.00) on shares of Canadian Natural Resources in a report on Thursday, July 2nd. Wells Fargo & Co upped their price objective on shares of Canadian Natural Resources from $16.00 to $17.00 and gave the company an “underweight” rating in a report on Friday, May 29th. Finally, UBS Group upped their price objective on shares of Canadian Natural Resources from $28.00 to $37.00 and gave the company a “buy” rating in a report on Monday, June 29th. One research analyst has rated the stock with a sell rating, four have given a hold rating and eleven have given a buy rating to the stock. Canadian Natural Resources currently has an average rating of “Buy” and an average target price of $37.00.

Shares of NYSE CNQ opened at $17.58 on Wednesday. The firm has a 50-day simple moving average of $18.22 and a 200-day simple moving average of $20.85. The stock has a market capitalization of $20.04 billion, a price-to-earnings ratio of 8.83 and a beta of 1.72. The company has a quick ratio of 0.51, a current ratio of 0.66 and a debt-to-equity ratio of 0.60. Canadian Natural Resources has a 52 week low of $6.71 and a 52 week high of $32.79.

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, July 1st. Stockholders of record on Friday, June 12th were paid a $0.3003 dividend. This represents a $1.20 annualized dividend and a dividend yield of 6.83%. The ex-dividend date of this dividend was Thursday, June 11th. Canadian Natural Resources’s payout ratio is 54.19%.

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Ladenburg Thalmann Financial Services Inc. raised its holdings in Canadian Natural Resources by 21.4% in the fourth quarter. Ladenburg Thalmann Financial Services Inc. now owns 3,094 shares of the oil and gas producer’s stock valued at $98,000 after acquiring an additional 546 shares in the last quarter. Signaturefd LLC raised its holdings in Canadian Natural Resources by 35.2% in the first quarter. Signaturefd LLC now owns 9,426 shares of the oil and gas producer’s stock valued at $128,000 after acquiring an additional 2,455 shares in the last quarter. Advisor Group Holdings Inc. acquired a new stake in Canadian Natural Resources in the first quarter valued at approximately $134,000. Whitebox Advisors LLC acquired a new stake in Canadian Natural Resources in the first quarter valued at approximately $146,000. Finally, Engineers Gate Manager LP acquired a new stake in Canadian Natural Resources in the first quarter valued at approximately $147,000. 67.78% of the stock is owned by institutional investors and hedge funds.

About Canadian Natural Resources

Canadian Natural Resources Limited explores for, develops, produces, and markets crude oil, natural gas, and natural gas liquids (NGLs). The company offers synthetic crude oil (SCO), light and medium crude oil, bitumen (thermal oil), primary heavy crude oil, and Pelican Lake heavy crude oil. Its midstream assets include two crude oil pipeline systems; and a 50% working interest in an 84-megawatt cogeneration plant at Primrose.

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