Equities Analysts Issue Forecasts for CNQ FY2024 Earnings

Canadian Natural Resources Limited (NYSE:CNQ) (TSE:CNQ) – Zacks Research boosted their FY2024 EPS estimates for shares of Canadian Natural Resources in a research report issued to clients and investors on Wednesday, November 20th. Zacks Research analyst T. Saha now anticipates that the oil and gas producer will post earnings per share of $2.44 for the year, up from their previous estimate of $2.36. The consensus estimate for Canadian Natural Resources’ current full-year earnings is $2.47 per share. Zacks Research also issued estimates for Canadian Natural Resources’ Q3 2025 earnings at $0.54 EPS, Q3 2026 earnings at $0.50 EPS and FY2026 earnings at $2.19 EPS.

Canadian Natural Resources (NYSE:CNQ) (TSE:CNQ) last released its quarterly earnings results on Thursday, October 31st. The oil and gas producer reported $0.97 earnings per share for the quarter, beating analysts’ consensus estimates of $0.67 by $0.30. Canadian Natural Resources had a return on equity of 20.07% and a net margin of 18.45%. The business had revenue of $7.62 billion for the quarter, compared to the consensus estimate of $6.40 billion. During the same quarter last year, the business posted $0.96 earnings per share.

Other equities analysts have also recently issued reports about the company. StockNews.com cut Canadian Natural Resources from a “buy” rating to a “hold” rating in a report on Friday, August 23rd. Desjardins upgraded Canadian Natural Resources from a “hold” rating to a “moderate buy” rating in a report on Tuesday, October 8th. Five research analysts have rated the stock with a hold rating, According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $51.00.

Canadian Natural Resources Price Performance

CNQ opened at $33.19 on Monday. The stock has a 50-day moving average price of $34.63 and a 200-day moving average price of $35.26. Canadian Natural Resources has a 12-month low of $29.45 and a 12-month high of $41.29. The company has a current ratio of 0.84, a quick ratio of 0.53 and a debt-to-equity ratio of 0.21. The stock has a market capitalization of $70.04 billion, a P/E ratio of 12.89 and a beta of 1.50.

Institutional Investors Weigh In On Canadian Natural Resources

Institutional investors have recently added to or reduced their stakes in the company. Sei Investments Co. raised its stake in shares of Canadian Natural Resources by 11.7% during the first quarter. Sei Investments Co. now owns 13,592 shares of the oil and gas producer’s stock valued at $1,037,000 after acquiring an additional 1,423 shares during the last quarter. Acadian Asset Management LLC raised its stake in shares of Canadian Natural Resources by 95.5% during the first quarter. Acadian Asset Management LLC now owns 4,300 shares of the oil and gas producer’s stock valued at $327,000 after acquiring an additional 2,100 shares during the last quarter. Advisors Asset Management Inc. raised its stake in shares of Canadian Natural Resources by 6.8% during the first quarter. Advisors Asset Management Inc. now owns 25,409 shares of the oil and gas producer’s stock valued at $1,939,000 after acquiring an additional 1,621 shares during the last quarter. Price T Rowe Associates Inc. MD raised its stake in shares of Canadian Natural Resources by 7.7% during the first quarter. Price T Rowe Associates Inc. MD now owns 3,484,652 shares of the oil and gas producer’s stock valued at $265,949,000 after acquiring an additional 247,823 shares during the last quarter. Finally, Bayesian Capital Management LP raised its stake in shares of Canadian Natural Resources by 8.8% during the first quarter. Bayesian Capital Management LP now owns 9,600 shares of the oil and gas producer’s stock valued at $733,000 after acquiring an additional 776 shares during the last quarter. Hedge funds and other institutional investors own 74.03% of the company’s stock.

Canadian Natural Resources Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, January 3rd. Investors of record on Friday, December 13th will be issued a dividend of $0.388 per share. The ex-dividend date is Friday, December 13th. This is a boost from Canadian Natural Resources’s previous quarterly dividend of $0.38. This represents a $1.55 annualized dividend and a yield of 4.68%. Canadian Natural Resources’s dividend payout ratio is currently 60.58%.

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).