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) – Investment analysts at Zacks Research lifted their Q2 2024 earnings per share (EPS) estimates for Canadian Natural Resources in a research note issued on Tuesday, April 23rd. Zacks Research analyst T. Saha now forecasts that the company will post earnings per share of $1.59 for the quarter, up from their prior forecast 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 analysts also recently issued reports on the company. Royal Bank of Canada raised their price target on Canadian Natural Resources from C$100.00 to C$120.00 in a research report on Tuesday, April 9th. BMO Capital Markets lifted their target price on Canadian Natural Resources from C$110.00 to C$115.00 in a research report on Thursday, March 28th. ATB Capital lifted their target price on Canadian Natural Resources from C$100.00 to C$107.00 and gave the stock an “outperform” rating in a research report on Wednesday, March 20th. JPMorgan Chase & Co. lifted their target price on Canadian Natural Resources from C$102.00 to C$106.00 in a research report on Monday, March 4th. Finally, TD Securities lifted their target price on Canadian Natural Resources from C$100.00 to C$110.00 and gave the stock a “buy” rating in a research report on Friday, March 1st. Six equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of C$111.00.

Canadian Natural Resources Stock Up 0.2 %

Shares of CNQ opened at C$105.43 on Thursday. The company has a market cap of C$112.81 billion, a PE ratio of 14.11, a P/E/G ratio of 0.53 and a beta of 1.98. The business has a fifty day moving average of C$99.87 and a 200 day moving average of C$91.64. Canadian Natural Resources has a 52-week low of C$69.83 and a 52-week high of C$112.99. The company has a quick ratio of 0.54, a current ratio of 0.96 and a debt-to-equity ratio of 31.01.

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

Canadian Natural Resources Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, April 5th. Investors of record on Friday, March 15th were issued a $1.05 dividend. This is an increase from Canadian Natural Resources’s previous quarterly dividend of $1.00. This represents a $4.20 annualized dividend and a dividend yield of 3.98%. The ex-dividend date was Thursday, March 14th. Canadian Natural Resources’s payout ratio is presently 51.54%.

Insider Activity at Canadian Natural Resources

In related news, Director Norman Murray Edwards sold 251,500 shares of Canadian Natural Resources stock in a transaction dated Wednesday, March 13th. The stock was sold at an average price of C$98.46, for a total value of C$24,762,187.00. In related news, Director Stephen W. Laut bought 414 shares of the business’s stock in a transaction on Tuesday, April 2nd. The shares were bought at an average price of C$105.70 per share, for a total transaction of C$43,760.71. Also, Director Norman Murray Edwards sold 251,500 shares of Canadian Natural Resources stock in a transaction dated Wednesday, March 13th. The shares were sold at an average price of C$98.46, for a total value of C$24,762,187.00. Insiders sold 332,363 shares of company stock worth $32,567,851 over the last three months. 2.20% of the stock is owned by corporate insiders.

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).