Zacks Research Comments on Canadian Natural Resources Limited's FY2024 Earnings (NYSE:CNQ)

Canadian Natural Resources Limited (NYSE:CNQ - Free Report) TSE: CNQ - Investment analysts at Zacks Research raised their FY2024 earnings estimates for shares of Canadian Natural Resources in a report released on Tuesday, June 18th. Zacks Research analyst T. Saha now anticipates that the oil and gas producer will earn $3.31 per share for the year, up from their prior forecast of $2.71. The consensus estimate for Canadian Natural Resources' current full-year earnings is $2.63 per share. Zacks Research also issued estimates for Canadian Natural Resources' Q3 2025 earnings at $0.86 EPS and Q4 2025 earnings at $0.61 EPS.

Canadian Natural Resources (NYSE:CNQ - Get Free Report) TSE: CNQ last released its quarterly earnings data on Thursday, May 2nd. The oil and gas producer reported $0.51 earnings per share for the quarter, missing the consensus estimate of $0.52 by ($0.01). The business had revenue of $6.12 billion during the quarter, compared to analysts' expectations of $6.01 billion. Canadian Natural Resources had a return on equity of 20.58% and a net margin of 18.21%.

Several other research analysts have also commented on the stock. Raymond James upgraded shares of Canadian Natural Resources to a "hold" rating in a report on Tuesday, May 28th. StockNews.com lowered shares of Canadian Natural Resources from a "buy" rating to a "hold" rating in a report on Wednesday. Scotiabank reaffirmed a "sector perform" rating on shares of Canadian Natural Resources in a research report on Tuesday, June 11th. Finally, Desjardins lowered Canadian Natural Resources from a "buy" rating to a "hold" rating in a research report on Tuesday, April 23rd. Eight investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $47.00.

Canadian Natural Resources Trading Down 1.5 %

Shares of Canadian Natural Resources stock traded down $0.52 during midday trading on Friday, reaching $34.46. 3,867,408 shares of the company's stock traded hands, compared to its average volume of 5,891,287. The company has a market cap of $73.82 billion, a PE ratio of 13.73 and a beta of 1.50. The stock has a 50 day moving average of $37.30 and a 200-day moving average of $35.07. Canadian Natural Resources has a 12 month low of $26.48 and a 12 month high of $41.29. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.61 and a current ratio of 0.88.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. PNC Financial Services Group Inc. increased its holdings in shares of Canadian Natural Resources by 2.6% during the third quarter. PNC Financial Services Group Inc. now owns 16,579 shares of the oil and gas producer's stock valued at $1,072,000 after acquiring an additional 426 shares in the last quarter. Prudential PLC grew its stake in shares of Canadian Natural Resources by 18.5% in the third quarter. Prudential PLC now owns 6,410 shares of the oil and gas producer's stock worth $415,000 after acquiring an additional 1,002 shares during the period. Envestnet Portfolio Solutions Inc. bought a new stake in Canadian Natural Resources in the 3rd quarter worth approximately $398,000. Envestnet Asset Management Inc. grew its position in Canadian Natural Resources by 37.9% in the 3rd quarter. Envestnet Asset Management Inc. now owns 226,262 shares of the oil and gas producer's stock worth $14,632,000 after purchasing an additional 62,230 shares during the period. Finally, Grantham Mayo Van Otterloo & Co. LLC purchased a new stake in Canadian Natural Resources during the 3rd quarter valued at $429,000. Institutional investors own 74.03% of the company's stock.

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 given a $0.777 dividend. 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 9.02%. The ex-dividend date of this dividend is Monday, June 17th. Canadian Natural Resources's payout ratio is currently 60.56%.

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).