Raymond James Has Bearish Forecast for CNQ FY2024 Earnings

Canadian Natural Resources Limited (NYSE:CNQ - Free Report) TSE: CNQ - Equities research analysts at Raymond James reduced their FY2024 earnings per share estimates for shares of Canadian Natural Resources in a report issued on Thursday, January 9th. Raymond James analyst M. Barth now expects that the oil and gas producer will post earnings of $2.38 per share for the year, down from their prior estimate of $2.47. The consensus estimate for Canadian Natural Resources' current full-year earnings is $2.47 per share. Raymond James also issued estimates for Canadian Natural Resources' FY2025 earnings at $2.86 EPS, FY2026 earnings at $2.53 EPS, FY2027 earnings at $2.70 EPS and FY2028 earnings at $2.89 EPS.

Separately, Desjardins raised Canadian Natural Resources from a "hold" rating to a "moderate buy" rating in a research report on Tuesday, October 8th. Four analysts have rated the stock with a hold rating, Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold".

Canadian Natural Resources Trading Up 0.5 %

CNQ opened at $32.78 on Monday. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.53 and a current ratio of 0.84. The stock's 50 day moving average price is $32.50 and its 200-day moving average price is $34.15. Canadian Natural Resources has a one year low of $29.23 and a one year high of $41.29. The stock has a market cap of $69.06 billion, a price-to-earnings ratio of 12.73 and a beta of 1.46.

Canadian Natural Resources (NYSE:CNQ - Get Free Report) TSE: CNQ last issued its quarterly earnings results on Thursday, October 31st. The oil and gas producer reported $0.97 EPS for the quarter, beating the consensus estimate of $0.67 by $0.30. The company had revenue of $7.62 billion for the quarter, compared to the consensus estimate of $6.40 billion. Canadian Natural Resources had a net margin of 18.45% and a return on equity of 20.07%. During the same period in the prior year, the firm posted $0.96 EPS.

Hedge Funds Weigh In On Canadian Natural Resources

A number of hedge funds have recently added to or reduced their stakes in the stock. Continuum Advisory LLC raised its stake in shares of Canadian Natural Resources by 144.1% during the third quarter. Continuum Advisory LLC now owns 830 shares of the oil and gas producer's stock valued at $28,000 after acquiring an additional 490 shares in the last quarter. Coastline Trust Co purchased a new position in Canadian Natural Resources during the 3rd quarter worth $33,000. Wilmington Savings Fund Society FSB bought a new stake in Canadian Natural Resources during the 3rd quarter valued at $37,000. Sound Income Strategies LLC purchased a new stake in shares of Canadian Natural Resources in the 3rd quarter worth $46,000. Finally, First Horizon Advisors Inc. grew its position in shares of Canadian Natural Resources by 58.4% during the 3rd quarter. First Horizon Advisors Inc. now owns 1,432 shares of the oil and gas producer's stock worth $48,000 after buying an additional 528 shares in the last quarter. 74.03% of the stock is currently owned by institutional investors.

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).