Canadian Natural Resources Limited to Post Q1 2024 Earnings of $1.41 Per Share, Zacks Research Forecasts (TSE:CNQ)

Canadian Natural Resources Limited (TSE:CNQ - Free Report) NYSE: CNQ - Equities researchers at Zacks Research cut their Q1 2024 EPS estimates for shares of Canadian Natural Resources in a report released on Tuesday, April 23rd. Zacks Research analyst T. Saha now forecasts that the company will post earnings per share of $1.41 for the quarter, down from their previous estimate of $1.62. 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' Q3 2024 earnings at $2.09 EPS, Q1 2025 earnings at $1.84 EPS, Q1 2026 earnings at $1.78 EPS and FY2026 earnings at $7.59 EPS.

Canadian Natural Resources (TSE:CNQ - Get Free Report) NYSE: CNQ last posted its quarterly earnings data on Thursday, February 29th. The company reported C$2.34 earnings per share (EPS) for the quarter, beating the consensus estimate of C$2.14 by C$0.20. Canadian Natural Resources had a return on equity of 21.11% and a net margin of 22.89%. The firm had revenue of C$9.55 billion for the quarter, compared to the consensus estimate of C$9.04 billion.

CNQ has been the subject of a number of other research reports. ATB Capital lifted their price objective on shares of Canadian Natural Resources from C$100.00 to C$107.00 and gave the company an "outperform" rating in a report on Wednesday, March 20th. Jefferies Financial Group upped their price objective on Canadian Natural Resources from C$86.00 to C$110.00 and gave the stock a "hold" rating in a research report on Friday, April 12th. Royal Bank of Canada lifted their target price on Canadian Natural Resources from C$100.00 to C$120.00 in a report on Tuesday, April 9th. National Bankshares boosted their target price on Canadian Natural Resources from C$94.00 to C$120.00 and gave the stock a "sector perform" rating in a research note on Friday, April 19th. Finally, UBS Group lifted their price objective on Canadian Natural Resources from C$113.00 to C$124.00 in a research note on Tuesday, April 9th. Six investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company's stock. According to data from MarketBeat.com, Canadian Natural Resources has an average rating of "Moderate Buy" and an average price target of C$111.00.

Canadian Natural Resources Trading Up 0.2 %

TSE:CNQ traded up C$0.17 on Wednesday, reaching C$105.43. 2,055,234 shares of the company's stock were exchanged, compared to its average volume of 6,295,151. The firm has a market capitalization of C$112.81 billion, a price-to-earnings ratio of 14.09, a price-to-earnings-growth ratio of 0.53 and a beta of 1.98. 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. The business has a fifty day moving average of C$99.39 and a 200-day moving average of C$91.54.

Insiders Place Their Bets

In other news, Senior Officer Warren Paul Raczynski sold 3,000 shares of the stock in a transaction that occurred on Tuesday, April 9th. The stock was sold at an average price of C$110.81, for a total value of C$332,430.00. In other Canadian Natural Resources news, Senior Officer Erin Louise Lunn sold 3,664 shares of the company's stock in a transaction that occurred on Thursday, April 4th. The stock was sold at an average price of C$35.59, for a total transaction of C$130,419.35. Also, Senior Officer Warren Paul Raczynski sold 3,000 shares of the stock in a transaction that occurred on Tuesday, April 9th. The stock was sold at an average price of C$110.81, for a total value of C$332,430.00. Insiders have sold a total of 332,363 shares of company stock valued at $32,567,851 over the last quarter. Company insiders own 2.20% of the company's stock.

Canadian Natural Resources Increases Dividend

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

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).