Raymond James Comments on Canadian Natural Resources Limited’s FY2024 Earnings (NYSE:CNQ)

Canadian Natural Resources Limited (NYSE:CNQ) (TSE:CNQ) – Investment analysts at Raymond James lowered their FY2024 earnings per share (EPS) estimates for shares of Canadian Natural Resources in a research report issued to clients and investors on Thursday, August 1st. Raymond James analyst M. Barth now anticipates that the oil and gas producer will post earnings per share of $2.42 for the year, down from their previous estimate of $2.62. Raymond James currently has a “Hold” rating on the stock. The consensus estimate for Canadian Natural Resources’ current full-year earnings is $2.87 per share. Raymond James also issued estimates for Canadian Natural Resources’ FY2025 earnings at $2.84 EPS, FY2026 earnings at $2.50 EPS, FY2027 earnings at $2.66 EPS and FY2028 earnings at $2.79 EPS.

Several other equities research analysts also recently issued reports on the company. Desjardins downgraded Canadian Natural Resources from a “buy” rating to a “hold” rating in a report on Tuesday, April 23rd. StockNews.com upgraded Canadian Natural Resources from a “hold” rating to a “buy” rating in a research report on Monday. Scotiabank reiterated a “sector perform” rating on shares of Canadian Natural Resources in a research report on Tuesday, June 11th. Finally, Wolfe Research assumed coverage on Canadian Natural Resources in a research report on Thursday, July 18th. They issued a “peer perform” rating for the company. Six equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $48.13.

Canadian Natural Resources Price Performance

CNQ stock opened at $33.25 on Monday. The company has a quick ratio of 0.61, a current ratio of 0.88 and a debt-to-equity ratio of 0.23. Canadian Natural Resources has a 52-week low of $29.45 and a 52-week high of $41.29. The stock’s 50 day moving average is $35.49 and its two-hundred day moving average is $35.78. The company has a market capitalization of $70.75 billion, a PE ratio of 13.25 and a beta of 1.52.

Canadian Natural Resources (NYSE:CNQ) (TSE:CNQ) last posted its quarterly earnings data on Thursday, August 1st. The oil and gas producer reported $0.88 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.62 by $0.26. Canadian Natural Resources had a return on equity of 21.98% and a net margin of 18.05%. The company had revenue of $7.76 billion for the quarter, compared to the consensus estimate of $6.19 billion. During the same period in the previous year, the business earned $0.43 EPS.

Canadian Natural Resources Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 4th. Investors of record on Friday, September 13th will be given a dividend of $0.384 per share. The ex-dividend date of this dividend is Friday, September 13th. This represents a $1.54 dividend on an annualized basis and a yield of 4.62%. Canadian Natural Resources’s dividend payout ratio is currently 60.96%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Cerity Partners LLC boosted its position in Canadian Natural Resources by 556.7% during the 4th quarter. Cerity Partners LLC now owns 96,338 shares of the oil and gas producer’s stock valued at $6,312,000 after purchasing an additional 81,669 shares during the period. NewEdge Wealth LLC boosted its position in Canadian Natural Resources by 10.8% during the 4th quarter. NewEdge Wealth LLC now owns 456,414 shares of the oil and gas producer’s stock valued at $29,904,000 after purchasing an additional 44,568 shares during the period. Financial Perspectives Inc boosted its position in Canadian Natural Resources by 92.1% during the 4th quarter. Financial Perspectives Inc now owns 5,797 shares of the oil and gas producer’s stock valued at $380,000 after purchasing an additional 2,779 shares during the period. WCM Investment Management LLC boosted its position in Canadian Natural Resources by 9,297.9% during the 4th quarter. WCM Investment Management LLC now owns 2,192,895 shares of the oil and gas producer’s stock valued at $143,284,000 after purchasing an additional 2,169,561 shares during the period. Finally, Clarius Group LLC boosted its position in Canadian Natural Resources by 3.3% during the 4th quarter. Clarius Group LLC now owns 5,600 shares of the oil and gas producer’s stock valued at $367,000 after purchasing an additional 179 shares during the period. Institutional investors and hedge funds own 74.03% of the company’s stock.

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).