Analysts Set Expectations for Canadian Natural Resources Limited’s FY2024 Earnings (TSE:CNQ)

Canadian Natural Resources Limited (TSE:CNQ) (NYSE:CNQ) – Equities research analysts at Raymond James lifted their FY2024 earnings estimates for shares of Canadian Natural Resources in a research report issued to clients and investors on Monday, October 7th. Raymond James analyst M. Barth now anticipates that the company will post earnings per share of $3.39 for the year, up from their prior forecast of $3.36. Raymond James has a “Market Perform” rating and a $51.00 price objective on the stock. The consensus estimate for Canadian Natural Resources’ current full-year earnings is $3.60 per share. Raymond James also issued estimates for Canadian Natural Resources’ FY2025 earnings at $4.17 EPS, FY2026 earnings at $3.75 EPS, FY2027 earnings at $3.92 EPS and FY2028 earnings at $4.16 EPS.

Other research analysts also recently issued reports about the company. ATB Capital increased their target price on Canadian Natural Resources from C$58.00 to C$60.00 and gave the company an “outperform” rating in a research report on Tuesday. Desjardins upgraded Canadian Natural Resources from a “hold” rating to a “buy” rating and increased their target price for the company from C$56.00 to C$59.00 in a research report on Tuesday. Gerdes Energy Research increased their target price on Canadian Natural Resources from C$52.00 to C$53.00 in a research report on Tuesday. Royal Bank of Canada increased their target price on Canadian Natural Resources from C$59.00 to C$62.00 and gave the company an “outperform” rating in a research report on Tuesday. Finally, CIBC increased their target price on Canadian Natural Resources from C$57.50 to C$59.00 in a research report on Wednesday. Eight equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of C$75.71.

Canadian Natural Resources Trading Up 0.5 %

Shares of CNQ opened at C$51.71 on Thursday. The company has a debt-to-equity ratio of 29.64, a current ratio of 0.88 and a quick ratio of 0.54. Canadian Natural Resources has a 1 year low of C$40.02 and a 1 year high of C$56.49. The company has a 50 day simple moving average of C$47.18 and a two-hundred day simple moving average of C$69.99. The firm has a market cap of C$110.14 billion, a P/E ratio of 14.82, a price-to-earnings-growth ratio of 0.53 and a beta of 1.91.

Canadian Natural Resources (TSE:CNQ) (NYSE:CNQ) last announced its quarterly earnings data on Wednesday, July 31st. The company reported C$0.88 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of C$0.84 by C$0.04. Canadian Natural Resources had a net margin of 20.88% and a return on equity of 19.65%. The business had revenue of C$9.05 billion during the quarter, compared to analyst estimates of C$8.41 billion.

Canadian Natural Resources Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, January 3rd. Stockholders of record on Friday, December 13th will be paid a dividend of $0.525 per share. This represents a $2.10 dividend on an annualized basis and a dividend yield of 4.06%. The ex-dividend date is Friday, December 13th. Canadian Natural Resources’s dividend payout ratio is currently 59.26%.

Insider Activity

In related news, Senior Officer Trevor Wagil sold 4,272 shares of the company’s stock in a transaction dated Thursday, October 3rd. The shares were sold at an average price of C$47.51, for a total value of C$202,966.99. In other Canadian Natural Resources news, Senior Officer Devin Craig Lowe sold 3,750 shares of the business’s stock in a transaction dated Monday, October 7th. The shares were sold at an average price of C$49.04, for a total value of C$183,900.00. Also, Senior Officer Trevor Wagil sold 4,272 shares of the business’s stock in a transaction dated Thursday, October 3rd. The stock was sold at an average price of C$47.51, for a total transaction of C$202,966.99. Insiders own 4.26% 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).