Raymond James Has Bearish Outlook for CNQ FY2024 Earnings

Canadian Natural Resources Limited (NYSE:CNQ) (TSE:CNQ) – Research analysts at Raymond James reduced their FY2024 EPS estimates for shares of Canadian Natural Resources in a research note issued to investors on Thursday, January 9th. Raymond James analyst M. Barth now anticipates that the oil and gas producer will post earnings per share of $2.38 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 shares of Canadian Natural Resources from a “hold” rating to a “moderate buy” rating in a report on Tuesday, October 8th. Four equities research analysts have rated the stock with a hold rating, Based on data from MarketBeat.com, Canadian Natural Resources has an average rating of “Hold”.

Canadian Natural Resources Stock Performance

Shares of CNQ stock opened at $31.49 on Monday. The company has a 50 day moving average price of $32.39 and a 200-day moving average price of $34.09. Canadian Natural Resources has a 52 week low of $29.23 and a 52 week high of $41.29. The firm has a market capitalization of $66.23 billion, a PE ratio of 12.23 and a beta of 1.46. The company has a quick ratio of 0.53, a current ratio of 0.84 and a debt-to-equity ratio of 0.21.

Canadian Natural Resources (NYSE:CNQ) (TSE:CNQ) last announced its quarterly earnings results on Thursday, October 31st. The oil and gas producer reported $0.97 EPS for the quarter, topping analysts’ consensus estimates of $0.67 by $0.30. Canadian Natural Resources had a net margin of 18.45% and a return on equity of 20.07%. The firm had revenue of $7.62 billion during the quarter, compared to analyst estimates of $6.40 billion. During the same period in the previous year, the business posted $0.96 earnings per share.

Hedge Funds Weigh In On Canadian Natural Resources

Several hedge funds have recently modified their holdings of CNQ. Canada Pension Plan Investment Board increased its position in Canadian Natural Resources by 93.0% during the second quarter. Canada Pension Plan Investment Board now owns 41,464,502 shares of the oil and gas producer’s stock valued at $1,476,644,000 after acquiring an additional 19,980,902 shares during the last quarter. 1832 Asset Management L.P. boosted its stake in shares of Canadian Natural Resources by 105.3% during the second quarter. 1832 Asset Management L.P. now owns 31,668,045 shares of the oil and gas producer’s stock valued at $1,127,382,000 after purchasing an additional 16,245,046 shares during the period. Mackenzie Financial Corp boosted its stake in shares of Canadian Natural Resources by 90.3% during the second quarter. Mackenzie Financial Corp now owns 30,017,414 shares of the oil and gas producer’s stock valued at $1,069,338,000 after purchasing an additional 14,246,978 shares during the period. The Manufacturers Life Insurance Company boosted its stake in shares of Canadian Natural Resources by 102.3% during the second quarter. The Manufacturers Life Insurance Company now owns 27,084,649 shares of the oil and gas producer’s stock valued at $963,348,000 after purchasing an additional 13,694,741 shares during the period. Finally, Toronto Dominion Bank lifted its stake in Canadian Natural Resources by 254.7% in the second quarter. Toronto Dominion Bank now owns 18,501,417 shares of the oil and gas producer’s stock worth $658,650,000 after acquiring an additional 13,284,985 shares during the period. Hedge funds and other institutional investors own 74.03% of the company’s stock.

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).