Zacks Research Brokers Increase Earnings Estimates for Canadian Natural Resources Limited (NYSE:CNQ)

Canadian Natural Resources Limited (NYSE:CNQ) (TSE:CNQ) – Equities research analysts at Zacks Research boosted their FY2024 earnings estimates for shares of Canadian Natural Resources in a research note issued on Tuesday, June 18th. Zacks Research analyst T. Saha now forecasts that the oil and gas producer will post earnings per share of $3.31 for the year, up from their prior forecast of $2.71. The consensus estimate for Canadian Natural Resources’ current full-year earnings is $2.78 per share. Zacks Research also issued estimates for Canadian Natural Resources’ Q3 2025 earnings at $0.86 EPS and Q4 2025 earnings at $0.61 EPS.

Several other analysts also recently commented on the company. StockNews.com downgraded Canadian Natural Resources from a “buy” rating to a “hold” rating in a research note on Wednesday. Desjardins lowered Canadian Natural Resources from a “buy” rating to a “hold” rating in a report on Tuesday, April 23rd. Raymond James upgraded Canadian Natural Resources to a “hold” rating in a research note on Tuesday, May 28th. Finally, Scotiabank restated a “sector perform” rating on shares of Canadian Natural Resources in a research report on Tuesday, June 11th. Eight equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $47.00.

Canadian Natural Resources Stock Performance

Shares of CNQ opened at $34.48 on Friday. The company has a quick ratio of 0.61, a current ratio of 0.88 and a debt-to-equity ratio of 0.23. The business’s 50 day moving average price is $37.30 and its 200-day moving average price is $35.09. Canadian Natural Resources has a 52 week low of $26.48 and a 52 week high of $41.29. The stock has a market cap of $73.86 billion, a P/E ratio of 13.74 and a beta of 1.50.

Canadian Natural Resources (NYSE:CNQ) (TSE:CNQ) last released its quarterly earnings results on Thursday, May 2nd. The oil and gas producer reported $0.51 earnings per share for the quarter, missing the consensus estimate of $0.52 by ($0.01). Canadian Natural Resources had a net margin of 18.21% and a return on equity of 20.58%. The company had revenue of $6.12 billion during the quarter, compared to the consensus estimate of $6.01 billion.

Canadian Natural Resources Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 5th. Investors of record on Monday, June 17th will be paid a dividend of $0.777 per share. This is a positive change from Canadian Natural Resources’s previous quarterly dividend of $0.77. This represents a $3.11 dividend on an annualized basis and a dividend yield of 9.01%. The ex-dividend date of this dividend is Monday, June 17th. Canadian Natural Resources’s dividend payout ratio (DPR) is currently 60.56%.

Institutional Investors Weigh In On Canadian Natural Resources

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Central Bank & Trust Co. purchased a new stake in Canadian Natural Resources during the fourth quarter valued at approximately $26,000. GAMMA Investing LLC purchased a new position in Canadian Natural Resources during the fourth quarter worth approximately $27,000. Bruce G. Allen Investments LLC lifted its stake in Canadian Natural Resources by 117.8% in the 1st quarter. Bruce G. Allen Investments LLC now owns 453 shares of the oil and gas producer’s stock valued at $35,000 after buying an additional 245 shares in the last quarter. YHB Investment Advisors Inc. acquired a new stake in Canadian Natural Resources during the 1st quarter worth $37,000. Finally, Principal Securities Inc. purchased a new stake in shares of Canadian Natural Resources in the fourth quarter valued at approximately $35,000. 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).