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

Canadian Natural Resources Limited (NYSE:CNQ) (TSE:CNQ) – Equities research analysts at Raymond James issued their FY2024 earnings per share estimates for shares of Canadian Natural Resources in a report released on Wednesday, June 12th. Raymond James analyst M. Barth anticipates that the oil and gas producer will earn $2.62 per share for the year. Raymond James has a “Hold” rating on the stock. The consensus estimate for Canadian Natural Resources’ current full-year earnings is $2.75 per share. Raymond James also issued estimates for Canadian Natural Resources’ FY2025 earnings at $3.05 EPS, FY2026 earnings at $2.83 EPS, FY2027 earnings at $2.97 EPS and FY2028 earnings at $2.90 EPS.

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

CNQ has been the subject of several other reports. Desjardins downgraded Canadian Natural Resources from a “buy” rating to a “hold” rating in a research note on Tuesday, April 23rd. StockNews.com raised Canadian Natural Resources from a “hold” rating to a “buy” rating in a research note on Tuesday, June 11th. Finally, Scotiabank reissued a “sector perform” rating on shares of Canadian Natural Resources in a research note on Tuesday, June 11th. Seven research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $47.00.

Canadian Natural Resources Stock Performance

Shares of Canadian Natural Resources stock opened at $33.97 on Friday. The company has a market cap of $72.70 billion, a PE ratio of 13.53 and a beta of 1.50. Canadian Natural Resources has a 52 week low of $26.33 and a 52 week high of $41.29. The business has a 50 day moving average price of $37.92 and a 200-day moving average price of $35.05. The company has a quick ratio of 0.61, a current ratio of 0.88 and a debt-to-equity ratio of 0.23.

Institutional Trading of Canadian Natural Resources

Institutional investors and hedge funds have recently modified their holdings of the business. Raymond James Financial Services Advisors Inc. grew its holdings in Canadian Natural Resources by 993.8% during the fourth quarter. Raymond James Financial Services Advisors Inc. now owns 206,580 shares of the oil and gas producer’s stock valued at $13,535,000 after purchasing an additional 187,694 shares during the period. Cerity Partners LLC grew its holdings in Canadian Natural Resources by 556.7% during the fourth 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. Baskin Financial Services Inc. grew its holdings in Canadian Natural Resources by 3.5% during the fourth quarter. Baskin Financial Services Inc. now owns 464,287 shares of the oil and gas producer’s stock valued at $30,406,000 after purchasing an additional 15,546 shares during the period. NewEdge Wealth LLC boosted its holdings in shares of Canadian Natural Resources by 10.8% in the fourth quarter. NewEdge Wealth LLC now owns 456,414 shares of the oil and gas producer’s stock worth $29,904,000 after acquiring an additional 44,568 shares during the period. Finally, Old West Investment Management LLC boosted its holdings in shares of Canadian Natural Resources by 117.1% in the third quarter. Old West Investment Management LLC now owns 79,247 shares of the oil and gas producer’s stock worth $5,125,000 after acquiring an additional 42,744 shares during the period. 74.03% of the stock is owned by hedge funds and other institutional investors.

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 given a dividend of $0.777 per share. This represents a $3.11 dividend on an annualized basis and a dividend yield of 9.15%. This is an increase from Canadian Natural Resources’s previous quarterly dividend of $0.77. The ex-dividend date is Monday, June 17th. Canadian Natural Resources’s dividend payout ratio (DPR) is presently 61.75%.

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).