FY2024 Earnings Forecast for CNQ Issued By Zacks Research

Canadian Natural Resources Limited (NYSE:CNQ) (TSE:CNQ) – Research analysts at Zacks Research lifted their FY2024 earnings per share estimates for shares of Canadian Natural Resources in a report issued on Thursday, February 13th. Zacks Research analyst T. Saha now forecasts that the oil and gas producer will earn $2.50 per share for the year, up from their previous estimate of $2.47. The consensus estimate for Canadian Natural Resources’ current full-year earnings is $2.44 per share. Zacks Research also issued estimates for Canadian Natural Resources’ Q4 2024 earnings at $0.64 EPS, Q1 2025 earnings at $0.59 EPS, Q3 2025 earnings at $0.59 EPS, Q4 2025 earnings at $0.44 EPS, FY2025 earnings at $2.17 EPS, Q1 2026 earnings at $0.63 EPS, Q2 2026 earnings at $0.50 EPS, Q3 2026 earnings at $0.55 EPS, Q4 2026 earnings at $0.66 EPS and FY2026 earnings at $2.34 EPS.

Several other analysts have also commented on CNQ. Tudor Pickering lowered Canadian Natural Resources from a “strong-buy” rating to a “hold” rating in a report on Monday, February 10th. Royal Bank of Canada reissued an “outperform” rating and issued a $62.00 target price on shares of Canadian Natural Resources in a research report on Tuesday. Five analysts have rated the stock with a hold rating and one has given a buy rating to the company. According to MarketBeat, Canadian Natural Resources has a consensus rating of “Hold” and a consensus price target of $62.00.

Canadian Natural Resources Stock Performance

Shares of CNQ opened at $30.48 on Monday. Canadian Natural Resources has a 12 month low of $28.65 and a 12 month high of $41.29. The stock has a fifty day moving average price of $30.99 and a 200-day moving average price of $33.30. The company has a current ratio of 0.84, a quick ratio of 0.53 and a debt-to-equity ratio of 0.21. The firm has a market cap of $64.09 billion, a PE ratio of 11.83 and a beta of 1.45.

Institutional Investors Weigh In On Canadian Natural Resources

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CNQ. FMR LLC grew its position in Canadian Natural Resources by 8.7% during the 4th quarter. FMR LLC now owns 92,550,104 shares of the oil and gas producer’s stock worth $2,857,337,000 after purchasing an additional 7,372,718 shares during the period. Assenagon Asset Management S.A. grew its position in shares of Canadian Natural Resources by 6,902.0% during the 4th quarter. Assenagon Asset Management S.A. now owns 3,652,855 shares of the oil and gas producer’s stock valued at $112,763,000 after acquiring an additional 3,600,686 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp grew its position in shares of Canadian Natural Resources by 73.3% during the 3rd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 7,834,264 shares of the oil and gas producer’s stock valued at $260,116,000 after acquiring an additional 3,312,442 shares during the period. Connor Clark & Lunn Investment Management Ltd. grew its position in shares of Canadian Natural Resources by 31.6% during the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 13,433,797 shares of the oil and gas producer’s stock valued at $414,223,000 after acquiring an additional 3,224,548 shares during the period. Finally, National Bank of Canada FI grew its position in shares of Canadian Natural Resources by 63.5% during the 3rd quarter. National Bank of Canada FI now owns 8,233,388 shares of the oil and gas producer’s stock valued at $273,417,000 after acquiring an additional 3,198,007 shares during the period. 74.03% of the stock is owned by institutional investors and hedge funds.

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).