Equities research analysts forecast that Canadian Natural Resources Ltd (NYSE:CNQ) (TSE:CNQ) will announce $4.46 billion in sales for the current quarter, according to Zacks Investment Research. Two analysts have issued estimates for Canadian Natural Resources’ earnings, with the lowest sales estimate coming in at $4.29 billion and the highest estimate coming in at $4.64 billion. Canadian Natural Resources posted sales of $2.80 billion during the same quarter last year, which indicates a positive year over year growth rate of 59.3%. The firm is expected to issue its next earnings results on Thursday, March 5th.
On average, analysts expect that Canadian Natural Resources will report full year sales of $17.21 billion for the current fiscal year, with estimates ranging from $17.15 billion to $17.28 billion. For the next fiscal year, analysts forecast that the firm will post sales of $17.67 billion, with estimates ranging from $17.64 billion to $17.70 billion. Zacks’ sales calculations are a mean average based on a survey of research analysts that follow Canadian Natural Resources.
Canadian Natural Resources (NYSE:CNQ) (TSE:CNQ) last released its earnings results on Thursday, November 7th. The oil and gas producer reported $1.04 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.60 by $0.44. Canadian Natural Resources had a return on equity of 7.87% and a net margin of 18.37%. The business had revenue of $4.67 billion during the quarter, compared to the consensus estimate of $4.46 billion. During the same period last year, the business posted $1.11 earnings per share.
A number of brokerages recently issued reports on CNQ. Tudor Pickering cut Canadian Natural Resources from a “buy” rating to a “hold” rating in a research note on Tuesday, October 8th. National Bank Financial lowered shares of Canadian Natural Resources from an “outperform” rating to a “sector perform” rating in a research report on Wednesday, October 2nd. Goldman Sachs Group set a $29.00 target price on shares of Canadian Natural Resources and gave the stock a “hold” rating in a research report on Friday, September 27th. Royal Bank of Canada reduced their target price on shares of Canadian Natural Resources from $45.00 to $42.00 and set a “buy” rating for the company in a research note on Friday, October 18th. Finally, ValuEngine raised shares of Canadian Natural Resources from a “hold” rating to a “buy” rating in a research report on Monday, September 16th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and thirteen have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $39.48.
Shares of CNQ stock traded down $0.33 on Friday, hitting $28.03. 2,223,811 shares of the stock were exchanged, compared to its average volume of 2,740,308. The firm’s 50 day moving average is $27.00 and its two-hundred day moving average is $26.05. Canadian Natural Resources has a one year low of $21.85 and a one year high of $31.77. The firm has a market capitalization of $33.59 billion, a PE ratio of 13.04, a P/E/G ratio of 1.72 and a beta of 1.21. The company has a current ratio of 0.60, a quick ratio of 0.45 and a debt-to-equity ratio of 0.53.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, January 1st. Shareholders of record on Wednesday, December 11th will be issued a dividend of $0.285 per share. This represents a $1.14 dividend on an annualized basis and a yield of 4.07%. The ex-dividend date of this dividend is Tuesday, December 10th. This is a positive change from Canadian Natural Resources’s previous quarterly dividend of $0.28. Canadian Natural Resources’s payout ratio is presently 52.56%.
Institutional investors and hedge funds have recently made changes to their positions in the company. Amundi Pioneer Asset Management Inc. boosted its position in shares of Canadian Natural Resources by 29.1% in the first quarter. Amundi Pioneer Asset Management Inc. now owns 674,844 shares of the oil and gas producer’s stock valued at $18,558,000 after acquiring an additional 152,046 shares during the period. Huntington National Bank boosted its holdings in Canadian Natural Resources by 348.8% in the 2nd quarter. Huntington National Bank now owns 1,333 shares of the oil and gas producer’s stock valued at $36,000 after purchasing an additional 1,036 shares during the period. Quadrant Capital Group LLC boosted its holdings in Canadian Natural Resources by 7.8% in the 2nd quarter. Quadrant Capital Group LLC now owns 13,985 shares of the oil and gas producer’s stock valued at $366,000 after purchasing an additional 1,015 shares during the period. Daiwa Securities Group Inc. grew its position in shares of Canadian Natural Resources by 68.5% during the 2nd quarter. Daiwa Securities Group Inc. now owns 21,900 shares of the oil and gas producer’s stock valued at $591,000 after purchasing an additional 8,900 shares in the last quarter. Finally, Manning & Napier Group LLC purchased a new position in shares of Canadian Natural Resources during the 2nd quarter valued at $2,324,000. Hedge funds and other institutional investors own 66.61% of the company’s stock.
Canadian Natural Resources Company Profile
Canadian Natural Resources Limited explores for, develops, produces, and markets crude oil, natural gas, and natural gas liquids (NGLs). The company offers synthetic crude oil (SCO), light and medium crude oil, bitumen (thermal oil), primary heavy crude oil, and Pelican Lake heavy crude oil. Its midstream assets include two crude oil pipeline systems; and a 50% working interest in an 84-megawatt cogeneration plant at Primrose.
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