Wall Street brokerages expect that Canadian Natural Resources Ltd (NYSE:CNQ) (TSE:CNQ) will post $4.60 billion in sales for the current quarter, Zacks Investment Research reports. Two analysts have provided estimates for Canadian Natural Resources’ earnings. The highest sales estimate is $4.79 billion and the lowest is $4.41 billion. Canadian Natural Resources posted sales of $4.51 billion during the same quarter last year, which would suggest a positive year over year growth rate of 2%. The firm is expected to issue its next earnings results on Thursday, November 7th.
According to Zacks, analysts expect that Canadian Natural Resources will report full year sales of $17.80 billion for the current year, with estimates ranging from $17.13 billion to $18.48 billion. For the next fiscal year, analysts forecast that the business will post sales of $18.40 billion, with estimates ranging from $17.68 billion to $19.11 billion. Zacks Investment Research’s sales averages are an average based on a survey of sell-side research analysts that follow Canadian Natural Resources.
Canadian Natural Resources (NYSE:CNQ) (TSE:CNQ) last issued its earnings results on Thursday, August 1st. The oil and gas producer reported $0.87 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.62 by $0.25. The business had revenue of $4.16 billion for the quarter, compared to the consensus estimate of $4.36 billion. Canadian Natural Resources had a net margin of 22.22% and a return on equity of 8.62%. During the same quarter in the previous year, the firm earned $1.04 earnings per share.
Several brokerages have recently weighed in on CNQ. Canaccord Genuity reaffirmed a “buy” rating and issued a $53.00 target price on shares of Canadian Natural Resources in a report on Tuesday, July 9th. CIBC reaffirmed a “buy” rating and issued a $48.00 target price on shares of Canadian Natural Resources in a report on Sunday, August 4th. Royal Bank of Canada reaffirmed an “average” rating and issued a $45.00 target price on shares of Canadian Natural Resources in a report on Friday, May 10th. Raymond James reiterated a “buy” rating on shares of Canadian Natural Resources in a research note on Friday, May 10th. Finally, Zacks Investment Research cut shares of Canadian Natural Resources from a “buy” rating to a “hold” rating and set a $28.00 price objective for the company. in a research note on Monday, July 22nd. Six equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. Canadian Natural Resources presently has a consensus rating of “Buy” and an average price target of $41.88.
Shares of NYSE:CNQ traded up $0.13 during midday trading on Thursday, hitting $23.37. The stock had a trading volume of 1,481,728 shares, compared to its average volume of 2,842,266. The company has a market capitalization of $28.19 billion, a PE ratio of 10.87, a P/E/G ratio of 1.39 and a beta of 1.13. The stock has a 50 day moving average price of $25.64 and a two-hundred day moving average price of $27.28. The company has a current ratio of 0.59, a quick ratio of 0.44 and a debt-to-equity ratio of 0.57. Canadian Natural Resources has a 1 year low of $21.85 and a 1 year high of $35.95.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Friday, September 13th will be paid a $0.284 dividend. This is a boost from Canadian Natural Resources’s previous quarterly dividend of $0.28. The ex-dividend date of this dividend is Thursday, September 12th. This represents a $1.14 annualized dividend and a dividend yield of 4.86%. Canadian Natural Resources’s dividend payout ratio (DPR) is 51.63%.
Several hedge funds and other institutional investors have recently made changes to their positions in CNQ. Boston Partners lifted its stake in shares of Canadian Natural Resources by 296.8% in the first quarter. Boston Partners now owns 13,261,481 shares of the oil and gas producer’s stock valued at $364,690,000 after purchasing an additional 9,919,602 shares during the period. MUFG Securities EMEA plc acquired a new position in Canadian Natural Resources during the second quarter worth about $123,576,000. Toronto Dominion Bank raised its position in Canadian Natural Resources by 65.5% during the first quarter. Toronto Dominion Bank now owns 8,964,876 shares of the oil and gas producer’s stock worth $246,106,000 after acquiring an additional 3,549,063 shares during the last quarter. Caisse DE Depot ET Placement DU Quebec raised its position in Canadian Natural Resources by 23.8% during the first quarter. Caisse DE Depot ET Placement DU Quebec now owns 18,000,000 shares of the oil and gas producer’s stock worth $494,345,000 after acquiring an additional 3,455,000 shares during the last quarter. Finally, BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp acquired a new position in Canadian Natural Resources during the first quarter worth about $100,743,000. Hedge funds and other institutional investors own 65.34% 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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