Brokerages Expect Canadian Natural Resources Limited (CNQ) Will Announce Earnings of $0.21 Per Share

Wall Street analysts expect Canadian Natural Resources Limited (NYSE:CNQ) (TSE:CNQ) to report earnings per share of $0.21 for the current fiscal quarter, Zacks Investment Research reports. Three analysts have issued estimates for Canadian Natural Resources Limited’s earnings. The lowest EPS estimate is $0.13 and the highest is $0.34. Canadian Natural Resources Limited reported earnings per share of ($0.24) in the same quarter last year, which would suggest a positive year over year growth rate of 187.5%. The firm is expected to report its next earnings report before the market opens on Thursday, August 3rd.

According to Zacks, analysts expect that Canadian Natural Resources Limited will report full year earnings of $1.09 per share for the current financial year, with EPS estimates ranging from $0.67 to $1.50. For the next financial year, analysts anticipate that the company will report earnings of $2.11 per share, with EPS estimates ranging from $1.39 to $2.65. Zacks Investment Research’s earnings per share averages are an average based on a survey of research firms that cover Canadian Natural Resources Limited.

CNQ has been the subject of a number of recent research reports. TheStreet upgraded shares of Canadian Natural Resources Limited from a “d+” rating to a “c-” rating in a report on Wednesday, April 12th. Zacks Investment Research upgraded shares of Canadian Natural Resources Limited from a “hold” rating to a “strong-buy” rating and set a $35.00 price objective for the company in a report on Friday, May 5th. Morgan Stanley upgraded shares of Canadian Natural Resources Limited from an “equal weight” rating to an “overweight” rating and set a $46.00 price objective for the company in a report on Wednesday, July 19th. BidaskClub upgraded shares of Canadian Natural Resources Limited from a “strong sell” rating to a “sell” rating in a report on Friday, June 30th. Finally, National Bank Financial initiated coverage on shares of Canadian Natural Resources Limited in a report on Tuesday, June 27th. They issued an “outperform” rating for the company. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company. The company has a consensus rating of “Buy” and an average target price of $45.57.

Shares of Canadian Natural Resources Limited (NYSE:CNQ) traded down 0.26% on Thursday, reaching $30.52. The company had a trading volume of 2,606,296 shares. The company has a 50 day moving average price of $29.21 and a 200 day moving average price of $30.58. Canadian Natural Resources Limited has a 52-week low of $27.52 and a 52-week high of $35.28. The stock’s market capitalization is $37.08 billion.

Canadian Natural Resources Limited announced that its Board of Directors has approved a stock repurchase program on Wednesday, May 17th that authorizes the company to buyback 27,930,000 shares. This buyback authorization authorizes the oil and gas producer to reacquire shares of its stock through open market purchases. Shares buyback programs are generally a sign that the company’s board believes its stock is undervalued.

Hedge funds have recently bought and sold shares of the stock. Janney Montgomery Scott LLC increased its stake in Canadian Natural Resources Limited by 143.4% in the first quarter. Janney Montgomery Scott LLC now owns 25,406 shares of the oil and gas producer’s stock worth $833,000 after buying an additional 14,968 shares in the last quarter. Acadian Asset Management LLC increased its stake in shares of Canadian Natural Resources Limited by 2,400.0% in the first quarter. Acadian Asset Management LLC now owns 5,000 shares of the oil and gas producer’s stock worth $163,000 after buying an additional 4,800 shares during the period. Korea Investment CORP increased its stake in shares of Canadian Natural Resources Limited by 2.8% in the first quarter. Korea Investment CORP now owns 682,329 shares of the oil and gas producer’s stock worth $22,276,000 after buying an additional 18,571 shares during the period. Guinness Asset Management Ltd increased its stake in shares of Canadian Natural Resources Limited by 8.3% in the first quarter. Guinness Asset Management Ltd now owns 366,331 shares of the oil and gas producer’s stock worth $11,960,000 after buying an additional 28,200 shares during the period. Finally, Roanoke Asset Management Corp NY increased its stake in shares of Canadian Natural Resources Limited by 659.1% in the first quarter. Roanoke Asset Management Corp NY now owns 62,055 shares of the oil and gas producer’s stock worth $2,035,000 after buying an additional 53,880 shares during the period. 60.33% of the stock is owned by hedge funds and other institutional investors.

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About Canadian Natural Resources Limited

Canadian Natural Resources Limited is an independent crude oil and natural gas exploration, development and production company. The Company’s segments include Exploration and Production, Oil Sands Mining and Upgrading, and Midstream. The Exploration and Production segment includes exploration, development, production and marketing of crude oil, natural gas liquids (NGLs) and natural gas.

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