Canadian Natural Resources Limited (CNQ) Expected to Post Quarterly Sales of $2.61 Billion

Equities research analysts expect Canadian Natural Resources Limited (NYSE:CNQ) (TSE:CNQ) to report $2.61 billion in sales for the current quarter, Zacks reports. Three analysts have issued estimates for Canadian Natural Resources Limited’s earnings, with the lowest sales estimate coming in at $2.58 billion and the highest estimate coming in at $2.64 billion. Canadian Natural Resources Limited reported sales of $1.97 billion in the same quarter last year, which indicates a positive year-over-year growth rate of 32.5%. The company is scheduled to report its next quarterly earnings results before the market opens on Thursday, August 3rd.

On average, analysts expect that Canadian Natural Resources Limited will report full-year sales of $2.61 billion for the current fiscal year, with estimates ranging from $10.76 billion to $13.07 billion. For the next fiscal year, analysts expect that the company will post sales of $15.12 billion per share, with estimates ranging from $13.59 billion to $16.95 billion. Zacks’ sales calculations are an average based on a survey of sell-side research analysts that cover Canadian Natural Resources Limited.

CNQ has been the subject of several analyst reports. National Bank Financial initiated coverage on Canadian Natural Resources Limited in a research report on Tuesday, June 27th. They set an “outperform” rating for the company. Goldman Sachs Group, Inc. (The) reaffirmed a “buy” rating and set a $36.00 price objective on shares of Canadian Natural Resources Limited in a research report on Thursday, June 22nd. ValuEngine raised Canadian Natural Resources Limited from a “sell” rating to a “hold” rating in a research report on Wednesday, July 12th. Zacks Investment Research raised Canadian Natural Resources Limited from a “hold” rating to a “strong-buy” rating and set a $35.00 target price for the company in a research report on Friday, May 5th. Finally, TheStreet raised Canadian Natural Resources Limited from a “d+” rating to a “c-” rating in a research report on Wednesday, April 12th. One research analyst has rated the stock with a sell rating, four have issued a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company’s stock. The company has an average rating of “Buy” and an average target price of $45.57.

Shares of Canadian Natural Resources Limited (NYSE CNQ) traded down 0.26% during midday trading on Friday, reaching $30.52. The company’s stock had a trading volume of 2,606,296 shares. The company’s market cap is $37.08 billion. Canadian Natural Resources Limited has a 12-month low of $27.52 and a 12-month high of $35.28. The stock’s 50-day moving average price is $29.21 and its 200-day moving average price is $30.58.

Canadian Natural Resources Limited announced that its board has authorized a share 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 purchase shares of its stock through open market purchases. Shares buyback programs are generally a sign that the company’s management believes its shares are undervalued.

A number of hedge funds have recently bought and sold shares of the company. Canada Pension Plan Investment Board boosted its stake in Canadian Natural Resources Limited by 17.2% in the second quarter. Canada Pension Plan Investment Board now owns 5,443,481 shares of the oil and gas producer’s stock worth $156,845,000 after buying an additional 797,322 shares during the last quarter. Pictet Asset Management Ltd. bought a new stake in Canadian Natural Resources Limited during the second quarter worth $7,319,000. TD Asset Management Inc. boosted its stake in Canadian Natural Resources Limited by 0.6% in the second quarter. TD Asset Management Inc. now owns 22,073,306 shares of the oil and gas producer’s stock worth $636,007,000 after buying an additional 136,364 shares during the last quarter. Eagle Ridge Investment Management boosted its stake in Canadian Natural Resources Limited by 15.2% in the second quarter. Eagle Ridge Investment Management now owns 31,118 shares of the oil and gas producer’s stock worth $897,000 after buying an additional 4,095 shares during the last quarter. Finally, Korea Investment CORP boosted its stake in Canadian Natural Resources Limited by 14.1% in the second quarter. Korea Investment CORP now owns 778,466 shares of the oil and gas producer’s stock worth $22,430,000 after buying an additional 96,137 shares during the last quarter. 60.33% of the stock is owned by institutional investors.

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Canadian Natural Resources Limited Company Profile

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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