Raymond James Increases Canadian Natural Resources (TSE:CNQ) Price Target to C$51.00

Canadian Natural Resources (TSE:CNQ) (NYSE:CNQ) had its price objective raised by Raymond James from C$48.00 to C$51.00 in a research note published on Tuesday morning, BayStreet.CA reports. The brokerage currently has a market perform rating on the stock. Raymond James also issued estimates for Canadian Natural Resources’ FY2024 earnings at $3.39 EPS, FY2025 earnings at $4.17 EPS, FY2026 earnings at $3.75 EPS, FY2027 earnings at $3.92 EPS and FY2028 earnings at $4.16 EPS.

A number of other equities research analysts also recently weighed in on CNQ. Scotiabank cut their target price on Canadian Natural Resources from C$114.00 to C$57.00 and set a sector perform rating for the company in a research report on Tuesday, June 11th. Gerdes Energy Research upped their target price on Canadian Natural Resources from C$52.00 to C$53.00 in a research report on Tuesday. BMO Capital Markets upped their target price on Canadian Natural Resources from C$57.50 to C$60.00 and gave the stock an outperform rating in a research report on Tuesday. Desjardins upgraded Canadian Natural Resources from a hold rating to a buy rating and upped their target price for the stock from C$56.00 to C$59.00 in a research report on Tuesday. Finally, ATB Capital increased their price objective on Canadian Natural Resources from C$58.00 to C$60.00 and gave the company an outperform rating in a research report on Tuesday. Eight analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat.com, Canadian Natural Resources presently has an average rating of Hold and an average price target of C$75.71.

Canadian Natural Resources Stock Performance

Shares of CNQ stock opened at C$51.71 on Tuesday. Canadian Natural Resources has a 12-month low of C$40.02 and a 12-month high of C$56.49. The firm has a market capitalization of C$110.14 billion, a price-to-earnings ratio of 14.82, a price-to-earnings-growth ratio of 0.53 and a beta of 1.91. The business has a 50 day simple moving average of C$47.18 and a 200 day simple moving average of C$69.99. The company has a debt-to-equity ratio of 29.64, a current ratio of 0.88 and a quick ratio of 0.54.

Canadian Natural Resources (TSE:CNQ) (NYSE:CNQ) last issued its quarterly earnings data on Wednesday, July 31st. The company reported C$0.88 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of C$0.84 by C$0.04. The business had revenue of C$9.05 billion during the quarter, compared to analyst estimates of C$8.41 billion. Canadian Natural Resources had a return on equity of 19.65% and a net margin of 20.88%. On average, equities research analysts anticipate that Canadian Natural Resources will post 3.6036866 EPS for the current year.

Canadian Natural Resources Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, January 3rd. Stockholders of record on Friday, December 13th will be issued a $0.525 dividend. The ex-dividend date of this dividend is Friday, December 13th. This represents a $2.10 dividend on an annualized basis and a dividend yield of 4.06%. Canadian Natural Resources’s payout ratio is currently 59.26%.

Insider Transactions at Canadian Natural Resources

In other news, Senior Officer Devin Craig Lowe sold 3,750 shares of the company’s stock in a transaction on Monday, October 7th. The shares were sold at an average price of C$49.04, for a total value of C$183,900.00. In other news, Senior Officer Devin Craig Lowe sold 3,750 shares of the company’s stock in a transaction on Monday, October 7th. The shares were sold at an average price of C$49.04, for a total value of C$183,900.00. Also, Senior Officer Trevor Wagil sold 4,272 shares of the company’s stock in a transaction on Thursday, October 3rd. The stock was sold at an average price of C$47.51, for a total transaction of C$202,966.99. 4.26% of the stock is currently owned by company insiders.

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).