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Canadian Natural Resources Limited (NYSE: CNQ) Has Been Falling -11.78% Since The Beginning Of The Year. Troubles Ahead?

During the recent session, Canadian Natural Resources Limited (NYSE:CNQ)’s traded shares were 1.04 million, with the beta value of the company hitting 1.61. At the last check today, the stock’s price was $55.60, reflecting an intraday loss of -2.35% or -$1.34. The 52-week high for the CNQ share is $68.02, that puts it down -22.34 from that peak though still a striking 21.46% gain since the share price plummeted to a 52-week low of $43.67. The company’s market capitalization is $61.97B, and the average intraday trading volume over the past 10 days was 1.64 million shares, and the average trade volume was 2.18 million shares over the past three months.

Canadian Natural Resources Limited (CNQ) received a consensus recommendation of an Overweight from analysts. That translates to a mean rating of 2.00. CNQ has a Sell rating from 0 analyst(s) out of 22 analysts who have looked at this stock. 8 analyst(s) recommend to Hold the stock while 0 suggest Overweight, and 14 recommend a Buy rating for it. 0 analyst(s) has rated the stock Underweight. Company’s earnings per share (EPS) for the current quarter are expected to be $0.99.

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Canadian Natural Resources Limited (NYSE:CNQ) trade information

Canadian Natural Resources Limited (CNQ) registered a -2.35% downside in the last session and has traded in the red over the past 5 sessions. The stock plummet -2.35% in intraday trading to $55.60 this Wednesday, 05/24/23, hitting a weekly high. The stock’s 5-day price performance is -0.86%, and it has moved by -5.49% in 30 days. Based on these gigs, the overall price performance for the year is -11.78%. The short interest in Canadian Natural Resources Limited (NYSE:CNQ) is 17.92 million shares and it means that shorts have 8.81 day(s) to cover.

The consensus price target of analysts on Wall Street is $67.61, which implies an increase of 17.76% to the stock’s current value. The extremes of the forecast give a target low and a target high price of $59.12 and $77.27 respectively. As a result, CNQ is trading at a discount of -38.97% off the target high and -6.33% off the low.

Canadian Natural Resources Limited (CNQ) estimates and forecasts

Statistics show that Canadian Natural Resources Limited has underperformed its competitors in share price, compared to the industry in which it operates. Canadian Natural Resources Limited (CNQ) shares have gone down -8.52% during the last six months, with a year-to-date growth rate less than the industry average at -38.91% against -27.80. Yet analysts are ramping up their growth forecast for the fiscal year 2023. Revenue is predicted to shrink -58.10% this quarter and then drop -37.30% in the quarter after that. In the rating firms’ projections, revenue will decrease -18.00% compared to the previous financial year.

Revenue for the current quarter is expected to be $5.27 billion as predicted by 3 analyst(s). Meanwhile, a consensus of 3 analyst(s) estimates revenue growth to $6.09 billion by the end of Sep 2023. As per earnings report from last fiscal year’s results, sales for the corresponding quarters totaled $8.33 billion and $7.59 billion respectively. In this case, analysts expect current quarter sales to shrink by -36.80% and then drop by -19.80% in the coming quarter.

An analysis of the company’s performance over the past 5 years shows that the company’s earnings grew an estimated 36.30%. While earnings are projected to return 47.30% in 2023, the next five years will return -14.03% per annum.

CNQ Dividends

Canadian Natural Resources Limited is due to release its next quarterly earnings between August 02 and August 07. However, it is important to remember that the dividend yield ratio is merely an indicator meant to only serve as guidance. Investors should also take the other fundamental and operational aspects into account before investing in the stock. The forward dividend ratio for Canadian Natural Resources Limited is 2.66, with the dividend yield indicating at 4.67 percent, continuing the trend of increasing dividends in recent years.

Canadian Natural Resources Limited (NYSE:CNQ)’s Major holders

Canadian Natural Resources Limited insiders own 2.22% of total outstanding shares while institutional holders control 78.80%, with the float percentage being 80.59%. Capital World Investors is the largest shareholder of the company, while 774 institutions own stock in it. As of Mar 30, 2023, the company held over 149.65 million shares (or 13.65% of all shares), a total value of $8.34 billion in shares.

The next largest institutional holding, with 103.77 million shares, is of Capital Research Global Investors’s that is approximately 9.46% of outstanding shares. At the market price on Mar 30, 2023, these shares were valued at $5.78 billion.

Also, the Mutual Funds coming in first place with the largest holdings of Canadian Natural Resources Limited (CNQ) shares are Europacific Growth Fund and American Balanced Fund. Data provided on Mar 30, 2023 indicates that Europacific Growth Fund owns about 58.81 million shares. This amounts to just over 5.36 percent of the company’s overall shares, with a $3.28 billion market value. The same data shows that the other fund manager holds slightly less at 33.25 million, or about 3.03% of the stock, which is worth about $1.85 billion.

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