Canadian Natural Resources Ltd. (NYSE: CNQ): Stock Performance & Trend Analysis

In the last trading session, 4.57 million shares of the Canadian Natural Resources Ltd. (NYSE:CNQ) were traded, and its beta was 1.55. Most recently the company’s share price was $77.10, and it changed around $0.78 or 1.02% from the last close, which brings the market valuation of the company to $82.56B. CNQ currently trades at a discount to its 52-week high of $76.56, offering almost 0.7% off that amount. The share price’s 52-week low was $52.66, which indicates that the current value has risen by an impressive 31.7% since then. We note from Canadian Natural Resources Ltd.’s average daily trading volume that its 10-day average is 2.07 million shares, with the 3-month average coming to 2.97 million.

Canadian Natural Resources Ltd. stock received a consensus recommendation rating of Buy, based on a mean score of 1.76. If we narrow it down even further, the data shows that 0 out of 14 analysts rate the stock as a Sell; another 5 rate it as Overweight. Among the rest, 1 recommended CNQ as a Hold, whereas 8 deemed it a Buy, and 0 rated it as Underweight. Canadian Natural Resources Ltd. is expected to report earnings per share of $1.33 for the current quarter.

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Canadian Natural Resources Ltd. (NYSE:CNQ) trade information

Instantly CNQ has showed a green trend with a performance of 1.02% at the end of last trading. The performance over the last five days has remained in the green territory. The company’s shares are currently up 17.67% year-to-date, but still up 4.05% over the last five days. On the other hand, Canadian Natural Resources Ltd. (NYSE:CNQ) is 10.63% up in the 30-day period. We can see from the shorts that 32.63 million shares have been sold at a short interest cover period of 33.71 day(s).

The consensus price target as assigned by Wall Street analysts is $53.45, which translates to bulls needing to decrease their stock price by -44.25% from its current value. Analyst projections state that CNQ is forecast to be at a low of $44.56186168 and a high of $63.6598024.

Canadian Natural Resources Ltd. (CNQ) estimates and forecasts

Canadian Natural Resources Ltd. share prices are performing particularly well compared to other companies within the same industry. As is evident from the statistics, the company’s shares have risen 16.59 percent over the past six months and at a -5.06% annual growth rate that is well above the industry average of -5.20%. Moreover, analysts have decided to roll up on their fiscal year 2024 revenue estimates. The rating firms predict that it will gain 3.90% in revenue this quarter, and will report an increase of 54.80% in the next quarter. The year-over-year growth rate is expected to be 0.20%, up from the previous year.

Consensus estimates provided by 4 financial analysts predict the company will bring in an average of $6.06 billion in revenue for the current quarter. 4 analysts expect Canadian Natural Resources Ltd. to make $5.85 billion in revenue for the quarter ending Jun 2024. The company’s sales for the same quarters a year ago were $6.51 billion and $5.37 billion respectively. Analysts predict that the company’s current quarter sales will drop, forecast at -6.90%. Forecasts for the next quarter put sales growth at 8.90%.

Looking at the company’s year-over-year earnings, the past five years showed a positive earnings growth rate of 27.79%. Canadian Natural Resources Ltd. earnings are expected to increase by 0.87% in 2024, but the outlook is negative -0.74% per year for the next five years.

CNQ Dividends

Canadian Natural Resources Ltd.’s next quarterly earnings report is expected to be released around May 02 and May 06. The annual dividend yield of the stock is 3.71 percent and its annual dividend per share was 2.86. It is important to note, however, that the 3.71% dividend yield ratio should be regarded as a guide only, as many other factors should be taken into consideration before making any investment decision.

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

Upon looking at major shareholders, it appears that insiders hold 2.21% of Canadian Natural Resources Ltd. shares, and 79.31% of them are in the hands of institutional investors. The stock currently has a share float of 81.11%. Canadian Natural Resources Ltd. stock is held by 831 institutions, with Capital World Investors being the largest institutional investor. By Jun 29, 2023, it held 13.69% of the shares, which is about 148.91 million shares worth $8.38 billion.

Capital Research Global Investors, with 8.47% or 92.18 million shares worth $5.19 billion as of Jun 29, 2023, holds the second largest percentage of outstanding shares.

Europacific Growth Fund and American Balanced Fund were the top two Mutual Funds as of Jun 29, 2023. The former held 45.84 million shares worth $2.58 billion, making up 4.21% of all outstanding shares. On the other hand, American Balanced Fund held roughly 32.97 million shares worth around $2.13 billion, which represents about 3.03% of the total shares outstanding.