Canadian Natural Resources Ltd (CNQ) Expected to Post Quarterly Sales of $3.99 Billion

Wall Street brokerages forecast that Canadian Natural Resources Ltd (NYSE:CNQ) (TSE:CNQ) will post sales of $3.99 billion for the current fiscal quarter, Zacks reports. Two analysts have made estimates for Canadian Natural Resources’ earnings. The lowest sales estimate is $2.92 billion and the highest is $5.06 billion. Canadian Natural Resources reported sales of $3.95 billion during the same quarter last year, which indicates a positive year-over-year growth rate of 1%. The firm is scheduled to announce its next quarterly earnings results before the market opens on Thursday, March 7th.

On average, analysts expect that Canadian Natural Resources will report full year sales of $17.52 billion for the current financial year, with estimates ranging from $15.95 billion to $19.08 billion. For the next financial year, analysts expect that the company will post sales of $16.80 billion, with estimates ranging from $14.02 billion to $19.58 billion. Zacks Investment Research’s sales averages are an average based on a survey of sell-side research firms that follow Canadian Natural Resources.

CNQ has been the subject of a number of recent analyst reports. Royal Bank of Canada reaffirmed a “buy” rating on shares of Canadian Natural Resources in a research note on Friday, November 2nd. Zacks Investment Research lowered Canadian Natural Resources from a “hold” rating to a “strong sell” rating in a research note on Thursday, January 3rd. GMP Securities reaffirmed a “buy” rating on shares of Canadian Natural Resources in a research note on Monday, December 10th. Morgan Stanley reaffirmed a “buy” rating on shares of Canadian Natural Resources in a research note on Tuesday, January 29th. Finally, Raymond James reaffirmed a “buy” rating on shares of Canadian Natural Resources in a research note on Friday, November 2nd. Four equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. Canadian Natural Resources presently has an average rating of “Buy” and an average price target of $43.86.

Shares of NYSE CNQ traded up $0.36 during mid-day trading on Wednesday, reaching $26.09. The company’s stock had a trading volume of 3,491,424 shares, compared to its average volume of 3,883,815. The firm has a market cap of $30.93 billion, a price-to-earnings ratio of 31.43, a price-to-earnings-growth ratio of 4.58 and a beta of 1.21. The company has a quick ratio of 0.69, a current ratio of 0.92 and a debt-to-equity ratio of 0.58. Canadian Natural Resources has a 52 week low of $21.85 and a 52 week high of $38.20.

Large investors have recently bought and sold shares of the stock. IFP Advisors Inc lifted its position in shares of Canadian Natural Resources by 71.7% in the fourth quarter. IFP Advisors Inc now owns 1,042 shares of the oil and gas producer’s stock worth $25,000 after buying an additional 435 shares in the last quarter. Bremer Trust National Association purchased a new stake in shares of Canadian Natural Resources in the fourth quarter worth about $28,000. Worth Venture Partners LLC purchased a new stake in shares of Canadian Natural Resources in the third quarter worth about $131,000. Quadrant Capital Group LLC lifted its position in shares of Canadian Natural Resources by 7.9% in the fourth quarter. Quadrant Capital Group LLC now owns 6,183 shares of the oil and gas producer’s stock worth $142,000 after buying an additional 454 shares in the last quarter. Finally, Legacy Financial Advisors Inc. purchased a new stake in shares of Canadian Natural Resources in the third quarter worth about $148,000. Institutional investors own 66.38% of the company’s stock.

About Canadian Natural Resources

Canadian Natural Resources Limited explores for, develops, produces, and markets 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, and synthetic crude oil (SCO). Its midstream assets include two crude oil pipeline systems; and a 50% working interest in an 84-megawatt cogeneration plant at Primrose.

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