Canadian Natural Resource Ltd (CNQ) Expected to Post Quarterly Sales of $3.37 Billion

Wall Street analysts expect that Canadian Natural Resource Ltd (NYSE:CNQ) (TSE:CNQ) will report sales of $3.37 billion for the current quarter, according to Zacks Investment Research. Three analysts have provided estimates for Canadian Natural Resource’s earnings, with the lowest sales estimate coming in at $3.06 billion and the highest estimate coming in at $3.56 billion. Canadian Natural Resource posted sales of $2.75 billion in the same quarter last year, which would indicate a positive year over year growth rate of 22.5%. The company is expected to announce its next quarterly earnings report before the market opens on Thursday, March 1st.

On average, analysts expect that Canadian Natural Resource will report full year sales of $3.37 billion for the current fiscal year, with estimates ranging from $11.30 billion to $14.00 billion. For the next year, analysts anticipate that the company will post sales of $16.02 billion per share, with estimates ranging from $13.63 billion to $17.80 billion. Zacks’ sales averages are an average based on a survey of research firms that cover Canadian Natural Resource.

Several analysts have weighed in on the company. AltaCorp Capital reaffirmed a “buy” rating and set a $52.00 target price on shares of Canadian Natural Resource in a research note on Monday, January 15th. Zacks Investment Research raised Canadian Natural Resource from a “hold” rating to a “strong-buy” rating and set a $42.00 target price on the stock in a research note on Tuesday, January 9th. Canaccord Genuity reaffirmed a “buy” rating and set a $53.00 target price on shares of Canadian Natural Resource in a research note on Wednesday, November 8th. Morgan Stanley lifted their target price on Canadian Natural Resource from $52.00 to $58.00 and gave the company an “overweight” rating in a research note on Wednesday, January 24th. Finally, Wells Fargo & Co downgraded Canadian Natural Resource from an “outperform” rating to a “market perform” rating in a research note on Tuesday, February 6th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, five have given a buy rating and two have given a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average target price of $47.71.

Hedge funds have recently modified their holdings of the company. Korea Investment CORP increased its position in shares of Canadian Natural Resource by 3.4% during the 3rd quarter. Korea Investment CORP now owns 805,050 shares of the oil and gas producer’s stock valued at $26,900,000 after purchasing an additional 26,584 shares during the period. Shell Asset Management Co. increased its position in shares of Canadian Natural Resource by 176.5% during the 3rd quarter. Shell Asset Management Co. now owns 293,011 shares of the oil and gas producer’s stock valued at $12,749,000 after purchasing an additional 187,038 shares during the period. Dynamic Technology Lab Private Ltd acquired a new position in shares of Canadian Natural Resource during the 2nd quarter valued at $290,000. CI Investments Inc. acquired a new position in shares of Canadian Natural Resource during the 3rd quarter valued at $18,369,000. Finally, Barometer Capital Management Inc. acquired a new position in shares of Canadian Natural Resource during the 3rd quarter valued at $17,435,000. Institutional investors own 58.87% of the company’s stock.

Shares of Canadian Natural Resource (NYSE CNQ) opened at $30.65 on Wednesday. The stock has a market capitalization of $37,068.00, a P/E ratio of 33.44, a P/E/G ratio of 2.61 and a beta of 1.35. Canadian Natural Resource has a 1-year low of $27.52 and a 1-year high of $37.63. The company has a debt-to-equity ratio of 0.67, a current ratio of 0.71 and a quick ratio of 0.56.

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About Canadian Natural Resource

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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