Canadian Natural Resources Ltd. [CNQ] stock prices are down -1.43% to $65.32 at the moment. Until recently, the best way to gauge how the stock has performed was to look at its short-term value. The CNQ shares have gain 3.81% over the last week, with a monthly amount glided 3.55%, and seem to be holding up well over a long-time horizon.
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On 14, December 2023, Canadian Natural Resources Limited Announces 2024 Budget. In a post published today on Yahoo Finance, Calgary, Alberta–(Newsfile Corp. – December 14, 2023) – Canadian Natural’s (TSX: CNQ) (NYSE: CNQ) President, Tim McKay, commented on the Company’s 2024 budget, “Our teams remain focused on safe, reliable, effective and efficient operations throughout our asset base. Our unique and diversified asset base provides us a key competitive advantage as we can manage the pace and timing of development activities to maximize value growth from our assets. As part of our 2024 budget, the drilling program is weighted towards longer cycle projects in the first half of the year, primarily thermal in situ. During the second half of the year we will focus on shorter cycle development opportunities to better align with incremental market egress and potentially improved commodity pricing, maximizing value for our shareholders.
From an analyst’s perspective:
On November 21, 2022, upgrade upgraded it’s rating to Buy and revised its price target to $69 on the stock. Jefferies started tracking the stock assigning a Hold rating. BofA Securities upgraded its rating to Buy for this stock on July 19, 2022, but kept the price target unchanged to $100. In a note dated June 08, 2022, Scotiabank downgraded an Sector Perform rating on this stock.
The stock price of Canadian Natural Resources Ltd. [CNQ] has been fluctuating between $48.81 and $68.74 over the past year. Currently, Wall Street analysts expect the stock to reach $53.45 within the next 12 months. Canadian Natural Resources Ltd. [NYSE: CNQ] shares were valued at $65.32 at the most recent close of the market. An investor can expect a potential drop of -18.17% based on the average CNQ price forecast.
Analyzing the CNQ fundamentals
The Canadian Natural Resources Ltd. [NYSE:CNQ] reported sales of 26.77B for trailing twelve months, representing a drop of -7.85%. Gross Profit Margin for this corporation currently stands at -0.03% with Operating Profit Margin at -0.22%, Pretax Profit Margin comes in at -0.24%, and Net Profit Margin reading is -0.51%. To continue investigating profitability, this company’s Return on Assets is posted at -1.53, Equity is -2.61 and Total Capital is -22.65. An extended analysis of the company’s primary financial structure reveals a debt-to-equity ratio of-6.
Before buying any particular stock, readers tend to pay close attention to the indicators that support and create resistance. The company’s stock is currently sitting at 64.93 points at the first support level, and at 64.55 for the second support level. However, for the 1st resistance point, the stock is sitting at 65.80, and for the 2nd resistance point, it is at 66.29.
Canadian Natural Resources Ltd. [CNQ] reported earnings per share of $1.92 for its fiscal quarter that ended on 9/29/2023. Based on the Wall Street analysts’ estimates, the company was expected to report earnings of $1.75/share, meaning a difference of $0.17 and a surprise factor of 9.70%. By comparison, the stated earnings for the previous quarter ended on 6/29/2023 were $0.84 per share as compared to estimates of $0.78 per share, a difference of $0.06 representing a surprise of 7.70%.
Ratios To Look Out For
It’s worth pointing out that Canadian Natural Resources Ltd. [NYSE:CNQ]’s Current Ratio is 0.91. As well, the Quick Ratio is 0.65, while the Cash Ratio is 0.05. Considering the valuation of this stock, the price to sales ratio is 2.64, the price to book ratio is 2.42 and price to earnings (TTM) ratio is 13.70.
