|Bid||41.69 x 0|
|Ask||41.70 x 0|
|Day's Range||39.80 - 41.86|
|52 Week Range||16.55 - 41.86|
|Beta (5Y Monthly)||2.28|
|PE Ratio (TTM)||N/A|
|Forward Dividend & Yield||1.88 (4.88%)|
|Ex-Dividend Date||Mar 18, 2021|
|1y Target Est||N/A|
Thank you, operator, and good morning, everyone, and welcome to Canadian Natural's First Quarter 2021 Corporate Update Conference Call. Canadian Natural had a strong first quarter financially and operationally. Over the years, Canadian Natural has demonstrated its robustness, sustainability and the strength of its business plan.
Canadian Natural Resources (CNQ), one of the world’s independent crude oil and natural gas producers, swung back to profit in the first quarter of 2021. The improved performance was attributed to higher oil prices as a burgeoning global economic recovery boosted demand. Indeed, Canadian Natural Resources reported a profit of nearly C$1.38 billion (C$1.16 per share) in the first quarter compared to a loss of C$1.28 billion (C$1.08 per share) a year ago. On an adjusted basis, CNQ made C$1.03 per share in the quarter ended March 31, while analysts on average expected earnings of C$0.84 per share, according to data from Refinitiv. Revenue of C$6.61 billion also beat estimates of C$6.01 billion. The company produced 1.25 million barrels of oil equivalent per day (bpd) in the first quarter of 2021, compared to 1.2 million bpd in the first quarter of 2020. The average realized crude price jumped nearly 30% to C$52.68 per barrel from the prior quarter. Canadian Natural Resources’ President Tim Mckay said, “As the global vaccine distribution increases and crude oil demand recovers, especially in the United States, we are seeing improved commodity pricing, and when combined with our top tier execution and disciplined capital program we are well-positioned to generate significant free cash flow in 2021. Our first-quarter results were strong as we achieved record quarterly production of approximately 1,246 MBOE/d and record quarterly liquids production of over 979,000 bbl/d, as a result of our effective and efficient operations and high operating levels.” The oil sands producer now expects to generate between C$5.7 billion and C$6.2 billion in free cash flow in 2021, up from an earlier forecast of C$4.9 billion to C$5.4 billion. (See Canadian Natural stock analysis on TipRanks) Two weeks ago, Barclays analyst Christopher Tillett maintained a Buy rating on CNQ with a C$48.00 price target (22% upside potential). Overall, CNQ scores a Strong Buy consensus rating among analysts based on 12 Buys and 1 Hold. The average analyst price target of C$47.55 implies a 20.7% upside potential to current levels. Shares have risen by more than 80% over one year. Related News:Cineplex’s 1Q Revenue Falls 85% As Most Theaters Remain Closed; Shares Drop 5%good natured Products To Acquire Illinois-Based Ex-Tech Plastics; Shares Pop 20%Barrick Gold 1Q Profit Rises 35%, Higher Copper And Gold Prices Boost Revenue More recent articles from Smarter Analyst: Cineplex's 1Q Revenue Falls 85% As Most Theaters Remain Closed; Shares Drop 5% Moderna Posts First Quarterly Profit, Revenue Disappoints Jeff Bezos Sells $2.5B Amazon Shares As He Exits CEO Role Uber 1Q Results Top Estimates With Record Gross Bookings; Shares Fall
Canadian Natural Resources (CNQ) delivered earnings and revenue surprises of 20.90% and 6.58%, respectively, for the quarter ended March 2021. Do the numbers hold clues to what lies ahead for the stock?