Shareholders of Canadian Natural (NYSE:CNQ) Resources Limited (TSE:CNQ) are looking at a potentially promising future as the company's 2024 statutory forecasts receive a significant uplift. The revised estimates anticipate a 5.6% improvement in revenues, reaching CA$38 billion, and a substantial surge in earnings per share (EPS) to CA$8.56, indicating an improved outlook and a robust sales pipeline.
Despite the unchanged price target of CA$99.05 (USD1 = CAD1.3747), the company's revenue growth is expected to moderate to an annualized rate of 4.4% until 2024. This pace contrasts with its historical 17% growth over the past five years. An automated discounted cash flow calculation (DCF) suggests potential undervaluation of the stock, hinting at an inflection point for the company.
The company's management buying or selling activities could act as a key indicator of this inflection point. These insights are derived from a long-term focused analysis using historical data and analyst coverage.
When compared with the 207 other companies in the industry covered by analysts, Canadian Natural Resources' projected growth aligns with market expectations of a 4.6% growth per year. This indicates that the revenue forecast upgrade is consistent with broader industry trends.
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