Is CNQ an oil and gas stock to buy as its Q4 profit soars to $2.5B?

Published on March 04, 2022 11:41 AM EST

Is CNQ an oil and gas stock to buy as its Q4 profit soars to $2.5B? — Image source: © 2022 Kalkine Media Inc

Highlights

Canadian Natural Resources Limited (TSX: CNQ) is trending hot on the stock markets after announcing its fourth-quarter and full-year results for fiscal 2021.

The Calgary-based energy giant said that its net profit jumped to C$ 7.66 billion in fiscal 2021, marking a substantial growth from a net loss of C$ 435 million in 2020.

CNQ stock ballooned by roughly 93 per cent in the last 12 months.

Canadian Natural Resources Limited (TSX: CNQ) has released its Q4 and full-year results for 2021, causing its stocks to garner attention on the markets.

The Calgary-based energy giant saw its net profit jumped to C$ 7.66 billion in fiscal 2021, marking a substantial growth from a net loss of C$ 435 million in 2020.

Let us glance at how CNQ performed in Q4 FY2021.

Canadian Natural Resources (TSX: CNQ)’ Q4 FY2021 results

The C$ 85-billion market cap company saw its net profit grow to C$ 2.53 billion in the fourth quarter of FY2021 compared to C$ 749 billion in Q4 2020. CNQ’s basic earnings per shares (EPS) were C$ 2.16, while its diluted EPS amounted to C$ 2.14 in the latest quarter.

Also read: Why is Kinross Gold (TSX: K) trending amid Russia-Ukraine war?

Canadian Natural quadrupled its cash flow operating activities to C$ 4.71 billion in Q4 FY2021 compared to C$ 1.27 billion a year ago. The oil company posted C$ 4.33 billion in adjusted funds flow in the latest quarter compared to C$ 1.7 billion in the prior-year quarter.

Canadian Natural’s stock performance

Stocks of Canadian Natural clocked a 52-week high of C$ 76.73 in the light of its latest earnings reports and closed at C$ 72.49 apiece on Thursday, with 7.1 million shares exchanging hands.

The oil stock also ballooned by roughly 93 per cent year-over-year (YoY).

Also read: Tilray (TLRY) partners with HEXO: 2 TSX pot stocks to closely watch?

Bottomline

Canadian Natural also hiked its quarterly dividend by 28 per cent to C$ 0.75 apiece, payable on April 5.

Investors should be alert about the ongoing market conditions to wisely take any investment decisions as such factors can influence oil prices, impacting CNQ’s performance.

Please note, the above content constitutes a very preliminary observation based on the industry, and is of limited scope without any in-depth fundamental valuation or technical analysis. Any interest in stocks or sectors should be thoroughly evaluated taking into consideration the associated risks.

Kajal Jain

Author

Kajal Jain - Analyst
623 Posts
Kajal is a commerce graduate with expertise in the financial corporate sector. At Kalkine, she writes on Canadian equities and markets. In her free time, she enjoys music and gardening and likes to travel....
Shreya Biswas

Editor

Shreya Biswas - Multimedia Journalist
408 Posts
Shreya Biswas is a multimedia journalist with a degree from the Asian College of Journalism. Previously a literature student-turned-political reporter, she now writes on market trends at Kalkine Media. When not chasing deadlines, she enjoys bloggin...

Disclaimer

The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media Incorporated (Kalkine Media), Business Number: 720744275BC0001 and is available for personal and non-commercial use only. The advice given by Kalkine Media through its Content is general information only and it does not take into account the user’s personal investment objectives, financial situation and specific needs. Users should make their own enquiries about any investment and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media is not registered as an investment adviser in Canada under either the provincial or territorial Securities Acts. Some of the Content on this website may be sponsored/non-sponsored, as applicable, however, on the date of publication of any such Content, none of the employees and/or associates of Kalkine Media hold positions in any of the stocks covered by Kalkine Media through its Content. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used in the Content are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed/music used in the Content unless stated otherwise. The images/music that may be used in the Content are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated or was found to be necessary.