Canadian Natural Resources Ltd (CNQ) on Thursday posted third-quarter adjusted earnings per share (EPS) that exceeded analysts' expectations on record production that averaged 1.39 million oil-equivalent barrels per day.
The senior crude oil and natural gas production company said its adjusted EPS came in at C$2.59, surpassing the C$2.43 consensus estimate of 11 analysts polled by FactSet.
CNQ's board also approved an 11% increase to the company’s quarterly dividend to C$1 a share, for a total 18% increase this year, with 2024 marking the 24th consecutive year of dividend increases.
Meanwhile, Cenovus Energy Inc (TSX:CVE) also recorded a higher 3Q profit of $0.97 per share, up from $0.81 during the same period last year.
Its revenue for the period, though, fell to $14.58 billion from $17.47 billion a year ago even as its total upstream production rose to 797,000 barrels of oil equivalent per day and total downstream throughput increased to 664,300 barrels.
Analysts expected EPS of $0.63 on $9.84 billion in revenue.
"Q3 results confirmed our thesis that (the second half of 2023) will show a major recovery in cash flow and free cash flow generation," Eight Capital analysts wrote in a note to clients.
Shares of Canadian Natural Resources climbed 4% to $92.84 in late-afternoon trading on Thursday, while Cenovus Energy stock added 1.6% at $26.77.
Contact Sean at sean@proactiveinvestors.com