Canadian Natural Resources Reports Earnings Thursday: Preview

Canadian Natural Resources Inc. (CNQ) is set to report second quarter results before markets open on Thursday and Blackmont Capital's Menno Hulshof is giving clients a heads up on what to expect. The analyst is forecasting total production of 599,800 barrels of oil equivalent per day, which is 0.6% lower than consensus; cash flow of C$2.57 per share (fully-diluted); and fully-diluted earnings per share of C$1.11 (consensus at C$1.02).

He has a "hold" rating on CNQ shares with a C$74 price target, which was raised from C$65 on Tuesday based on Blackmont's new commodity price forecasts.

The stock was down more than 3% around 2 p.m. ET on Wednesday after the company provided an update on its Horizon Oil Sands Project.

Canadian Natural said the project remains on track for targeted start-up in the third quarter of 2008, but progress has slowed due to labor issues.