11:55 AM EDT, 05/02/2024 (MT Newswires) -- Canadian Natural Resources ( CNQ ) , the country's No. oil and gas producer, on Thursday reported lower first-quarter adjusted net earnings from operations despite a slight increase in production.

The company posted first-quarter adjusted net earnings, excluding most one-time items, of C$1.47 billion, or C$1.37 per diluted share, down from C$1.88 billion, or C$1.69 in the year-ago quarter. The result missed the S&P Capital IQ consensus normalized EPS estimate of C$1.49 for the quarter.

Adjusted funds flow also fell to C$3.14 billion, or C$2.91 per diluted share, from C$3.43 billion, or C$3.08 per diluted share, a year ago.

Canadian Natural produced 1.33- million barrels of oil equivalent (boe/d) during the quarter, up from 1.32-million boe/d a year ago. Production consists of natural gas, crude oil and natural gas liquids.

"Crude oil price forecasts have strengthened for the remainder of 2024, including improvements in West Texas Intermediate, Western Canadian Select and Synthetic Crude Oil pricing over those prices experienced in the first quarter of 2024, driving significant targeted free cash flow generation going forward," Canadian Natural President Scott Stauth said in a release.

Meanwhile, National Bank of Canada gave Canadian Natural Resources ( CNQ ) a sector perform rating and a C$120 price target following the company's release of its first-quarter results.

The company's cash flow per share of C$2.91 was in line with the bank's estimate of C$2.94 and the consensus projection of $2.95.

Production also aligned with the bank's forecast and the consensus estimate of 1.3 million boe/d.

The company's shares were last seen down C0.55 to $102.47 on the Toronto Stock Exchange.

Price: 102.50, Change: -0.52, Percent Change: -0.50