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Canadian Natural Resources (CNQ) Dips More Than Broader Markets: What You Should Know
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Canadian Natural Resources (CNQ - Free Report) closed at $50.87 in the latest trading session, marking a -1.28% move from the prior day. This change lagged the S&P 500's 1.15% loss on the day. At the same time, the Dow lost 0.71%, and the tech-heavy Nasdaq lost 0.13%.
Prior to today's trading, shares of the oil and natural gas company had lost 3.41% over the past month. This has lagged the Oils-Energy sector's gain of 2.96% and the S&P 500's gain of 1.44% in that time.
Wall Street will be looking for positivity from Canadian Natural Resources as it approaches its next earnings report date. In that report, analysts expect Canadian Natural Resources to post earnings of $2.08 per share. This would mark year-over-year growth of 105.94%. Meanwhile, our latest consensus estimate is calling for revenue of $7.84 billion, up 47.68% from the prior-year quarter.
For the full year, our Zacks Consensus Estimates are projecting earnings of $8.51 per share and revenue of $32.83 billion, which would represent changes of +70.54% and +36.75%, respectively, from the prior year.
It is also important to note the recent changes to analyst estimates for Canadian Natural Resources. These revisions help to show the ever-changing nature of near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 1.31% higher. Canadian Natural Resources is currently a Zacks Rank #3 (Hold).
Looking at its valuation, Canadian Natural Resources is holding a Forward P/E ratio of 6.06. This represents a premium compared to its industry's average Forward P/E of 5.01.
It is also worth noting that CNQ currently has a PEG ratio of 0.5. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. The Oil and Gas - Exploration and Production - Canadian industry currently had an average PEG ratio of 0.31 as of yesterday's close.
The Oil and Gas - Exploration and Production - Canadian industry is part of the Oils-Energy sector. This industry currently has a Zacks Industry Rank of 237, which puts it in the bottom 6% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.
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Canadian Natural Resources (CNQ) Dips More Than Broader Markets: What You Should Know
Canadian Natural Resources (CNQ - Free Report) closed at $50.87 in the latest trading session, marking a -1.28% move from the prior day. This change lagged the S&P 500's 1.15% loss on the day. At the same time, the Dow lost 0.71%, and the tech-heavy Nasdaq lost 0.13%.
Prior to today's trading, shares of the oil and natural gas company had lost 3.41% over the past month. This has lagged the Oils-Energy sector's gain of 2.96% and the S&P 500's gain of 1.44% in that time.
Wall Street will be looking for positivity from Canadian Natural Resources as it approaches its next earnings report date. In that report, analysts expect Canadian Natural Resources to post earnings of $2.08 per share. This would mark year-over-year growth of 105.94%. Meanwhile, our latest consensus estimate is calling for revenue of $7.84 billion, up 47.68% from the prior-year quarter.
For the full year, our Zacks Consensus Estimates are projecting earnings of $8.51 per share and revenue of $32.83 billion, which would represent changes of +70.54% and +36.75%, respectively, from the prior year.
It is also important to note the recent changes to analyst estimates for Canadian Natural Resources. These revisions help to show the ever-changing nature of near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 1.31% higher. Canadian Natural Resources is currently a Zacks Rank #3 (Hold).
Looking at its valuation, Canadian Natural Resources is holding a Forward P/E ratio of 6.06. This represents a premium compared to its industry's average Forward P/E of 5.01.
It is also worth noting that CNQ currently has a PEG ratio of 0.5. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. The Oil and Gas - Exploration and Production - Canadian industry currently had an average PEG ratio of 0.31 as of yesterday's close.
The Oil and Gas - Exploration and Production - Canadian industry is part of the Oils-Energy sector. This industry currently has a Zacks Industry Rank of 237, which puts it in the bottom 6% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.