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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 the most recent trading day at $60.22, moving -1.41% from the previous trading session. This change lagged the S&P 500's 0.03% loss on the day. Meanwhile, the Dow lost 0.46%, and the Nasdaq, a tech-heavy index, added 3.16%.
Prior to today's trading, shares of the oil and natural gas company had gained 6.54% over the past month. This has outpaced the Oils-Energy sector's gain of 0.95% and the S&P 500's gain of 3.6% in that time.
Canadian Natural Resources will be looking to display strength as it nears its next earnings release. On that day, Canadian Natural Resources is projected to report earnings of $1.61 per share, which would represent a year-over-year decline of 8.52%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $7.04 billion, down 4.25% from the year-ago period.
Any recent changes to analyst estimates for Canadian Natural Resources should also be noted by investors. 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. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.
The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 10.53% lower. Canadian Natural Resources is currently sporting a Zacks Rank of #4 (Sell).
In terms of valuation, Canadian Natural Resources is currently trading at a Forward P/E ratio of 9.5. This represents a premium compared to its industry's average Forward P/E of 7.54.
It is also worth noting that CNQ currently has a PEG ratio of 0.77. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. Oil and Gas - Exploration and Production - Canadian stocks are, on average, holding a PEG ratio of 0.48 based on yesterday's closing prices.
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 214, which puts it in the bottom 16% of all 250+ industries.
The Zacks Industry Rank includes is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
To follow CNQ in the coming trading sessions, be sure to utilize Zacks.com.
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Canadian Natural Resources (CNQ) Dips More Than Broader Markets: What You Should Know
Canadian Natural Resources (CNQ - Free Report) closed the most recent trading day at $60.22, moving -1.41% from the previous trading session. This change lagged the S&P 500's 0.03% loss on the day. Meanwhile, the Dow lost 0.46%, and the Nasdaq, a tech-heavy index, added 3.16%.
Prior to today's trading, shares of the oil and natural gas company had gained 6.54% over the past month. This has outpaced the Oils-Energy sector's gain of 0.95% and the S&P 500's gain of 3.6% in that time.
Canadian Natural Resources will be looking to display strength as it nears its next earnings release. On that day, Canadian Natural Resources is projected to report earnings of $1.61 per share, which would represent a year-over-year decline of 8.52%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $7.04 billion, down 4.25% from the year-ago period.
Any recent changes to analyst estimates for Canadian Natural Resources should also be noted by investors. 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. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.
The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 10.53% lower. Canadian Natural Resources is currently sporting a Zacks Rank of #4 (Sell).
In terms of valuation, Canadian Natural Resources is currently trading at a Forward P/E ratio of 9.5. This represents a premium compared to its industry's average Forward P/E of 7.54.
It is also worth noting that CNQ currently has a PEG ratio of 0.77. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. Oil and Gas - Exploration and Production - Canadian stocks are, on average, holding a PEG ratio of 0.48 based on yesterday's closing prices.
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 214, which puts it in the bottom 16% of all 250+ industries.
The Zacks Industry Rank includes is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
To follow CNQ in the coming trading sessions, be sure to utilize Zacks.com.