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Canadian Natural (CNQ) Beats Q2 Estimates on Higher Output
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An Earnings Beat: Exploration and production company, Canadian Natural Resources Limited (CNQ - Free Report) announced second-quarter 2018 operating earnings per share of C$1.04 (79 U.S. cents), ahead of the Zacks Consensus Estimate of 57 cents.
Revenue Surpassed Estimates: Total revenues came in at C$ 5,952 million (U.S. $4,531.2 million), comfortably outperforming the Zacks Consensus Estimate of $4,281 million.
Key Stats:
Canadian Natural reported quarterly production of 1,050,376 barrels of oil equivalent per day (BOE/d), up from 913,171 BOE/d in the prior year quarter.
Oil and natural gas liquids (NGLs) output (accounting for more than 75.6% of total volumes) increased to 793,899 barrels per day (Bbl/d) from 637,127 Bbl/d. Meanwhile, natural gas volumes declined 7.1% year over year to stand at 1,539 million cubic feet per day (MMcf/d).
Canadian Natural’s realized natural gas price were C$1.95 per thousand cubic feet, compared with the year-ago quarter level of C$2.97. However, realized oil price increased to C$61.14 per barrel from C$47.12 in the second quarter of 2017.
Costs: The total expenses incurred in the quarter totaled C$4,550, reflecting an increase of 65.1% from the year ago level. Increased expenses are primarily attributed to higher production and transportation, blending and feedstock costs along with foreign exchange loss.
Estimate Revision Trend: Investors should note that the earnings estimate for Canadian Natural was revised downward by 2 cents in the past 30 days. The Zacks Consensus Estimate remained the same over the last 7 days.
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Canadian Natural (CNQ) Beats Q2 Estimates on Higher Output
An Earnings Beat: Exploration and production company, Canadian Natural Resources Limited (CNQ - Free Report) announced second-quarter 2018 operating earnings per share of C$1.04 (79 U.S. cents), ahead of the Zacks Consensus Estimate of 57 cents.
Revenue Surpassed Estimates: Total revenues came in at C$ 5,952 million (U.S. $4,531.2 million), comfortably outperforming the Zacks Consensus Estimate of $4,281 million.
Key Stats:
Canadian Natural reported quarterly production of 1,050,376 barrels of oil equivalent per day (BOE/d), up from 913,171 BOE/d in the prior year quarter.
Oil and natural gas liquids (NGLs) output (accounting for more than 75.6% of total volumes) increased to 793,899 barrels per day (Bbl/d) from 637,127 Bbl/d. Meanwhile, natural gas volumes declined 7.1% year over year to stand at 1,539 million cubic feet per day (MMcf/d).
Canadian Natural’s realized natural gas price were C$1.95 per thousand cubic feet, compared with the year-ago quarter level of C$2.97. However, realized oil price increased to C$61.14 per barrel from C$47.12 in the second quarter of 2017.
Costs: The total expenses incurred in the quarter totaled C$4,550, reflecting an increase of 65.1% from the year ago level. Increased expenses are primarily attributed to higher production and transportation, blending and feedstock costs along with foreign exchange loss.
Estimate Revision Trend: Investors should note that the earnings estimate for Canadian Natural was revised downward by 2 cents in the past 30 days. The Zacks Consensus Estimate remained the same over the last 7 days.
Zacks Rank & Surprise History: Currently, Canadian Natural carries a Zacks Rank #1 (Strong Buy). (You can see the complete list of today’s Zacks #1 Rank stocks here.)
Coming to earnings surprise history, the company delivered an average positive earnings surprise of 4.74% in the trailing four quarters.
Canadian Natural Resources Limited Price and EPS Surprise
Canadian Natural Resources Limited Price and EPS Surprise | Canadian Natural Resources Limited Quote
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And this outperformance has not just been a recent phenomenon. Over the years it has been remarkably consistent. From 2000 - 2017, the composite yearly average gain for these strategies has beaten the market more than 19X over. Maybe even more remarkable is the fact that we're willing to share their latest stocks with you without cost or obligation.
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