Yahoo Finance Canadian Natural Resources (CNQ) Outpaces Stock Market Gains: What You Should Know
Canadian Natural Resources (CNQ) closed at $56.38 in the latest trading session, marking a +0.36% move from the prior day. The stock outpaced the S&P 500's daily gain of 0.12%. Elsewhere, the Dow gained 0.13%, while the tech-heavy Nasdaq lost 4.09%.
Prior to today's trading, shares of the oil and natural gas company had gained 0.84% over the past month. This has lagged the Oils-Energy sector's gain of 2.63% and the S&P 500's gain of 3.98% in that time.
Wall Street will be looking for positivity from Canadian Natural Resources as it approaches its next earnings report date. On that day, Canadian Natural Resources is projected to report earnings of $1.01 per share, which would represent a year-over-year decline of 60.39%. Our most recent consensus estimate is calling for quarterly revenue of $5.58 billion, down 37.97% from the year-ago period.
Looking at the full year, our Zacks Consensus Estimates suggest analysts are expecting earnings of $5.18 per share and revenue of $24.65 billion. These totals would mark changes of -39.84% and -24.32%, respectively, from last year.
Any recent changes to analyst estimates for Canadian Natural Resources should also be noted by investors. These revisions typically reflect the latest short-term business trends, which can change frequently. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.
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. Within the past 30 days, our consensus EPS projection has moved 6.66% lower. Canadian Natural Resources is currently a Zacks Rank #3 (Hold).
Digging into valuation, Canadian Natural Resources currently has a Forward P/E ratio of 10.84. For comparison, its industry has an average Forward P/E of 7.28, which means Canadian Natural Resources is trading at a premium to the group.
Also, we should mention that CNQ has a PEG ratio of 0.88. 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. Oil and Gas - Exploration and Production - Canadian stocks are, on average, holding a PEG ratio of 0.61 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 197, which puts it in the bottom 22% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our individual 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.
To follow CNQ in the coming trading sessions, be sure to utilize Zacks.com.
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Canadian Natural Resources Limited (CNQ) : Free Stock Analysis Report
