Yahoo Finance Canadian Natural Resources (CNQ) Outpaces Stock Market Gains: What You Should Know
In the latest trading session, Canadian Natural Resources (CNQ) closed at $60.42, marking a +0.95% move from the previous day. This move outpaced the S&P 500's daily gain of 0.09%. Elsewhere, the Dow gained 0.2%, while the tech-heavy Nasdaq lost 4.87%.
Heading into today, shares of the oil and natural gas company had gained 16.44% over the past month, outpacing the Oils-Energy sector's gain of 5.13% and the S&P 500's gain of 3.31% 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 $1.19 per share, which would represent a year-over-year decline of 47.35%. Our most recent consensus estimate is calling for quarterly revenue of $5.87 billion, down 30.35% from the year-ago period.
For the full year, our Zacks Consensus Estimates are projecting earnings of $5.53 per share and revenue of $23.02 billion, which would represent changes of -35.77% and -29.33%, respectively, from the prior year.
Investors might also notice recent changes to analyst estimates for Canadian Natural Resources. Recent revisions tend to reflect the latest near-term business trends. 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. 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 5.85% lower. Canadian Natural Resources is holding a Zacks Rank of #3 (Hold) right now.
Investors should also note Canadian Natural Resources's current valuation metrics, including its Forward P/E ratio of 10.81. This valuation marks a premium compared to its industry's average Forward P/E of 6.29.
Also, we should mention that CNQ has a PEG ratio of 0.88. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company's expected earnings growth rate into account. CNQ's industry had an average PEG ratio of 0.51 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 114, which puts it in the top 46% 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 Limited (CNQ) : Free Stock Analysis Report
