Canadian Natural Resources (CNQ) closed at $53.21 in the latest trading session, marking a -1.28% move from the prior day. This change lagged the S&P 500's 1.13% loss on the day. Elsewhere, the Dow lost 1.01%, while the tech-heavy Nasdaq lost 0.18%.
Heading into today, shares of the oil and natural gas company had lost 1.39% over the past month, outpacing the Oils-Energy sector's loss of 1.89% and the S&P 500's loss of 7.59% in that time.
Investors will be hoping for strength from Canadian Natural Resources as it approaches its next earnings release. On that day, Canadian Natural Resources is projected to report earnings of $2.34 per share, which would represent year-over-year growth of 65.96%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $8.4 billion, up 37.08% from the year-ago period.
For the full year, our Zacks Consensus Estimates are projecting earnings of $8.73 per share and revenue of $33.67 billion, which would represent changes of +74.95% and +40.25%, respectively, from the prior year.
It is also important to note the recent changes to analyst estimates for Canadian Natural Resources. Recent revisions tend to reflect the latest near-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Our research shows that these estimate changes are directly correlated with near-term stock prices. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 1.72% higher. Canadian Natural Resources currently has a Zacks Rank of #3 (Hold).
Looking at its valuation, Canadian Natural Resources is holding a Forward P/E ratio of 6.18. Its industry sports an average Forward P/E of 5.32, so we one might conclude that Canadian Natural Resources is trading at a premium comparatively.
It is also worth noting that CNQ currently has a PEG ratio of 0.51. 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 0.31 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 159, which puts it in the bottom 37% 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.
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
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