Canadian Natural Resources (CNQ) closed at $56.26 in the latest trading session, marking a +1.92% move from the prior day. This move outpaced the S&P 500's daily gain of 1.06%. Elsewhere, the Dow gained 0.71%, while the tech-heavy Nasdaq added 0.18%.
Prior to today's trading, shares of the oil and natural gas company had lost 1.94% over the past month. This has lagged the Oils-Energy sector's gain of 4.37% and the S&P 500's loss of 1.14% in that time.
Canadian Natural Resources will be looking to display strength as it nears its next earnings release. In that report, analysts expect Canadian Natural Resources to post earnings of $2.34 per share. This would mark 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.
Looking at the full year, our Zacks Consensus Estimates suggest analysts are expecting earnings of $8.77 per share and revenue of $33.67 billion. These totals would mark changes of +75.75% and +40.25%, respectively, from last year.
Investors might also notice recent changes to analyst estimates for Canadian Natural Resources. These recent revisions tend to reflect the evolving nature of short-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. 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 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 1.98% higher. Canadian Natural Resources currently has a Zacks Rank of #2 (Buy).
Digging into valuation, Canadian Natural Resources currently has a Forward P/E ratio of 6.29. Its industry sports an average Forward P/E of 5.36, so we one might conclude that Canadian Natural Resources is trading at a premium comparatively.
Also, we should mention that CNQ has a PEG ratio of 0.52. 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. The Oil and Gas - Exploration and Production - Canadian industry currently had an average PEG ratio of 0.52 as of yesterday's close.
The Oil and Gas - Exploration and Production - Canadian industry is part of the Oils-Energy sector. This group has a Zacks Industry Rank of 35, putting it in the top 14% 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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