Canadian Natural Resources (CNQ) Stock Sinks As Market Gains: What You Should Know
In the latest trading session, Canadian Natural Resources (CNQ) closed at $54.02, marking a -1.17% move from the previous day. This move lagged the S&P 500's daily gain of 0.37%. At the same time, the Dow lost 0.01%, and the tech-heavy Nasdaq lost 1.26%.
Heading into today, shares of the oil and natural gas company had lost 4% over the past month, lagging the Oils-Energy sector's gain of 2.19% and the S&P 500's gain of 4.31% 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 $1.03 per share, which would represent a year-over-year decline of 59.61%. Our most recent consensus estimate is calling for quarterly revenue of $5.58 billion, down 37.93% from the year-ago period.
Looking at the full year, our Zacks Consensus Estimates suggest analysts are expecting earnings of $5.20 per share and revenue of $24.78 billion. These totals would mark changes of -39.61% and -23.92%, respectively, from last year.
It is also important to note the recent changes to analyst estimates for Canadian Natural Resources. These revisions help to show the ever-changing nature of near-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Our research shows that these estimate changes are directly correlated with near-term stock prices. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
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. Within the past 30 days, our consensus EPS projection has moved 1.22% lower. Canadian Natural Resources is currently sporting a Zacks Rank of #3 (Hold).
Investors should also note Canadian Natural Resources's current valuation metrics, including its Forward P/E ratio of 10.51. This represents a premium compared to its industry's average Forward P/E of 6.85.
Also, we should mention that CNQ has a PEG ratio of 0.85. 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 0.6 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 225, putting it in the bottom 11% 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
