Compared to Estimates, Canadian Natural Resources (CNQ) Q3 Earnings: A Look at Key Metrics
Canadian Natural Resources (CNQ) reported $7.38 billion in revenue for the quarter ended September 2023, representing a year-over-year decline of 8%. EPS of $1.93 for the same period compares to $2.37 a year ago.
The reported revenue represents a surprise of +13.59% over the Zacks Consensus Estimate of $6.49 billion. With the consensus EPS estimate being $1.62, the EPS surprise was +19.14%.
While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.
Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.
Here is how Canadian Natural Resources performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
Production - Offshore Africa Oil per day: 12.7 thousands of barrels of oil versus the three-analyst average estimate of 13.76 thousands of barrels of oil.
Production - North Sea Natural Gas per day: 1 Mcf/D compared to the 2.24 Mcf/D average estimate based on three analysts.
Production - Offshore Africa Natural Gas per day: 11 Mcf/D compared to the 10.17 Mcf/D average estimate based on three analysts.
Production - North America Natural Gas per day: 2,139 Mcf/D versus 2,188.93 Mcf/D estimated by three analysts on average.
Production - Thermal In Situ Oil per day: 287.09 thousands of barrels of oil versus 274.54 thousands of barrels of oil estimated by three analysts on average.
Production - Oil Sands Mining and Upgrading per day: 490.85 thousands of barrels of oil versus the three-analyst average estimate of 479.52 thousands of barrels of oil.
Production - North Sea Oil per day: 12.02 thousands of barrels of oil versus the three-analyst average estimate of 13 thousands of barrels of oil.
Total production - Average daily production: 1,393,614 BOE/D versus the three-analyst average estimate of 1,394,782 BOE/D.
Natural gas - Average daily production: 2151 millions of cubic feet versus the two-analyst average estimate of 2227.89 millions of cubic feet.
Oil & liquids - Average daily production: 1,035,153 BBL/D compared to the 1,022,058 BBL/D average estimate based on two analysts.
Production - Primary Heavy Oil per day: 76.38 thousands of barrels of oil versus 79.32 thousands of barrels of oil estimated by two analysts on average.
Production - Pelican Lake Oil per day: 46.9 thousands of barrels of oil versus 48.69 thousands of barrels of oil estimated by two analysts on average.
View all Key Company Metrics for Canadian Natural Resources here>>>
Shares of Canadian Natural Resources have returned +7.5% over the past month versus the Zacks S&P 500 composite's -1.1% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.
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Canadian Natural Resources Limited (CNQ) : Free Stock Analysis Report
