Why Canadian Natural Resources (CNQ) Stock Might be a Great Pick
One stock that might be an intriguing choice for investors right now is Canadian Natural Resources Limited CNQ. This is because this security in the Oil and Gas - Exploration and Production – Canadian space is seeing solid earnings estimate revision activity, and is in great company from a Zacks Industry Rank perspective.
This is important because, often times, a rising tide will lift all boats in an industry, as there can be broad trends taking place in a segment that are boosting securities across the board. This is arguably taking place in the Oil and Gas - Exploration and Production – Canadian space as it currently has a Zacks Industry Rank of 88 out of more than 250 industries, suggesting it is well-positioned from this perspective, especially when compared to other segments out there.
Meanwhile, Canadian Natural Resources is actually looking pretty good on its own too. The firm has seen solid earnings estimate revision activity over the past month, suggesting analysts are becoming a bit more bullish on the firm’s prospects in both the short and long term.
Canadian Natural Resources Limited Price and Consensus
Canadian Natural Resources Limited price-consensus-chart | Canadian Natural Resources Limited Quote
In fact, over the past month, current quarter estimates have risen from 78 cents per share to 95 cents per share, while current year estimates have risen from $3.13 to $3.77 per share. The company currently carries a Zacks Rank #3 (Hold), which is also a favorable signal. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
So, if you are looking for a decent pick in a strong industry, consider Canadian Natural Resources. Not only is its industry currently in the top third, but it is seeing solid estimate revisions as of late, suggesting it could be a very interesting choice for investors seeking a name in this great industry segment.
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