Canadian Natural Resources (CNQ) Dips More Than Broader Markets: What You Should Know
Canadian Natural Resources (CNQ) closed at $53.68 in the latest trading session, marking a -1.23% move from the prior day. This move lagged the S&P 500's daily loss of 0.88%. Elsewhere, the Dow lost 0.82%, while the tech-heavy Nasdaq added 0.08%.
Coming into today, shares of the oil and natural gas company had lost 19.51% in the past month. In that same time, the Oils-Energy sector lost 14.09%, while the S&P 500 lost 8.06%.
Investors will be hoping for strength from Canadian Natural Resources as it approaches its next earnings release. In that report, analysts expect Canadian Natural Resources to post earnings of $2.19 per share. This would mark year-over-year growth of 116.83%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $7.68 billion, up 44.5% from the year-ago period.
Looking at the full year, our Zacks Consensus Estimates suggest analysts are expecting earnings of $8.40 per share and revenue of $32.11 billion. These totals would mark changes of +68.34% and +33.77%, respectively, from last year.
Investors should also note any 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. The Zacks Consensus EPS estimate has moved 0.24% higher within the past month. 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 6.47. This valuation marks a premium compared to its industry's average Forward P/E of 4.84.
Also, we should mention that CNQ has a PEG ratio of 0.34. 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 0.34 based on yesterday's closing prices.
The Oil and Gas - Exploration and Production - Canadian industry is part of the Oils-Energy sector. This group has a Zacks Industry Rank of 51, putting it in the top 21% 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.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.
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