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Canadian Natural Resources (CNQ) Q4 Earnings Beat Estimate
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Have you been eager to see how Canadian oil and gas finder Canadian Natural Resources Ltd. (CNQ - Free Report) performed in Q4 in comparison with the market expectations? Let’s quickly scan through the key facts from this Calgary, Alberta-based company’s earnings release this morning:
About Canadian Natural Resources: Canadian Natural Resources is engaged in the acquisition, development and exploitation of crude oil and natural gas properties. It is one of the largest independent exploration and production companies in Canada, with extensive heavy crude oil and natural gas developments.
Surprise History: Coming to earnings surprise history, the company has a mixed record: its missed estimates in two of the last four quarters.
Canadian Natural Resources Limited Price and EPS Surprise
We have highlighted some of the key details from the just-released announcement below:
A Higher-than-Expected Profit: Canadian Natural Resources reported adjusted earnings of 30 cents per share, significantly higher than the Zacks Consensus Estimate of 7 cents.
Revenue Came in Higher than Expected: The company reported quarterly revenues of C$3,458 million (or $2,572 million), above the Zacks Consensus Estimate of $2,520 million.
Key Stats: Canadian Natural reported quarterly production of 859,577 barrels of oil equivalent per day (BOE/d), essentially flat with the prior-year quarter level.
Natural gas production fell 3% to 1,646 million cubic feet per day (MMcf/d). But oil and natural gas liquids (NGLs) production (accounting for 68% of total volumes) came in at 585,185 barrels per day (Bbl/d), 2% above the prior year quarter figure of 572,000 Bbl/d.
As reported, average realized liquid price (before hedging) was C$45 per barrel during the fourth quarter, up 33% from the corresponding quarter last year. Moreover, the average realized natural gas price (excluding hedging) for the three months ended Dec 31, 2016 was C$3.14 per thousand cubic feet (Mcf) as against the year-ago level of C$2.44 per Mcf.
Zacks' Top 10 Stocks for 2017
In addition to the stocks discussed above, would you like to know about our 10 finest buy-and-hold tickers for the entirety of 2017?
Who wouldn't? Last year's market-beating Top 10 portfolio produced 5 double-digit winners. For example, oil and natural gas giant Pioneer Natural Resources and First Republic Bank racked up stellar gains of +44.9% and +44.3% respectively. Now a brand-new list for 2017 has been hand-picked from 4,400 companies covered by the Zacks Rank. See the 2017 Top 10 right now>>
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Canadian Natural Resources (CNQ) Q4 Earnings Beat Estimate
Have you been eager to see how Canadian oil and gas finder Canadian Natural Resources Ltd. (CNQ - Free Report) performed in Q4 in comparison with the market expectations? Let’s quickly scan through the key facts from this Calgary, Alberta-based company’s earnings release this morning:
About Canadian Natural Resources: Canadian Natural Resources is engaged in the acquisition, development and exploitation of crude oil and natural gas properties. It is one of the largest independent exploration and production companies in Canada, with extensive heavy crude oil and natural gas developments.
Surprise History: Coming to earnings surprise history, the company has a mixed record: its missed estimates in two of the last four quarters.
Canadian Natural Resources Limited Price and EPS Surprise
Canadian Natural Resources Limited Price and EPS Surprise | Canadian Natural Resources Limited Quote
We have highlighted some of the key details from the just-released announcement below:
A Higher-than-Expected Profit: Canadian Natural Resources reported adjusted earnings of 30 cents per share, significantly higher than the Zacks Consensus Estimate of 7 cents.
Revenue Came in Higher than Expected: The company reported quarterly revenues of C$3,458 million (or $2,572 million), above the Zacks Consensus Estimate of $2,520 million.
Key Stats: Canadian Natural reported quarterly production of 859,577 barrels of oil equivalent per day (BOE/d), essentially flat with the prior-year quarter level.
Natural gas production fell 3% to 1,646 million cubic feet per day (MMcf/d). But oil and natural gas liquids (NGLs) production (accounting for 68% of total volumes) came in at 585,185 barrels per day (Bbl/d), 2% above the prior year quarter figure of 572,000 Bbl/d.
As reported, average realized liquid price (before hedging) was C$45 per barrel during the fourth quarter, up 33% from the corresponding quarter last year. Moreover, the average realized natural gas price (excluding hedging) for the three months ended Dec 31, 2016 was C$3.14 per thousand cubic feet (Mcf) as against the year-ago level of C$2.44 per Mcf.
Zacks' Top 10 Stocks for 2017
In addition to the stocks discussed above, would you like to know about our 10 finest buy-and-hold tickers for the entirety of 2017?
Who wouldn't? Last year's market-beating Top 10 portfolio produced 5 double-digit winners. For example, oil and natural gas giant Pioneer Natural Resources and First Republic Bank racked up stellar gains of +44.9% and +44.3% respectively. Now a brand-new list for 2017 has been hand-picked from 4,400 companies covered by the Zacks Rank. See the 2017 Top 10 right now>>