Canadian Natural Resources Ltd.
(CNQ - Free Report
) is pressuring new highs as analysts raise their 2010 projections.
Canadian Natural Resources is a vertically integrated oil and gas company. The company explores, develops, and produces those energy components. Additionally CNQ engages in other activities such as pipeline operations.
Solid Sequential Growth
Canadian Natural Resources reported third-quarter results on Nov 5, which included cash flow from operations of $1.5 billion. This was up 10% since last quarter, but down year-over-year.
Net income came in at $658 million, up from last quarter's $637 million. Earnings per share were $1.15, which missed the consensus by a nickel.
2010 Estimates Rising
Following the earnings release analysts began raising full-year 2010 estimates. The Zacks Consensus Estimate is now $5.46, up from $5.24 over the past 60 days. This is a projected growth rate of 17%.
Shares of CNQ are trading at just 13 times forward earnings right now.
CNQ formed a nice double bottom before rebounding to pressure the 52-week high, which was set in mid October. Take a look at the chart below. .