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Canadian Natural (CNQ) to Report Q4 Results: What Awaits?
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Canadian Natural Resources Limited (CNQ - Free Report) is set to release fourth-quarter results on Mar 3. The current Zacks Consensus Estimate for the to-be-reported quarter is a profit of $1.58 per share on revenues of $7.2 billion.
Let’s delve into the factors that might have influenced this independent energy company’s performance in the December quarter. But it’s worth taking a look at Canadian Natural Resources’ previous-quarter results first.
Highlights of Q3 Earnings & Surprise History
In the last-reported quarter, this Calgary, Alberta-based upstream operator beat the consensus mark on higher commodity price realizations. Canadian Natural Resources had reported adjusted earnings per share of $1.41, comfortably beating the Zacks Consensus Estimate of $1.20. Revenues of $6.1 billion generated by the firm, however, had come in below the consensus mark by 2.8% due to a sequential weakness in sales volumes.
CNQ topped the Zacks Consensus Estimate by an average of 67.4% in the trailing four quarters. This is depicted in the graph below:
Canadian Natural Resources Limited Price and EPS Surprise
The Zacks Consensus Estimate for the fourth-quarter bottom line has remained the same in the past seven days. The estimated figure indicates a 1,216.7% surge year over year. The Zacks Consensus Estimate for revenues, meanwhile, suggests an 86.8% increase from the year-ago period.
Factors to Consider
Canadian Natural Resources is expected to have benefited from the surge in oil and natural gas realizations. In the third quarter of 2021, the company’s realized natural gas price had surged 78.8% to C$4.13 per thousand cubic feet from the year-ago level of C$2.31. Moreover, realized oil and NGLs price had jumped 70% to C$68.06 per barrel from C$40.14 in the third quarter of 2020. The uptick is most likely to have continued in the to-be-reported quarter, thanks to the sharp rebound in commodity prices that revisited their multi-year highs following the progress in vaccination and the ongoing macroeconomic recovery. This price boost is likely to have buoyed the second-quarter revenues and cash flows of Canadian Natural Resources.
On a somewhat bearish note, the increase in Canadian Natural Resources’ costs might have dented the company’s upcoming bottom-line numbers. CNQ’s total costs and expenses in the third quarter increased around 20% year over year to C$4.9 billion. The upward cost trajectory is likely to have continued in the fourth quarter due to higher production expenses.
What Does Our Model Say?
The proven Zacks model does not conclusively predict that Canadian Natural Resources is likely to beat fourth-quarter estimates. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of beating estimates. But that’s not the case here.
You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Earnings ESP: Earnings ESP, which represents the difference between the Most Accurate Estimate and the Zacks Consensus Estimate, for this company is -16.32%.
Zacks Rank: CNQ currently carries a Zacks Rank #3.
Here are some firms that you may want to consider on the basis of our model:
Akoya Biosciences, Inc. (AKYA - Free Report) has an Earnings ESP of +3.23% and a Zacks Rank #3. The firm is scheduled to release earnings on Mar 14.
AKYA is valued at around $412 million. For 2022, Akoya Biosciences has a projected earnings growth rate of 62.1%. AKYA has gained some 58.4% in a year.
Amryt Pharma plc has an Earnings ESP of +33.33% and a Zacks Rank #3. The firm is scheduled to release earnings on Mar 9.
AMYT topped the Zacks Consensus Estimate in two of the trailing four quarters, with the average beat being 61.1%, including a 66.7% beat in the last reported quarter. Amryt Pharma has lost around 55% in a year.
Casey’s General Stores, Inc. (CASY - Free Report) has an Earnings ESP of +5.19% and a Zacks Rank #3. The firm is scheduled to release earnings on Mar 8.
CASY beat earnings estimates in three of the last four quarters — the earnings surprise being 20.1%, on average. Casey’s General Stores has lost around 6.4% in a year.
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Canadian Natural (CNQ) to Report Q4 Results: What Awaits?
Canadian Natural Resources Limited (CNQ - Free Report) is set to release fourth-quarter results on Mar 3. The current Zacks Consensus Estimate for the to-be-reported quarter is a profit of $1.58 per share on revenues of $7.2 billion.
Let’s delve into the factors that might have influenced this independent energy company’s performance in the December quarter. But it’s worth taking a look at Canadian Natural Resources’ previous-quarter results first.
Highlights of Q3 Earnings & Surprise History
In the last-reported quarter, this Calgary, Alberta-based upstream operator beat the consensus mark on higher commodity price realizations. Canadian Natural Resources had reported adjusted earnings per share of $1.41, comfortably beating the Zacks Consensus Estimate of $1.20. Revenues of $6.1 billion generated by the firm, however, had come in below the consensus mark by 2.8% due to a sequential weakness in sales volumes.
CNQ topped the Zacks Consensus Estimate by an average of 67.4% in the trailing four quarters. This is depicted in the graph below:
Canadian Natural Resources Limited Price and EPS Surprise
Canadian Natural Resources Limited price-eps-surprise | Canadian Natural Resources Limited Quote
Trend in Estimate Revision
The Zacks Consensus Estimate for the fourth-quarter bottom line has remained the same in the past seven days. The estimated figure indicates a 1,216.7% surge year over year. The Zacks Consensus Estimate for revenues, meanwhile, suggests an 86.8% increase from the year-ago period.
Factors to Consider
Canadian Natural Resources is expected to have benefited from the surge in oil and natural gas realizations. In the third quarter of 2021, the company’s realized natural gas price had surged 78.8% to C$4.13 per thousand cubic feet from the year-ago level of C$2.31. Moreover, realized oil and NGLs price had jumped 70% to C$68.06 per barrel from C$40.14 in the third quarter of 2020. The uptick is most likely to have continued in the to-be-reported quarter, thanks to the sharp rebound in commodity prices that revisited their multi-year highs following the progress in vaccination and the ongoing macroeconomic recovery. This price boost is likely to have buoyed the second-quarter revenues and cash flows of Canadian Natural Resources.
On a somewhat bearish note, the increase in Canadian Natural Resources’ costs might have dented the company’s upcoming bottom-line numbers. CNQ’s total costs and expenses in the third quarter increased around 20% year over year to C$4.9 billion. The upward cost trajectory is likely to have continued in the fourth quarter due to higher production expenses.
What Does Our Model Say?
The proven Zacks model does not conclusively predict that Canadian Natural Resources is likely to beat fourth-quarter estimates. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of beating estimates. But that’s not the case here.
You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Earnings ESP: Earnings ESP, which represents the difference between the Most Accurate Estimate and the Zacks Consensus Estimate, for this company is -16.32%.
Zacks Rank: CNQ currently carries a Zacks Rank #3.
You can see the complete list of today’s Zacks #1 Rank stocks here.
Stocks to Consider
Here are some firms that you may want to consider on the basis of our model:
Akoya Biosciences, Inc. (AKYA - Free Report) has an Earnings ESP of +3.23% and a Zacks Rank #3. The firm is scheduled to release earnings on Mar 14.
AKYA is valued at around $412 million. For 2022, Akoya Biosciences has a projected earnings growth rate of 62.1%. AKYA has gained some 58.4% in a year.
Amryt Pharma plc has an Earnings ESP of +33.33% and a Zacks Rank #3. The firm is scheduled to release earnings on Mar 9.
AMYT topped the Zacks Consensus Estimate in two of the trailing four quarters, with the average beat being 61.1%, including a 66.7% beat in the last reported quarter. Amryt Pharma has lost around 55% in a year.
Casey’s General Stores, Inc. (CASY - Free Report) has an Earnings ESP of +5.19% and a Zacks Rank #3. The firm is scheduled to release earnings on Mar 8.
CASY beat earnings estimates in three of the last four quarters — the earnings surprise being 20.1%, on average. Casey’s General Stores has lost around 6.4% in a year.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.