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Canadian Natural Resources (CNQ) Outpaces Stock Market Gains: What You Should Know
Canadian Natural Resources (CNQ - Free Report) closed at $61.44 in the latest trading session, marking a +1.67% move from the prior day. The stock outpaced the S&P 500's daily gain of 1.46%. Elsewhere, the Dow gained 1.09%, while the tech-heavy Nasdaq added 6.63%.
Prior to today's trading, shares of the oil and natural gas company had gained 8.82% over the past month. This has outpaced the Oils-Energy sector's gain of 1.9% and the S&P 500's gain of 4.75% in that time.
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 $1.62 per share. This would mark a year-over-year decline of 7.95%. Our most recent consensus estimate is calling for quarterly revenue of $7.03 billion, down 4.33% from the year-ago period.
It is also important to note the recent changes to analyst estimates for Canadian Natural Resources. These recent revisions tend to reflect the evolving nature of short-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. The Zacks Consensus EPS estimate has moved 15.38% lower 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 9.28. This represents a premium compared to its industry's average Forward P/E of 6.54.
Meanwhile, CNQ's PEG ratio is currently 0.73. 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. The Oil and Gas - Exploration and Production - Canadian industry currently had an average PEG ratio of 0.45 as of yesterday's close.
The Oil and Gas - Exploration and Production - Canadian industry is part of the Oils-Energy sector. This group has a Zacks Industry Rank of 220, putting it in the bottom 13% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
You can find more information on all of these metrics, and much more, on Zacks.com.