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Canadian Natural Resources (CNQ) Stock Moves -0.92%: What You Should Know
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Canadian Natural Resources (CNQ - Free Report) closed at $55.19 in the latest trading session, marking a -0.92% move from the prior day. This move was narrower than the S&P 500's daily loss of 2%. At the same time, the Dow lost 2.06%, and the tech-heavy Nasdaq lost 2.32%.
Heading into today, shares of the oil and natural gas company had lost 8.81% over the past month, lagging the Oils-Energy sector's loss of 3.93% and the S&P 500's gain of 2.88% in that time.
Investors will be hoping for strength from Canadian Natural Resources as it approaches its next earnings release, which is expected to be March 2, 2023. On that day, Canadian Natural Resources is projected to report earnings of $1.61 per share, which would represent a year-over-year decline of 8.52%. Our most recent consensus estimate is calling for quarterly revenue of $7.04 billion, down 4.25% from the year-ago period.
Investors might also notice recent changes to analyst estimates for Canadian Natural Resources. These revisions typically reflect the latest short-term business trends, which can change frequently. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Our research shows that these estimate changes are directly correlated with near-term stock prices. 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.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 0.03% lower. Canadian Natural Resources is currently a Zacks Rank #4 (Sell).
Investors should also note Canadian Natural Resources's current valuation metrics, including its Forward P/E ratio of 8.66. For comparison, its industry has an average Forward P/E of 6.97, which means Canadian Natural Resources is trading at a premium to the group.
Investors should also note that CNQ has a PEG ratio of 0.7 right now. 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 was holding an average PEG ratio of 0.43 at yesterday's closing price.
The Oil and Gas - Exploration and Production - Canadian industry is part of the Oils-Energy sector. This group has a Zacks Industry Rank of 232, putting it in the bottom 8% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our 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.
To follow CNQ in the coming trading sessions, be sure to utilize Zacks.com.
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Canadian Natural Resources (CNQ) Stock Moves -0.92%: What You Should Know
Canadian Natural Resources (CNQ - Free Report) closed at $55.19 in the latest trading session, marking a -0.92% move from the prior day. This move was narrower than the S&P 500's daily loss of 2%. At the same time, the Dow lost 2.06%, and the tech-heavy Nasdaq lost 2.32%.
Heading into today, shares of the oil and natural gas company had lost 8.81% over the past month, lagging the Oils-Energy sector's loss of 3.93% and the S&P 500's gain of 2.88% in that time.
Investors will be hoping for strength from Canadian Natural Resources as it approaches its next earnings release, which is expected to be March 2, 2023. On that day, Canadian Natural Resources is projected to report earnings of $1.61 per share, which would represent a year-over-year decline of 8.52%. Our most recent consensus estimate is calling for quarterly revenue of $7.04 billion, down 4.25% from the year-ago period.
Investors might also notice recent changes to analyst estimates for Canadian Natural Resources. These revisions typically reflect the latest short-term business trends, which can change frequently. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Our research shows that these estimate changes are directly correlated with near-term stock prices. 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.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 0.03% lower. Canadian Natural Resources is currently a Zacks Rank #4 (Sell).
Investors should also note Canadian Natural Resources's current valuation metrics, including its Forward P/E ratio of 8.66. For comparison, its industry has an average Forward P/E of 6.97, which means Canadian Natural Resources is trading at a premium to the group.
Investors should also note that CNQ has a PEG ratio of 0.7 right now. 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 was holding an average PEG ratio of 0.43 at yesterday's closing price.
The Oil and Gas - Exploration and Production - Canadian industry is part of the Oils-Energy sector. This group has a Zacks Industry Rank of 232, putting it in the bottom 8% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our 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.
To follow CNQ in the coming trading sessions, be sure to utilize Zacks.com.