Canadian Natural Resources (CNQ) shares fall as market gains: What you need to know – September 19, 2022


Canadian Natural Resources (CNQ Free Report) closed the most recent trading day at $53.90, which is -0.02% from the previous trading session. This change lagged the S&P 500’s 0.69% gain on the day. Meanwhile, the Dow Jones gained 0.64% and the tech-heavy Nasdaq lost 0.18%.

As of today, shares of the oil and gas company have lost 3.18% over the past month. At the same time, the Oil & Energy sector lost 0.21%, while the S&P 500 lost 9.94%.

Wall Street will be looking for positivity from Canadian Natural Resources as its next earnings release date approaches. In that report, analysts expect Canadian Natural Resources to post earnings of $2.34 per share. This would mark a year-over-year growth of 65.96%. Meanwhile, our latest consensus estimate calls for revenue of $8.4 billion, up 37.08% from the prior year quarter.

Looking to the full year, our Zacks consensus estimates suggest analysts are expecting earnings of $8.73 per share and revenue of $33.67 billion. These totals would mark changes of +74.95% and +40.25%, respectively, from last year.

It is also important to note recent changes to analyst estimates for Canadian Natural Resources. Recent revisions tend to reflect the latest short-term trading trends. With this in mind, we can view positive estimate revisions as a sign of optimism about the company’s business outlook.

Based on our research, we believe that these estimate revisions are directly related to the team’s close stock movements. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes into account these estimation changes and provides a clear and actionable scoring model.

The Zacks ranking system ranges from #1 (strong buy) to #5 (strong sell). It has a remarkable track record of third-party audited success, with No. 1 stocks offering an average annual return of +25% since 1988. The Zacks Consensus EPS estimate has risen 1.19% over the past month. Canadian Natural Resources is currently a Zacks Rank #2 (Buy).

Investors should also take note of Canadian Natural Resources’ current valuation metrics, including its forward P/E ratio of 6.18. This valuation marks a premium compared to the average Forward P/E of its sector of 5.23.

We can also see that CNQ currently has a PEG ratio of 0.51. This measure is used in the same way as the famous P/E ratio, but the PEG ratio also takes into account the growth rate of the stock’s expected earnings. Oil and Gas – Exploration and Production – Canadian had an average PEG ratio of 0.31 at yesterday’s closing price.

The Oil and Gas – Exploration and Production – Canada industry is part of the Oil & Energy sector. This group has a Zacks industry ranking of 33, which places it in the top 14% of over 250 industries.

The Zacks Industry Ranking assesses the strength of our individual industry groups by measuring the average Zacks Ranking of individual stocks within the groups. Our research shows that the top 50% of industries outperform the bottom half by a factor of 2 to 1.

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