The upcoming report from Canadian Natural Resources (CNQ) is expected to reveal quarterly earnings of $0.53 per share, indicating a decline of 19.7% compared to the year-ago period. Analysts forecast revenues of $6.62 billion, representing a decline of 2.1% year over year.
The current level reflects no revision in the consensus EPS estimate for the quarter over the past 30 days. This demonstrates how the analysts covering the stock have collectively reappraised their initial projections over this period.
Ahead of a company's earnings disclosure, it is crucial to give due consideration to changes in earnings estimates. These revisions serve as a noteworthy factor in predicting potential investor reactions to the stock. Numerous empirical studies consistently demonstrate a strong relationship between trends in earnings estimate revision and the short-term price performance of a stock.
While investors typically use consensus earnings and revenue estimates as a yardstick to evaluate the company's quarterly performance, scrutinizing analysts' projections for some of the company's key metrics can offer a more comprehensive perspective.
With that in mind, let's delve into the average projections of some Canadian Natural Resources metrics that are commonly tracked and projected by analysts on Wall Street.
The consensus among analysts is that 'Production Volumes, before royalties - Total Equivalent Production' will reach 1646976 barrels of oil equivalent per day. The estimate is in contrast to the year-ago figure of 1470428 barrels of oil equivalent per day.
Analysts expect 'Production Volumes, before royalties - Total Natural Gas' to come in at . Compared to the current estimate, the company reported in the same quarter of the previous year.
The average prediction of analysts places 'Production Volumes, before royalties - Total crude oil and NGL' at 1202722 barrels of oil per day. Compared to the current estimate, the company reported 1090002 barrels of oil per day in the same quarter of the previous year.
Analysts forecast 'Production Volumes, before royalties - Crude Oil and NGLs - North America E&P - Thermal In Situ' to reach 280.83 thousands of barrels of oil per day. Compared to the current estimate, the company reported 276.23 thousands of barrels of oil per day in the same quarter of the previous year.
It is projected by analysts that the 'Production Volumes, before royalties - Crude Oil and NGLs - Oil Sands Mining and Upgrading' will reach 603.17 thousands of barrels of oil per day. Compared to the present estimate, the company reported 534.63 thousands of barrels of oil per day in the same quarter last year.
The collective assessment of analysts points to an estimated 'Crude Oil and NGLs Sales Volumes - North America - NGLs' of 107.38 thousands of barrels of oil per day. The estimate compares to the year-ago value of 81.79 thousands of barrels of oil per day.
Analysts' assessment points toward 'Production Volumes, before royalties - Crude Oil and NGLs - International - North Sea' reaching 9.72 thousands of barrels of oil per day. Compared to the current estimate, the company reported 11.47 thousands of barrels of oil per day in the same quarter of the previous year.
The consensus estimate for 'Production Volumes, before royalties - Crude Oil and NGLs - International - Offshore Africa' stands at 3.80 thousands of barrels of oil per day. Compared to the current estimate, the company reported 11.94 thousands of barrels of oil per day in the same quarter of the previous year.
Analysts predict that the 'Production Volumes, before royalties - Natural Gas - North America' will reach 2693 thousands of cubic feet per day. Compared to the current estimate, the company reported 2273 thousands of cubic feet per day in the same quarter of the previous year.
The combined assessment of analysts suggests that 'Production Volumes, before royalties - Natural Gas - International - Offshore Africa' will likely reach 10 thousands of cubic feet per day. The estimate is in contrast to the year-ago figure of 6 thousands of cubic feet per day.
Based on the collective assessment of analysts, 'Production Volumes, before royalties - Natural Gas - International - North Sea' should arrive at 2 thousands of cubic feet per day. Compared to the present estimate, the company reported 4 thousands of cubic feet per day in the same quarter last year.
According to the collective judgment of analysts, 'Production Volumes, before royalties - Crude Oil and NGLs - North America E&P - Primary Heavy' should come in at 89.89 thousands of barrels of oil per day. Compared to the current estimate, the company reported 82.13 thousands of barrels of oil per day in the same quarter of the previous year.
View all Key Company Metrics for Canadian Natural Resources here>>>
Over the past month, shares of Canadian Natural Resources have returned +21.5% versus the Zacks S&P 500 composite's -1.3% change. Currently, CNQ carries a Zacks Rank #3 (Hold), suggesting that its performance may align with the overall market in the near future. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>> .
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Canadian Natural Resources Limited (CNQ): Free Stock Analysis ReportThis article originally published on Zacks Investment Research (zacks.com).
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