The upcoming report from Canadian Natural Resources (CNQ) is expected to reveal quarterly earnings of $0.69 per share, indicating a decline of 19.8% compared to the year-ago period. Analysts forecast revenues of $6.39 billion, representing a decrease of 8.9% year over year.
The consensus EPS estimate for the quarter has been revised 1.5% higher over the last 30 days to the current level. This reflects how the analysts covering the stock have collectively reevaluated their initial estimates during this timeframe.
Prior to a company's earnings release, it is of utmost importance to factor in any revisions made to the earnings projections. These revisions serve as a critical gauge for predicting potential investor behaviors with respect to the stock. Empirical studies consistently reveal a strong link between trends in earnings estimate revisions and the short-term price performance of a stock.
While investors usually depend on consensus earnings and revenue estimates to assess the business performance for the quarter, delving into analysts' forecasts for certain key metrics often provides a more comprehensive understanding.
Bearing this in mind, let's now explore the average estimates of specific Canadian Natural Resources metrics that are commonly monitored and projected by Wall Street analysts.
Analysts predict that the 'Total production - Average daily production' will reach 1,436,480.00 BOE/D. The estimate is in contrast to the year-ago figure of 1,419,313 BOE/D.
The average prediction of analysts places 'Production - Primary Heavy Oil per day' at 81.86 thousands of barrels of oil. The estimate is in contrast to the year-ago figure of 80.1 thousands of barrels of oil.
Analysts forecast 'Production - Thermal In Situ Oil per day' to reach 281.07 thousands of barrels of oil. The estimate is in contrast to the year-ago figure of 278.42 thousands of barrels of oil.
Analysts' assessment points toward 'Production - Oil Sands Mining and Upgrading per day' reaching 507.12 thousands of barrels of oil. The estimate is in contrast to the year-ago figure of 500.13 thousands of barrels of oil.
Based on the collective assessment of analysts, 'Production - Pelican Lake Oil per day' should arrive at 45.71 thousands of barrels of oil. Compared to the current estimate, the company reported 46.05 thousands of barrels of oil in the same quarter of the previous year.
The consensus among analysts is that 'Production - North Sea Oil per day' will reach 11.98 thousands of barrels of oil. The estimate compares to the year-ago value of 12.62 thousands of barrels of oil.
According to the collective judgment of analysts, 'Production - Offshore Africa Oil per day' should come in at 13.55 thousands of barrels of oil. The estimate is in contrast to the year-ago figure of 13.21 thousands of barrels of oil.
It is projected by analysts that the 'Oil & liquids - Average daily production' will reach 1,064,114.00 BBL/D. The estimate is in contrast to the year-ago figure of 1,047,541 BBL/D.
The combined assessment of analysts suggests that 'Natural gas - Average daily production' will likely reach 2,225.38 millions of cubic feet. Compared to the present estimate, the company reported 2231 millions of cubic feet in the same quarter last year.
Analysts expect 'Production - North America Natural Gas per day' to come in at 2,214.17 Mcf/D. Compared to the present estimate, the company reported 2,218 Mcf/D in the same quarter last year.
The collective assessment of analysts points to an estimated 'Production - Offshore Africa Natural Gas per day' of 9.75 Mcf/D. Compared to the present estimate, the company reported 11 Mcf/D in the same quarter last year.
The consensus estimate for 'Production - Light Crude Oil per day' stands at 52.08 thousands of barrels of oil. Compared to the present estimate, the company reported 48.12 thousands of barrels of oil in the same quarter last year.
View all Key Company Metrics for Canadian Natural Resources here>>>
Shares of Canadian Natural Resources have experienced a change of -11% in the past month compared to the -2.3% move of the Zacks S&P 500 composite. With a Zacks Rank #3 (Hold), CNQ is expected to mirror the overall market performance in the near future. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
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