The upcoming report from Canadian Natural Resources (CNQ) is expected to reveal quarterly earnings of $1.43 per share, indicating an increase of 180.4% compared to the year-ago period. Analysts forecast revenues of $9.25 billion, representing an increase of 47.2% year over year.
Over the past 30 days, the consensus EPS estimate for the quarter has been adjusted downward by 14.4% to its current level. This demonstrates the covering analysts' collective reassessment of their initial projections during 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 rely on consensus earnings and revenue estimates to gauge how the business may have fared during the quarter, examining analysts' projections for some of the company's key metrics often helps gain a deeper insight.
In light of this perspective, let's dive into the average estimates of certain Canadian Natural Resources metrics that are commonly tracked and forecasted by Wall Street analysts.
The consensus estimate for 'Production Volumes, before royalties - Total Natural Gas' stands at . Compared to the current estimate, the company reported in the same quarter of the previous year.
Analysts' assessment points toward 'Production Volumes, before royalties - Total Equivalent Production' reaching 1655104 barrels of oil equivalent per day. Compared to the present estimate, the company reported 1420358 barrels of oil equivalent per day in the same quarter last year.
Analysts expect 'Production Volumes, before royalties - Total crude oil and NGL' to come in at 1221002 barrels of oil per day. The estimate is in contrast to the year-ago figure of 1019149 barrels of oil per day.
According to the collective judgment of analysts, 'Production Volumes, before royalties - Crude Oil and NGLs - North America E&P - Thermal In Situ' should come in at 279.80 thousands of barrels of oil per day. Compared to the current estimate, the company reported 274.79 thousands of barrels of oil per day in the same quarter of the previous year.
Analysts predict that the 'Production Volumes, before royalties - Crude Oil and NGLs - Oil Sands Mining and Upgrading' will reach 603.18 thousands of barrels of oil per day. Compared to the present estimate, the company reported 463.81 thousands of barrels of oil per day in the same quarter last year.
Analysts forecast 'Crude Oil and NGLs Sales Volumes - North America - NGLs' to reach 118.24 thousands of barrels of oil per day. The estimate compares to the year-ago value of 91.65 thousands of barrels of oil per day.
The collective assessment of analysts points to an estimated 'Production Volumes, before royalties - Crude Oil and NGLs - International - North Sea' of 6.25 thousands of barrels of oil per day. Compared to the current estimate, the company reported 7.76 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 - Natural Gas - North America' will reach 2602 thousands of cubic feet per day. Compared to the current estimate, the company reported 2398 thousands of cubic feet per day in the same quarter of the previous year.
The consensus among analysts is that 'Production Volumes, before royalties - Natural Gas - International - Offshore Africa' will reach 7 thousands of cubic feet per day. Compared to the current estimate, the company reported 6 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 - North Sea' will likely reach 2 thousands of cubic feet per day. Compared to the present estimate, the company reported 3 thousands of cubic feet per day in the same quarter last year.
Based on the collective assessment of analysts, 'Production Volumes, before royalties - Crude Oil and NGLs - North America E&P - Primary Heavy' should arrive at 107.98 thousands of barrels of oil per day. Compared to the current estimate, the company reported 87.29 thousands of barrels of oil per day in the same quarter of the previous year.
The average prediction of analysts places 'Production Volumes, before royalties - Crude Oil and NGLs - North America E&P - Light Crude Oil' at 78.94 thousands of barrels of oil per day. The estimate is in contrast to the year-ago figure of 49.01 thousands of barrels of oil per day.
View all Key Company Metrics for Canadian Natural Resources here>>>Over the past month, shares of Canadian Natural Resources have returned +20.3% versus the Zacks S&P 500 composite's +0.2% 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 Report
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