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Why Canadian Natural Resources (CNQ) Could Be Positioned for a Surge

Canadian Natural Resources LimitedCNQ is a senior independent oil and natural gas exploration, development and production company that could be an interesting play for investors. That is because, not only does the stock have decent short-term momentum, but it is seeing solid activity on the earnings estimate revision front as well.

These positive earnings estimate revisions suggest that analysts are becoming more optimistic on CNQ's earnings for the coming quarter and year. In fact, consensus estimates have moved sharply higher for both of these time frames over the past four weeks, suggesting that Canadian Natural Resources could be a solid choice for investors.

Current Quarter Estimates for CNQ

In the past 30 days, two estimates have gone higher for Canadian Natural Resources while none have gone lower in the same time period. The trend has been pretty favorable too, with estimates increasing from 26 cents a share 30 days ago, to 29 cents today, a move of 11.5%.

Current Year Estimates for CNQ

Meanwhile, Canadian Natural Resources' current year figures are also looking quite promising, with three estimates moving higher in the past month, compared to none lower. The consensus estimate trend has also seen a boost for this time frame, increasing from 81 cents per share 30 days ago to 86 cents per share today, an increase of 5.8%.

Canadian Natural Resources Limited Price and Consensus

Canadian Natural Resources Limited Price and Consensus | Canadian Natural Resources Limited Quote

Bottom Line

The stock has also started to move higher lately, adding 5.3% over the past four weeks, suggesting that investors are starting to take note of this impressive story. So investors may definitely want to consider this Zacks Rank #3 (Hold) stock to profit in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

Zacks Editor-in-Chief Goes "All In" on This Stock

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Canadian Natural Resources Limited (CNQ): Free Stock Analysis Report

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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