Canadian Pure Assets (CNQ) got here out with quarterly earnings of $1.02 per share, lacking the Zacks Consensus Estimate of $1.04 per share. This compares to earnings of $1.25 per share a yr in the past. These figures are adjusted for non-recurring gadgets.
This quarterly report represents an earnings shock of -1.92%. 1 / 4 in the past, it was anticipated that this oil and pure gasoline firm would put up earnings of $1.59 per share when it really produced earnings of $1.72, delivering a shock of 8.18%.
During the last 4 quarters, the corporate has surpassed consensus EPS estimates two occasions.
Canadian Pure Assets
The sustainability of the inventory’s fast worth motion primarily based on the recently-released numbers and future earnings expectations will largely rely upon administration’s commentary on the earnings name.
Canadian Pure Assets shares have added about 14.4% because the starting of the yr versus the S&P 500’s acquire of 5.2%.
What’s Subsequent for Canadian Pure Assets?
Whereas Canadian Pure Assets has outperformed the market up to now this yr, the query that involves traders’ minds is: what’s subsequent for the inventory?
There are not any simple solutions to this key query, however one dependable measure that may assist traders tackle that is the corporate’s earnings outlook. Not solely does this embrace present consensus earnings expectations for the approaching quarter(s), but additionally how these expectations have modified recently.
Empirical analysis reveals a powerful correlation between near-term inventory actions and tendencies in earnings estimate revisions. Buyers can monitor such revisions by themselves or depend on a tried-and-tested ranking device just like the Zacks Rank, which has a powerful monitor report of harnessing the ability of earnings estimate revisions.
Forward of this earnings release, the estimate revisions pattern for Canadian Pure Assets: blended. Whereas the magnitude and course of estimate revisions may change following the corporate’s just-released earnings report, the present standing interprets right into a Zacks Rank #3 (Maintain) for the inventory. So, the shares are anticipated to carry out in step with the market within the close to future. You may see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Will probably be fascinating to see how estimates for the approaching quarters and present fiscal yr change within the days forward. The present consensus EPS estimate is $1.22 on $6.1 billion in revenues for the approaching quarter and $5.71 on $25.84 billion in revenues for the present fiscal yr.
Buyers ought to be aware of the truth that the outlook for the business can have a fabric influence on the efficiency of the inventory as properly. When it comes to the Zacks Business Rank, Oil and Gasoline – Exploration and Manufacturing – Canadian is at the moment within the backside 29% of the 250 plus Zacks industries. Our analysis reveals that the highest 50% of the Zacks-ranked industries outperform the underside 50% by an element of greater than 2 to 1.
Enerflex (EFXT), one other inventory in the identical business, has but to report outcomes for the quarter ended March 2024. The outcomes are anticipated to be launched on Might 7.
This vitality infrastructure supplier is predicted to put up quarterly earnings of $0.06 per share in its upcoming report, which represents a year-over-year change of -25%. The consensus EPS estimate for the quarter has been revised 23.5% decrease during the last 30 days to the present stage.
Enerflex’s revenues are anticipated to be $574.35 million, down 5.9% from the year-ago quarter.
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Canadian Natural Resources Limited (CNQ) : Free Stock Analysis Report
Enerflex Ltd. (EFXT) : Free Stock Analysis Report
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The views and opinions expressed herein are the views and opinions of the writer and don’t essentially replicate these of Nasdaq, Inc.
