Canadian Price Fair Value from 2010 to 2024
| CNQ Stock | CAD 46.70 0.89 1.87% |
Price Fair Value | First Reported 2010-12-31 | Previous Quarter 2.37868317 | Current Value 2.98 | Quarterly Volatility 1.6507551 |
Check Canadian Natural financial statements over time to gain insight into future company performance. You can evaluate financial statements to find patterns among Canadian Natural's main balance sheet or income statement drivers, such as Depreciation And Amortization of 7.1 B, Interest Expense of 725.5 M or Selling General Administrative of 504.8 M, as well as many indicators such as Price To Sales Ratio of 3.97, Dividend Yield of 0.0431 or PTB Ratio of 2.98. Canadian financial statements analysis is a perfect complement when working with Canadian Natural Valuation or Volatility modules.
Canadian | Price Fair Value |
Pair Trading with Canadian Natural
One of the main advantages of trading using pair correlations is that every trade hedges away some risk. Because there are two separate transactions required, even if Canadian Natural position performs unexpectedly, the other equity can make up some of the losses. Pair trading also minimizes risk from directional movements in the market. For example, if an entire industry or sector drops because of unexpected headlines, the short position in Canadian Natural will appreciate offsetting losses from the drop in the long position's value.Moving against Canadian Stock
The ability to find closely correlated positions to Canadian Natural could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Canadian Natural when you sell it. If you don't do this, your portfolio allocation will be skewed against your target asset allocation. So, investors can't just sell and buy back Canadian Natural - that would be a violation of the tax code under the "wash sale" rule, and this is why you need to find a similar enough asset and use the proceeds from selling Canadian Natural Resources to buy it.
The correlation of Canadian Natural is a statistical measure of how it moves in relation to other instruments. This measure is expressed in what is known as the correlation coefficient, which ranges between -1 and +1. A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Canadian Natural moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Canadian Natural Res moves in either direction, the perfectly negatively correlated security will move in the opposite direction. If the correlation is 0, the equities are not correlated; they are entirely random. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak.
Correlation analysis and pair trading evaluation for Canadian Natural can also be used as hedging techniques within a particular sector or industry or even over random equities to generate a better risk-adjusted return on your portfolios.Check out the analysis of Canadian Natural Correlation against competitors. You can also try the Top Crypto Exchanges module to search and analyze digital assets across top global cryptocurrency exchanges.