Lloyd Byrne, an analyst from Jefferies, maintained the Hold rating on Canadian Natural. The associated price target was raised to C$48.00.
TipRanks Cyber Monday Sale
- Claim 60% off TipRanks Premium for data-backed insights and research tools you need to invest with confidence.
- Subscribe to TipRanks' Smart Investor Picks and see our data in action through our high-performing model portfolio - now also 60% off
Lloyd Byrne has given his Hold rating due to a combination of factors that reflect both positive performance and cautious outlook. Canadian Natural Resources demonstrated strong operational results, particularly in its Oil Sands Mining & Upgrading segment, which exceeded expectations in cash flow per share. This strong performance was further supported by production levels and operational efficiencies that were better than anticipated.
Despite these positive indicators, Byrne maintains a Hold rating, suggesting a balanced view of the company’s future prospects. The recent asset swap with Shell and the release of the fiscal year 2025 guidance, which surpassed expectations, are noteworthy developments. However, the Hold rating implies that while the company is performing well, the current valuation may already reflect these positives, and there may be limited upside potential in the near term.
Byrne covers the Energy sector, focusing on stocks such as Cenovus Energy, Canadian Natural, and EQT. According to TipRanks, Byrne has an average return of 16.9% and a 54.20% success rate on recommended stocks.