Evercore ISI analyst Stephen Richardson downgraded Canadian Natural (CNQ) to In Line from Outperform with an unchanged price target of C$50. The firm sees risks ahead for the company, saying higher capital spending will bring headwinds to its cash returns. Canadian Natural is “at the front end of a significant organic capital program and pivot to growth from the oil sands,” the analyst tells investors in a research note. Evercore says this pivot will constrain shareholder returns in the immediate term.
Claim 70% Off TipRanks Premium
- Unlock hedge fund-level data and powerful investing tools for smarter, sharper decisions
- Stay ahead of the market with the latest news and analysis and maximize your portfolio's potential
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on CNQ:
- SU, IMO, CNQ: Canadian Oil Stocks Fall as U.S. Takes Control of Venezuela’s Crude Reserves
- Canada’s Toronto Stock Exchange Posted Its Biggest Gain in 16 Years During 2025
- Canadian Natural price target lowered to $35 from $36 at Goldman Sachs
- Canadian Natural Sets Ambitious 2026 Budget with Focus on Growth and Shareholder Returns
- Notable open interest changes for December 12th