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Canadian Natural
(TSX:CNQ)
Canadian Natural (CNQ) vs. iShares MSCI Canada ETF (EWC)
Canadian Natural Business Overview & Revenue Model
Canadian Natural Earnings Call Summary
Canadian Natural Financial Statement Overview
| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 42.97B | 41.51B | 40.84B | 49.53B | 32.85B | 16.89B |
| Gross Profit | 13.33B | 10.90B | 11.77B | 16.26B | 10.58B | -136.00M |
| EBITDA | 17.63B | 15.41B | 17.27B | 21.73B | 16.38B | 6.13B |
| Net Income | 6.66B | 6.11B | 8.23B | 10.94B | 7.66B | -435.00M |
Balance Sheet | ||||||
| Total Assets | 85.59B | 85.36B | 75.95B | 76.14B | 76.67B | 75.28B |
| Cash, Cash Equivalents and Short-Term Investments | 113.00M | 131.00M | 1.40B | 1.41B | 1.05B | 489.00M |
| Total Debt | 17.27B | 20.28B | 12.35B | 12.98B | 16.28B | 23.14B |
| Total Liabilities | 45.13B | 45.89B | 36.12B | 37.97B | 39.72B | 42.90B |
| Stockholders Equity | 40.46B | 39.47B | 39.83B | 38.17B | 36.95B | 32.38B |
Cash Flow | ||||||
| Free Cash Flow | 8.15B | 8.00B | 7.44B | 14.29B | 9.99B | 2.16B |
| Operating Cash Flow | 14.77B | 13.39B | 12.35B | 19.39B | 14.48B | 4.71B |
| Investing Cash Flow | -15.90B | -14.10B | -4.86B | -4.99B | -3.70B | -2.82B |
| Financing Cash Flow | 523.00M | -37.00M | -7.54B | -14.23B | -10.21B | -1.85B |
Canadian Natural Technical Analysis
Canadian Natural Peers Comparison
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
81 Outperform | $99.30B | 15.03 | 16.17% | 5.84% | 8.06% | -10.64% | |
79 Outperform | $14.19B | 9.98 | 10.88% | 6.26% | 36.36% | -19.92% | |
77 Outperform | ― | ― | 11.31% | 1.33% | -22.02% | 14.12% | |
75 Outperform | $14.59B | 10.73 | 17.02% | 2.97% | 15.61% | 12.15% | |
73 Outperform | C$24.45B | 17.99 | 8.69% | 4.81% | 8.97% | -21.15% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
65 Neutral | $6.29B | 29.00 | 8.16% | 3.81% | -1.59% | 0.09% |
Canadian Natural Corporate Events
Canadian Natural Resources Limited has announced a quarterly cash dividend of C$0.5875 per common share, payable on January 6, 2026. This marks the 25th consecutive year of dividend increases, reflecting the company’s confidence in its sustainable business model, strong balance sheet, and robust asset base.
The most recent analyst rating on (TSE:CNQ) stock is a Hold with a C$48.00 price target. To see the full list of analyst forecasts on Canadian Natural stock, see the TSE:CNQ Stock Forecast page.
Canadian Natural Resources Limited reported record production volumes in the third quarter of 2025, achieving a 19% increase in total corporate production compared to the previous year. The company closed a significant transaction with Shell Canada, gaining full ownership of the Albian oil sands mines, which is expected to enhance cash flow and operational efficiency. Financially, the company maintained a strong balance sheet and returned $1.5 billion to shareholders through dividends and share repurchases.
The most recent analyst rating on (TSE:CNQ) stock is a Hold with a C$48.00 price target. To see the full list of analyst forecasts on Canadian Natural stock, see the TSE:CNQ Stock Forecast page.
Canadian Natural Resources Limited has completed an asset swap with Shell Canada, gaining full ownership of the Albian oil sands mines while Shell retains a 20% interest in the Scotford Upgrader and Quest facilities. This strategic move enhances Canadian Natural’s operational efficiency and increases its bitumen production by 31,000 barrels per day, contributing to a projected 15% production growth in 2025. The company’s updated production guidance for 2025 is set between 1,560 and 1,580 MBOE/d, with a capital forecast of $5.9 billion, reflecting strong execution and capital discipline.
The most recent analyst rating on (TSE:CNQ) stock is a Buy with a C$49.00 price target. To see the full list of analyst forecasts on Canadian Natural stock, see the TSE:CNQ Stock Forecast page.
On December 6, 2024, Canadian Natural Resources Limited entered into a Registration Rights Agreement with several financial institutions, including BofA Securities, RBC Capital Markets, and others, to facilitate the issuance of 5.000% Notes due 2029 and 5.400% Notes due 2034. This agreement is part of a strategic move to provide registration rights for the securities, ensuring compliance with regulatory requirements and enhancing the company’s financial flexibility. The agreement underscores Canadian Natural’s commitment to maintaining robust financial operations and could potentially impact its market positioning by attracting more investors through structured financial offerings.
The most recent analyst rating on (TSE:CNQ) stock is a Buy with a C$62.00 price target. To see the full list of analyst forecasts on Canadian Natural stock, see the TSE:CNQ Stock Forecast page.
On August 28, 2025, Canadian Natural Resources Limited announced a dealer agreement to issue and sell unsecured medium-term notes across Canada and potentially in other jurisdictions, including the United States. This strategic move aims to enhance the company’s financial flexibility and strengthen its market position by leveraging a network of prominent investment dealers to facilitate the sale of these financial instruments.
The most recent analyst rating on (TSE:CNQ) stock is a Buy with a C$48.00 price target. To see the full list of analyst forecasts on Canadian Natural stock, see the TSE:CNQ Stock Forecast page.
Canadian Natural Resources Limited is a prominent player in the oil and gas sector, known for its extensive operations in oil sands mining, upgrading, and conventional oil and gas production, primarily based in Canada with some international exposure.
Canadian Natural Resources’ recent earnings call conveyed a generally positive outlook, marked by robust operational performance, increased production, and substantial shareholder returns. Despite facing some challenges, such as a delayed acquisition closing and decreased production in Pelican Lake, the overall sentiment remained favorable due to the company’s adeptness in maintaining cost efficiencies and executing accretive acquisitions.
Canadian Natural Resources Limited has declared a quarterly cash dividend of C$0.5875 per common share, payable on October 3, 2025. This announcement marks the 25th consecutive year of dividend increases, reflecting the company’s confidence in its sustainable business model and financial strength, with a compound annual growth rate of 21% over this period.
The most recent analyst rating on (TSE:CNQ) stock is a Hold with a C$47.00 price target. To see the full list of analyst forecasts on Canadian Natural stock, see the TSE:CNQ Stock Forecast page.
Canadian Natural Resources Limited announced strong second-quarter results for 2025, highlighting efficient operations and strategic acquisitions that have bolstered production levels and shareholder value. The company completed a planned turnaround at the Athabasca Oil Sands Project ahead of schedule and reported high production and upgrader utilization rates. Despite a temporary reduction in production due to the turnaround, overall quarterly production increased significantly from the previous year. The company also closed key acquisitions, including assets in the Palliser Block and Montney region, enhancing its asset base and production capabilities. Financially, Canadian Natural reported adjusted net earnings of $1.5 billion and returned $1.6 billion to shareholders, maintaining a robust balance sheet with significant liquidity.
The most recent analyst rating on (TSE:CNQ) stock is a Hold with a C$47.00 price target. To see the full list of analyst forecasts on Canadian Natural stock, see the TSE:CNQ Stock Forecast page.