(CNQ) Canadian Natural Resources - Overview
Stock: Crude Oil, Natural Gas, NGLs, Bitumen, Synthetic Crude
EPS (Earnings per Share)
Revenue
Dividends
| Dividend Yield | 5.24% |
| Yield on Cost 5y | 17.25% |
| Yield CAGR 5y | 1.33% |
| Payout Consistency | 94.8% |
| Payout Ratio | 61.7% |
| Risk 5d forecast | |
|---|---|
| Volatility | 28.2% |
| Relative Tail Risk | 3.53% |
| Reward TTM | |
|---|---|
| Sharpe Ratio | 0.97 |
| Alpha | 19.35 |
| Character TTM | |
|---|---|
| Beta | 0.790 |
| Beta Downside | 0.976 |
| Drawdowns 3y | |
|---|---|
| Max DD | 35.85% |
| CAGR/Max DD | 0.40 |
Description: CNQ Canadian Natural Resources January 27, 2026
Canadian Natural Resources Limited (CNQ) is an integrated upstream and midstream energy company that explores, develops, produces, markets, and sells crude oil, natural gas, and natural gas liquids across Western Canada, the North Sea’s United Kingdom sector, and offshore Africa. Its product slate includes light and medium crude, heavy crude blends (including Pelican Lake), bitumen, and synthetic crude oil, while its midstream footprint features two crude-oil pipelines and a 50 % stake in an 84-MW cogeneration plant at Primrose. The firm, incorporated in 1973 and headquartered in Calgary, rebranded from AEX Minerals to its current name in December 1975.
Key recent operating metrics (Q4 2023/2024 outlook):
• Average production ≈ 1.06 million barrels of oil equivalent per day (boe/d), with roughly 70 % oil and 30 % natural gas exposure.
• Adjusted net cash flow for 2023 = $9.2 billion, driven by sustained oil-price strength above $85 / barrel.
• 2024 capital budget ≈ $5.5 billion, focused on expanding the Western Canadian Sedimentary Basin (WCSB) heavy-oil assets and maintaining pipeline integrity.
• Debt-to-equity ratio ≈ 0.45, reflecting a disciplined balance-sheet approach amid a volatile commodity cycle.
Sector drivers that directly affect CNQ include OPEC+ production curbs, which have kept global oil prices elevated, and the North American natural-gas price rally linked to colder winter demand and constrained pipeline capacity.
For a deeper quantitative view of CNQs valuation metrics, see the latest ValueRay analysis.
Piotroski VR‑10 (Strict, 0-10) 6.0
| Net Income: 6.66b TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.10 > 0.02 and ΔFCF/TA -3.52 > 1.0 |
| NWC/Revenue: -2.63% < 20% (prev -3.05%; Δ 0.41% < -1%) |
| CFO/TA 0.17 > 3% & CFO 14.77b > Net Income 6.66b |
| Net Debt (17.16b) to EBITDA (17.63b): 0.97 < 3 |
| Current Ratio: 0.86 > 1.5 & < 3 |
| Outstanding Shares: last quarter (2.07b) vs 12m ago -3.00% < -2% |
| Gross Margin: 31.02% > 18% (prev 0.27%; Δ 3075 % > 0.5%) |
| Asset Turnover: 53.48% > 50% (prev 54.77%; Δ -1.29% > 0%) |
| Interest Coverage Ratio: 10.83 > 6 (EBITDA TTM 17.63b / Interest Expense TTM 812.0m) |
Altman Z'' 2.69
| A: -0.01 (Total Current Assets 7.18b - Total Current Liabilities 8.31b) / Total Assets 85.59b |
| B: 0.34 (Retained Earnings 28.91b / Total Assets 85.59b) |
| C: 0.11 (EBIT TTM 8.79b / Avg Total Assets 80.33b) |
| D: 0.90 (Book Value of Equity 40.46b / Total Liabilities 45.13b) |
| Altman-Z'' Score: 2.69 = A |
Beneish M -2.83
| DSRI: 1.16 (Receivables 3.75b/3.10b, Revenue 42.97b/41.12b) |
| GMI: 0.87 (GM 31.02% / 27.05%) |
| AQI: 1.43 (AQ_t 0.01 / AQ_t-1 0.01) |
| SGI: 1.04 (Revenue 42.97b / 41.12b) |
| TATA: -0.09 (NI 6.66b - CFO 14.77b) / TA 85.59b) |
| Beneish M-Score: -2.83 (Cap -4..+1) = A |
What is the price of CNQ shares?
Over the past week, the price has changed by +7.12%, over one month by +23.93%, over three months by +23.78% and over the past year by +34.17%.
Is CNQ a buy, sell or hold?
- StrongBuy: 8
- Buy: 6
- Hold: 7
- Sell: 0
- StrongSell: 0
What are the forecasts/targets for the CNQ price?
| Issuer | Target | Up/Down from current |
|---|---|---|
| Wallstreet Target Price | 37.1 | -5.1% |
| Analysts Target Price | 37.1 | -5.1% |
| ValueRay Target Price | 47 | 20.3% |
CNQ Fundamental Data Overview February 03, 2026
P/E Trailing = 16.2489
P/E Forward = 18.6916
P/S = 2.0084
P/B = 2.6503
P/EG = 3.7458
Revenue TTM = 42.97b CAD
EBIT TTM = 8.79b CAD
EBITDA TTM = 17.63b CAD
Long Term Debt = 16.44b CAD (from longTermDebt, last quarter)
Short Term Debt = 829.0m CAD (from shortTermDebt, last quarter)
Debt = 17.27b CAD (from shortLongTermDebtTotal, last quarter)
Net Debt = 17.16b CAD (from netDebt column, last quarter)
Enterprise Value = 123.09b CAD (105.93b + Debt 17.27b - CCE 113.0m)
Interest Coverage Ratio = 10.83 (Ebit TTM 8.79b / Interest Expense TTM 812.0m)
EV/FCF = 15.13x (Enterprise Value 123.09b / FCF TTM 8.13b)
FCF Yield = 6.61% (FCF TTM 8.13b / Enterprise Value 123.09b)
FCF Margin = 18.93% (FCF TTM 8.13b / Revenue TTM 42.97b)
Net Margin = 15.49% (Net Income TTM 6.66b / Revenue TTM 42.97b)
Gross Margin = 31.02% ((Revenue TTM 42.97b - Cost of Revenue TTM 29.64b) / Revenue TTM)
Gross Margin QoQ = 48.39% (prev 23.87%)
Tobins Q-Ratio = 1.44 (Enterprise Value 123.09b / Total Assets 85.59b)
Interest Expense / Debt = 0.54% (Interest Expense 93.0m / Debt 17.27b)
Taxrate = 24.23% (1.95b / 8.06b)
NOPAT = 6.66b (EBIT 8.79b * (1 - 24.23%))
Current Ratio = 0.86 (Total Current Assets 7.18b / Total Current Liabilities 8.31b)
Debt / Equity = 0.43 (Debt 17.27b / totalStockholderEquity, last quarter 40.46b)
Debt / EBITDA = 0.97 (Net Debt 17.16b / EBITDA 17.63b)
Debt / FCF = 2.11 (Net Debt 17.16b / FCF TTM 8.13b)
Total Stockholder Equity = 40.42b (last 4 quarters mean from totalStockholderEquity)
RoA = 8.28% (Net Income 6.66b / Total Assets 85.59b)
RoE = 16.47% (Net Income TTM 6.66b / Total Stockholder Equity 40.42b)
RoCE = 15.46% (EBIT 8.79b / Capital Employed (Equity 40.42b + L.T.Debt 16.44b))
RoIC = 11.47% (NOPAT 6.66b / Invested Capital 58.07b)
WACC = 7.65% (E(105.93b)/V(123.20b) * Re(8.83%) + D(17.27b)/V(123.20b) * Rd(0.54%) * (1-Tc(0.24)))
Discount Rate = 8.83% (= CAPM, Blume Beta Adj.)
Shares Correlation 3-Years: -100.0 | Cagr: -2.57%
[DCF Debug] Terminal Value 79.30% ; FCFF base≈8.79b ; Y1≈8.73b ; Y5≈9.11b
Fair Price DCF = 74.37 (EV 172.07b - Net Debt 17.16b = Equity 154.91b / Shares 2.08b; r=7.65% [WACC]; 5y FCF grow -1.45% → 2.90% )
EPS Correlation: -87.47 | EPS CAGR: -56.96% | SUE: -4.0 | # QB: 0
Revenue Correlation: -18.70 | Revenue CAGR: -1.81% | SUE: 0.02 | # QB: 0
EPS next Quarter (2026-03-31): EPS=0.70 | Chg30d=-0.146 | Revisions Net=-5 | Analysts=5
EPS next Year (2026-12-31): EPS=2.69 | Chg30d=-0.486 | Revisions Net=-8 | Growth EPS=-19.5% | Growth Revenue=-7.5%