CNQ Stock Analysis: Canadian Natural Resources | NYSE
Oil & Gas E&P | NYSE, USA | Market Cap: 104.724m USD | 12M Return: 63.2% | CA1363851017 | Charts, Fundamentals & Technical Analysis
Avg Turnover: 331M
EPS Trend: -69.9%
Qual. Beats: 3
Rev. Trend: 74.6%
Qual. Beats: 1
Warnings
No concerns identified
Tailwinds
Seasonality 11.6 years of data
How good or bad each month usually is (without trend). The score below shows how much you can trust it: 0 = pure chance, >40 gets interesting and >55 is strong.
Canadian Natural Resources Limited (NYSE: CNQ) is a Calgary-based, large-cap energy company engaged in the full upstream value chain of crude oil, natural gas, and natural gas liquids (NGLs), from acquisition and exploration through production, marketing, and sale. Its operations span three core regions: Western Canada, the UK sector of the North Sea, and Offshore Africa.
The companys product mix is notably diversified across conventional and unconventional resources, including synthetic crude oil (SCO), mining bitumen, light and medium crude oil, NGLs, thermal heavy crude oil, and Pelican Lake heavy crude oil. SCO is produced from oil sands upgrading, a defining feature of Western Canadas heavy oil sector. CNQ also holds midstream assets, including two crude oil pipeline systems and a 50% working interest in an 84-megawatt cogeneration plant at its Primrose operations, where cogeneration typically supplies both steam and electricity for thermal heavy oil extraction.
Founded in 1973 as AEX Minerals Corporation and renamed Canadian Natural Resources Limited in December 1975, the company has been listed on the NYSE since May 1976. It is classified within the GICS Energy sector, specifically the Oil & Gas Exploration & Production sub-industry.
- WCS heavy oil price differentials compress realized revenues
- Oil Sands synthetic crude margins track WTI fluctuations
- Capital returns accelerate with rising buybacks and dividends
| Net Income: 11.8b TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.10 > 0.02 and ΔFCF/TA 0.39 > 1.0 |
| NWC/Revenue: 0.02% < 20% (prev -2.89%; Δ 2.91% < -1%) |
| CFO/TA 0.17 > 3% & CFO 16.9b > Net Income 11.8b |
| Net Debt (16.0b) to EBITDA (25.6b): 0.63 < 3 |
| Current Ratio: 1.00 > 1.5 & < 3 |
| Outstanding Shares: last quarter (2.09b) vs 12m ago -0.47% < -2% |
| Gross Margin: 34.46% > 18% (prev 26.74%; Δ 7.72% > 0.5%) |
| Asset Turnover: 53.10% > 50% (prev 51.43%; Δ 1.67% > 0%) |
| Interest Coverage Ratio: 17.72 > 6 (EBIT TTM 15.9b / Interest Expense TTM 894.8m) |
| A: 0.00 (Total Current Assets 11.3b - Total Current Liabilities 11.3b) / Total Assets 96.6b |
| B: 0.36 (Retained Earnings 34.7b / Total Assets 96.6b) |
| C: 0.17 (EBIT TTM 15.9b / Avg Total Assets 90.9b) |
| D: 0.94 (Book Value of Equity 46.8b / Total Liabilities 49.8b) |
| Altman-Z'' = 3.33 = A |
| DSRI: 1.23 (Receivables 5.28b/3.90b, Revenue 48.3b/43.9b) |
| GMI: 0.78 (GM 26.74% / 34.46%) |
| AQI: 0.99 (AQ_t 0.01 / AQ_t-1 0.01) |
| SGI: 1.10 (Revenue 48.3b / 43.9b) |
| TATA: -0.05 (NI 11.8b - CFO 16.9b) / TA 96.6b) |
| Beneish M = -2.98 (Cap -4..+1) = A |
As of September 19, 2026, the stock is trading at USD 50.62 with a total of 3,521,845 shares traded. Over the past week, the price has changed by +0.54%, over one month by +3.66%, over three months by +21.69% and over the past year by +63.17%.
Current recommended Stop Loss: 48.00 (which is 5.2% or 1.9 ATR below the current price).
Canadian Natural Resources has received a consensus analysts rating of 3.73. Therefore, it is recommended to hold CNQ.
- StrongBuy: 7
- Buy: 4
- Hold: 9
- Sell: 2
- StrongSell: 0
| Analysts Target Price | 49.3 | -2.7% |
Market Cap CAD = 146b (105b USD * 1.3986 USD.CAD)
P/E Trailing = 12.6055
P/E Forward = 14.7059
P/S = 2.3441
P/B = 3.1231
P/EG = 3.4186
Revenue TTM = 48.3b CAD
EBIT TTM = 15.9b CAD
EBITDA TTM = 25.6b CAD
Long Term Debt = 14.9b CAD (from longTermDebt, last quarter)
Short Term Debt = 2.21b CAD (from shortTermDebt, last quarter)
Debt = 18.6b CAD (from shortLongTermDebtTotal, last quarter) + Leases 1.49b
Net Debt = 16.0b CAD (calculated: Debt 18.6b - CCE 2.62b)
Enterprise Value = 162b CAD (146b + Debt 18.6b - CCE 2.62b)
Interest Coverage Ratio = 17.72 (Ebit TTM 15.9b / Interest Expense TTM 894.8m)
EV/FCF = 17.28x (Enterprise Value 162b / FCF TTM 9.40b)
FCF Yield = 5.79% (FCF TTM 9.40b / Enterprise Value 162b)
FCF Margin = 19.47% (FCF TTM 9.40b / Revenue TTM 48.3b)
Net Margin = 24.35% (Net Income TTM 11.8b / Revenue TTM 48.3b)
Gross Margin = 34.46% ((Revenue TTM 48.3b - Cost of Revenue TTM 31.6b) / Revenue TTM)
Gross Margin QoQ = 37.25% (prev 32.09%)
Tobins Q-Ratio = 1.68 (Enterprise Value 162b / Total Assets 96.6b)
Interest Expense / Debt = 4.80% (Interest Expense 894.8m / Debt 18.6b)
Taxrate = 21.39% (3.20b / 15.0b)
NOPAT = 12.5b (EBIT 15.9b * (1 - 21.39%))
Current Ratio = 1.00 (Total Current Assets 11.3b / Total Current Liabilities 11.3b)
Debt / Equity = 0.40 (Debt 18.6b / totalStockholderEquity, last quarter 46.8b)
Debt / EBITDA = 0.63 (Net Debt 16.0b / EBITDA 25.6b)
Debt / FCF = 1.70 (Net Debt 16.0b / FCF TTM 9.40b)
Total Stockholder Equity = 40.9b (last 4 quarters mean from totalStockholderEquity)
RoA = 12.93% (Net Income 11.8b / Total Assets 96.6b)
RoE = 28.73% (Net Income TTM 11.8b / Total Stockholder Equity 40.9b)
RoCE = 28.38% (EBIT 15.9b / Capital Employed (Equity 40.9b + L.T.Debt 14.9b))
RoIC = 14.65% (NOPAT 12.5b / Invested Capital 85.1b)
WACC = 6.21% (E(146b)/V(165b) * Re(6.52%) + D(18.6b)/V(165b) * Rd(4.80%) * (1-Tc(0.21)))
Discount Rate = 6.52% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: -88.24 | Cagr: -1.44%
[DCF] Terminal Value 77.97% ; FCFF base≈8.83b ; Y1≈10.1b ; Y5≈14.9b
[DCF] Fair Price = 101.0 (EV 224b - Net Debt 16.0b = Equity 208b / Shares 2.06b; r=8.35% [WACC [floored]]; 5y FCF grow 15.0% → 2.50% )
EPS Correlation: -69.89 | EPS CAGR: -12.82% | SUE: 2.97 | # QB: 3
Revenue Correlation: 74.64 | Revenue CAGR: 5.54% | SUE: 2.05 | # QB: 1
EPS current Quarter (2026-09-30): EPS=1.35 | Chg30d=-4.59% | Revisions=-38% | Analysts=4
EPS current Year (2026-12-31): EPS=6.01 | Chg30d=+7.89% | Revisions=+25% | GrowthEPS=+69.3% | GrowthRev=+22.0%
EPS next Year (2027-12-31): EPS=5.35 | Chg30d=+2.65% | Revisions=+46% | GrowthEPS=-11.0% | GrowthRev=-10.7%
[Analyst] Revisions Ratio: +22% (up=15, down=9)