Opinions Bill Harris, CFA
Canadian Natural RsrcsCNQ.TOBUYJul 10, 2025
Bill Harris, CFAStock price when the opinion was issued
As of Jul 09, 2026. Market Open.
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A lot of oil companies have fallen since the highs of March/April. He added just this morning -- chart's attractive, price bouncing off 200-day MA.
Stan WongLikes it at almost every investment cycle. (She'd choose it as a Top Pick on every Market Call appearance if they let her ;) Premium assets, premium management, low decline rate. Consistent cashflow.
Makes $$ when oil is $50. Higher oil price means that it can pay down debt faster and buy back more shares. A stock to own for the next 50 years. Yield is 4.27%, and dividend is growing.
Rebecca TeltscherOil prices are everywhere, and you have to be comfortable with that. Probably not a bad idea to buy when oil is ~$70 and everyone thinks the worst has passed. Trades in line with peers. Balance sheet in very good shape. 25% FCF from 2025-2027, on 3% production growth. Nice dividend. Even if oil goes down, it's profitable down to WTI at $50.
If you think oil's going down, you don't want to buy this stock. It's a coin toss right now with oil at $70. There are easier risk/reward places than oil stocks right now.
One of the best-managed companies in the world. Their oil business is stable, but their gas side is overlooked. They are a top-3 gas producer in Canada. Good cash flow will continue and allow them to buyback stock and shrink their debt.
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Premium contentOur PAST TOP PICK with CNQ has triggered its stop at $60. To remain disciplined, we recommend covering the position at this time. When combined with previous guidance, this will result in a net investment gain of 3%.
Unique company. Tends to be very cyclical, but its counter-cyclical framework gives it a huge edge. Amazing business that gushes cash. Loves it. Robust dividend. As balance sheet comes down, will allocate more capital to share buybacks, and that will be accretive to EPS.
If you own, sit tight and let it work. If coming in fresh, wait for a bigger pullback.
Chris BlumasHe won't bet on commodities on bad news. They grow production every year and watch costs. They have giant reserves. Long term, a headwind will be growing demand for EVs, as in China. Oil will eventually revert to $50-60 and this stock will correct a bit. CNQ can grow production 3-5% a year and its dividend 5-10%. He will own this long term. Is doing all the right things.
Barry Schwartz
Owns in the income growth fund. It is very well run and has a huge reserve base in Alberta. Long term it is fine for lower and higher oil prices.
Jamie Murray Short term, what happens to the oil price and in the Middle East is going to kick these stocks around. Likes its low breakeven point.
Martin Cobb, ASIPStill doing all the right things. Benefiting from the unanticipated increase in price of oil. Still not that expensive at 12-13x PE, with 8% FCF yield.
Martin Cobb, ASIPShe will own this for the next 30 years. Very bullish. She likes CNQ at $60 oil, so $100 oil today is a bonus. Management is discipline, their Oil Sands are long-life with low decline, and have a strong dividend records. They make money even at low $50 oil. She added more shares recently.
Rebecca Teltscher
She trimmed on the big runup. Still one of the top O&G producers in Canada. Essential backbone of Canadian energy. Stands out on capital return. Raised dividend again. Compounded annual growth of 20%. Ranks 9/10 on value.
Energy will still be one of the top performers for 2026. If oil pulls back, this name will see some volatility -- great time to take a look at it.
Brianne GardnerIf you already have oils in your portfolio, don't buy now. If you share his thesis that the Strait will be challenged with only some traffic going through, then we're probably looking at $80-90 oil. Canadian oil companies are at a massive advantage because we're really trying to expand our markets.
For a 5-year horizon, CNQ looks really good. On the nat gas side, he likes TOU and PEY.
A couple of years ago energy was the place you had to be, and stocks have been sliding since then. Tariffs are slowing things down and gumming up global supply chains. OPEC wants to increase production. With the oil price where it is, there isn't a lot of drilling going on.
There's too much oil right now going into the fall, but oil has a way of tightening itself up. If oil stays lower for longer, there's more drive to get that price higher later. This is the stock in Canada you want to own for sector exposure, sit and collect the dividend, and be there for when the oil price goes higher. Doesn't seem as though there's any catalyst for that to happen in the next 6 months. Yield is ~5%.