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Opinions Bill Harris, CFA
Canadian Natural RsrcsCNQ.TOBUYJul 10, 2025
Bill Harris, CFAStock price when the opinion was issued
As of Aug 25, 2026. Market Open.
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Oil reserves in a safe haven. Well run. If peace breaks out in the Middle East, all the energy names could retrace somewhat; if conflict escalates, then oil will run and you should take profits along the way.
If you're looking at a 3-10 year investment, by all means buy some energy here. But if you're looking for a 3-6 month trade, you have to be careful with these politically charged components of the market.
He can't tell you where the price of oil is going. He does know that demand continues to increase. One of the best capital allocators in the O&G space. Decades and decades of reserves. Increased dividend for 25-26 consecutive years.
For a generalist, long-term investor, trust the management of the quality leader. When oil turns down, this name will hold up better. If there was a pullback for no good reason, he'd buy more. Be patient and wait for your opportunity.
Barry Schwartz
His go-to name in the energy space. The oilsands operators gush cash (and will for a long time), which gives them lots of options. Income and growth. Valuation has kept him from adding right now.
Chris BlumasThe stock has done very well and it pays a 3.4% dividend. Benefits from the higher oil price. Is her top choice in Canadian oil.
Christine PooleThe question was on his preference between Suncor and CNQ. He would side with Suncor since it has more upside and CNQ's price is approaching fair value. Suncor has underperformed over the past week with the CEO stepping down. He had guided the company to a major turn-around. If the next CEO can continue to run the company as well as it has been running then he sees a 40% upside two years out.
Her favourite in the space. Premier assets. Will benefit from natural gas prices should they ever recover. Management has never cut the dividend, no matter the environment for oil.
Rebecca TeltscherGreat company and he's made some $$ in it. That said, 80% of the variability will be the price of oil. Oil is jumping all over (to say the least ;). Thinks oil will stay up here, and CNQ should do fairly well. He's comfortable riding out the cyclicality, but have it as just one part of a diversified portfolio.
Tim ReganIf you're an O&G investor, this should be a staple in your portfolio. Bit of a misstep last quarter. High-quality name. Fairly valued here, but one to just hold.
John Stephenson
It took a while for the TransMountain pipeline to get full. How long does it take to build a pipeline. CNQ is the first he'd buy and the last he'd sell. Very well managed, has little debt and returns capital to shareholders. Don't own it for the hopes that a new pipeline will be built this decade.
It took a while for the TransMountain pipeline to get full. How long does it take to build a pipeline. CNQ is the first he'd buy and the last he'd sell. Very well managed, has little debt and returns capital to shareholders. Don't own it for the hopes that a new pipeline will be built this decade.
Long-term outlook for crude oil is bearish. When he looks at the forward price of crude past 2030, it's in the $50s (and could get into $40s depending on supply dynamics).
Short term, sure, buy dips in the energy space. Is this a name he'd be comfortable buying here and holding for 5-10 years? Absolutely not.
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%.