Canadian Natural Rsrcs (CNQ.TO)

Not fond of today. Underperformed. Trades at a premium to SU. Has a fair amount of nat gas as well, and he's not as positive on that.

See his Top Picks.

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.

If 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.

Bit expensive (8x PE) relative to peers (7x PE). Balance sheet in good shape. Q4 was very strong, beat by 7% and 1% on production. Increased dividend by 6.4%. Solid operational performance.

A fair value, meritorious name that really works if oil goes below $50. If oil stays where it is, does really well. If you don't have any oil and with a 5-year horizon, you could buy at this level. Problem with waiting to buy is that you often miss it.

Wouldn't pick it up today (and he owns it). Consistently rises to the top as an oily choice in the Basin. Low decline rate, low extraction cost. 

Stock's way up on higher oil, almost 50% YTD. Higher oil for longer is already baked into the price. It's more of a Sell.

Trimmed a bit a few weeks ago (when oil gets that high, you know it might come down). Great company, but an entry point is all about the price of oil. You want to get into these names when they're beaten up and the commodity price is low.

He'd love to buy more as price of oil continues to fall. Closest thing to a forever asset in Canadian energy. Reserves represent ~36 years of production. ROIC is in 15% range with oil in $60-70 range, while funding costs are $40-ish. Making $$ hand over fist -- going to buybacks, debt reduction, and dividends. 

If any escalation in wars elsewhere (what if China decides to block the Taiwan Strait?), and WTI goes to $100, then its ROIC jumps to mid-20s%. It's time to be in resource commodities. Yield is 4.21%.

One of his favourites, one of the best managed anywhere in the world. We're not in a $65 oil price world anymore, more like $80. Potential for natural gas egress expansion off the West Coast. Largest oil producer in Canada, and one of the largest nat gas producers. 

100% of FCF going to be returned to shareholders. 25 straight years of dividend increases. Debt being paid down faster with higher oil price. For new clients, he's taking half positions. If you can get it under $60, you'll be happy. Yield is 3.93%.

Is a huge fan of CNQ, but be cautious in energy now. If you own energy, sit tight and hold your gains. Valuations have risen a lot, though may not persist for long. He prefers CNQ. Is a strong compounder and return cash flow to shareholders while they reduce debt. He doesn't know where the price of oil is going.

Can do either. In Canada, he choose CNQ, and EOG in the U.S. CNQ acts like an annuity, requiring massive upfront investment, but cash flows for a long time. EOG has unique assets. But he wouldn't buy energy now. The supply chain problems now won't last forever. You can buy either stock on a pullback.

Returning capital to shareholders via buybacks and dividends. Really nice free cashflow. As soon as oil spikes, it flows almost immediately to top and bottom lines. Recent acquisition should add synergies and volumes. Cutting capex should boost margin profile.

Buy now if you’re in it for the long runway. Waiting for a pullback makes more sense if you think oil will plummet on a definitive ceasefire in Middle East.

Oil and gas have gone parabolic, Since CNQ has done so well it is time to take 25 to 50% profit.

The question was on how much to trim when reducing a position. With CNQ it has had a phenomenal move up - about 50% year to date so you could be more aggressive and trim by 25 to 50%.

One of his largest holdings in portfolios. Not the excitement of small caps, but not the extreme volatility either. Profitable at a very low oil price.