TSE:CNQ

Canadian Natural Rsrcs (CNQ.TO)

78.42
+1.37 (1.78%)
as of Oct 30, 2026, 8:00:00 pm Market Closed.
1410 watching
0
BUY
Cenovus (CVE-T) Suncor (SU-T) or CNQ (CNQ-T)? At this point this is the one she would buy.
COMMENT
Got their Horizons project built somewhere near on time and close to budget. This is probably the best in terms of quality of its range of assets and management yet it continues to reflect much more of what the oil price is. If oil goes higher, this stock will go higher.
BUY
This is a high-quality company. Pretty balanced portfolio but right now they are focusing most of their capital on their light oil and heavy oil to a lesser extent. They do have some upgrading capacity, which is very valuable. 1.5% dividend.
DON'T BUY
This and SU present the same dilemma to investors. They appear cheap and have fallen 25-40% and it is the same company as it was then, but he doesn’t know where crude oil is going. Europe and Asia’s demand are unknown as demands may decrease. Projects may not get built now.
WAIT
Senior one that he sold in the last month. Has really liked it and owned for a decade. Will probably go back to it. Half oil/half gas. Well managed. Wait until Greece is settled.
HOLD
This is his favourite in the energy space. Largest Canadian producer in terms of daily production. 33% exposure to the oilsands. This and Suncor (SU-T) are the 2 cheapest of the 4.3 price to cash flow ratio. As this company becomes a producer of net free cash flow, you'll see either share buybacks, acquisitions and probably dividend increases.
SHORT
He is still Short this stock and he thinks it is going down to lower levels. The oil sands folks are having a hard time getting the right price for their oil with the bottlenecks in the system. 30% of their revenues are coming from conventional gas assets.
BUY
This is a company that thinks very differently. Over the oil cycle it is very consistent, kept costs down and is well-managed. They consistently think about return on invested capital when they make decisions on their businesses.
BUY
In the penalty box right now because of some of the problems it has had in its start-up of Horizon. Great company. Has loads and loads of production growth ahead of it. Very reasonable valuation.
TOP PICK
At the lower end of its valuation of 4.5X next year's cash flow. Has a bit of refining and conventional. Really good at allocating capital. Great growth story and a low-cost producer.
COMMENT
This has not been one of his favourites over the years because they have had problems with their oil sands project. The numbers coming out of that sector have improved dramatically recently. Right now he is in a “wait and see” position.
BUY ON WEAKNESS
He is not a big fan of oil at this time. He would look to get in at $28-$29.
WATCH
Broken trend line in early 2011 and this was followed by sell off. Started another up trend but we are now into another trend line down. The chart indicates that it is developing a W formation, one of the hottest formations there is. If the stock can hold current levels at around $30, there is a good chance it will reverse again.
TOP PICK
Likes it being 65% N.A. crude and for their involvement in the oil sands. Crude prices should stay in the $90-$100 range. They are bear on natural gas but decided to focus more on crude but are ready to ramp up Nat Gas. Thinks they will increase dividends as they raise production. There was an outage at Horizon but they restarted it back in March. You have to focus on what they have done long term.
BUY ON WEAKNESS
One of his favourite names. Fundamentals for oil look the best of any commodity. You can wait on this one and buy a little bit later. If you want to put money to work, he would be inclined to put it into Cenovus (CVE-T) or Suncor (SU-T) because they have the integrated side, which will be reported because of the defensive nature.
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