Canadian Natural Rsrcs (CNQ.TO) Buy, Sell or…

Canadian Natural Rsrcs (CNQ.TO)

70.83

+0.75 (1.07%)

as of Sep 17, 2026, 8:00:01 pm Market Open.

1408 watching

BUY

A great name to hold. Had a really nice run and has pulled back like a lot of them. Has a great toe hold in the oil sands with the Horizon project. Expects you will see production picking up and corresponding cash flows picking up through '06 and '07. Should easily see a 20/25% upside.

TOP PICK

His Top Pick was a choice between this and Talisman (TLM-T) which is statistically cheaper. Doesn't think there is any tar sands money built into the price of the stock.

BUY

There's a bit of support developing for the stock. Has been a strong outperformer in the group.

DON'T BUY

Has had a fabulous run. Has a project, Horizon, in the oil sands which he likes. The risk on Horizon is that it could go vastly over budget. Prefers unhedged. They hedged a lot early this year in order to lock in revenues and cash flows which has cost them an enormous amount of money. Would be interested in a big pull back. Better opportunities elsewhere.

BUY

Has loads of upside potential. Fairly easy potential to the $64/65 level. Likes most of the oils, his fair market value would be 100% higher.

TOP PICK

One of the most successful companies year in year out. They have 100% interest in a new oil sands play (Horizon). Will start at 115,000 barrels a day and will grow to 230,000. 40 years reserve life with no exploration risks.

WEAK BUY

A good idea to take some money from conventional oil/gas and put it in the long life assets of oil sands. A little rich, but would consider buying at this price.

TOP PICK

Have the Horizon's oil sands project coming on in 2008. Likes the 46% of gas that they have. There has been a destruction of the gas supply from the south. The gas is also a nice hedge as you need gas to get the oil out of the oil sands. Also doing deep shore drilling off the Ivory Coast.

BUY ON WEAKNESS

Right now this name is a little bit over done. For a 3/5 year outlook, it's an outstanding play. Has benefited from its association with the oil sands.

BUY

Expect the multiples to expand on most oil/gas companies. Good company. Price of oil will be higher.

HOLD

A very high quality oil/gas. The big question with oil/gas stocks here is they've had such a ramp, is it time to step in? Have taken some profits in this sector, but remain overweight. Can they manage the costs on their expansion? Good long term investment.

BUY ON WEAKNESS

Has corrected back. If you are not a shareholder, give it a bit of time here to correct back a little more. Try to get it in the mid $40's. The Horizon project is a go.

TOP PICK

Good long term value. Really likes Horizon oil sands project. Down 12% in a week makes it attractive. There will be volatility. Reasonable cash flow multiple. Likes the growth.

TOP PICK

(A Top Pick May 18/05. Up 63%.) In this area, he follows 3 very closely. CNQ (CNQ-T), Encana (ECA-T) and Talisman TLM-T). Talisman, CNQ and Encana are cheap to expensive in that order. Would want to see Encana come off 3/5%, but the other 2 are looking a bit toppy short term.

TOP PICK

Getting to be fully priced with the Horizon in there, but the cheapest company in the oil sands trading at 4 X cash flow. A balanced company with 1/3 heavy oil, 1/3 light, 1/3 natural gas, plus the Horizon asset.

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Canadian Natural Rsrcs (CNQ.TO)