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

WAIT

Had a good run recently on the news that they are going to go ahead with Horizon and they have the capital to do it. Likes the story and should be a core holding in the large caps. Wouldn't chase it at this price, but on any correction in energy would pick some up.

TOP PICK

The cheapest of all the major Canadian producers. It should sell at 5 X cash flow. Once the Horizon project is up and running, this could be close to 500,000 barrels a day.

BUY

Stock responded very well to the news that they were going to proceed with the heritage project. Technically, the stock is very strong. Seasonality period for energy is from the end of January to the end of May. This particular case started early and will probably end early, i.e. a technical SELL signal will probably come before the end of May.

BUY

Trading around 14.2 X cash flow which is very compelling. Has some heavy oil, so you have to watch the light/heavy spread. Has the prospect of a significant heavy oil project in the oil sands. Also has natural gas.

PAST TOP PICK

(A Top Pick Dec 1/04. Up 17%.) Far more to go. The upside potential is more than 100% from here.

TOP PICK

Over the last 15 years has been a top decile performer, i.e. always in the top 10% of its peer group with respect to operating costs, growth, finding development costs. A very well run company. One of the cheapest ones out there trading at a multiple of about 4 X cash flow. Their oil sands project with Horizon isn't factored into the stock.

DON'T BUY

A great, well managed company. A lot of heavy oil exposure. Spreads on light/heavy oil widened dramatically at the end of '04. Impressed with their operations longer term, but prefers Encana at this time.

BUY

Prefers smaller capped, faster growers. Good quality company with relatively good growth in their sector. Has a heavier amount of heavy oil in its mix than others. Depending on how the spread is acting, the earnings might suffer.

BUY

Have reduced their weighting. If you take their earnings and put it in their balance sheet, looking out a year, the stock could be $69.

DON'T BUY

The highest beta large cap energy in Canada. Depends on your view of oil for the next 6 months. Feels there is some downside risk in oil the next 6 months and upside beyond. However China looks like it will be having a pipeline. Still feels there will be downside near term.

TOP PICK

Likes the energy space. At 3.2 X this year's cash flow. Not paying very much for its oil sands participation. 1/3 of their production is heavy oil.

BUY

Investors owning this stock are still not paying for the Horizon Oil Sands project which is still a number of years away. Even with this out of the equation, this is one of the cheapest senior producers. Can still make some good money.

TRADE

Q: Switch from CNQ to Talisman? A: Saw some good announcements today that Talisman was going to grow production by 5% and they have a good balance sheet, but likes CNQ management which is very focused on shareholders' growth.

BUY

Much more focused on natural gas versus heavy oil now. In the short term, the spread on heavy oil is too large, so they are not making any money on this side. Longer term, this is a brilliant company and very cheap.

BUY

Had decent production growth in '05. Intermediate to long term they have solid production growth opportunities through their Horizon project in the Oil Sands. There's a broad global audience for this stock. Valuations are quite cheap.

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Canadian Natural Rsrcs (CNQ.TO)