Canadian Natural Rsrcs (CNQ.TO)

Unique company. Tends to be very cyclical, but its counter-cyclical framework gives it a huge edge. Amazing business that gushes cash. Loves it. Robust dividend. As balance sheet comes down, will allocate more capital to share buybacks, and that will be accretive to EPS. 

If you own, sit tight and let it work. If coming in fresh, wait for a bigger pullback.

He won't bet on commodities on bad news. They grow production every year and watch costs. They have giant reserves. Long term, a headwind will be growing demand for EVs, as in China. Oil will eventually revert to $50-60 and this stock will correct a bit. CNQ can grow production 3-5% a year and its dividend 5-10%. He will own this long term. Is doing all the right things.

He's trimmed a bit. If oil comes back, it will retrace quite heavily. 

Owns in the income growth fund. It is very well run and has a huge reserve base in Alberta. Long term it is fine for lower and higher oil prices.

Short term, what happens to the oil price and in the Middle East is going to kick these stocks around. Likes its low breakeven point. 

Still doing all the right things. Benefiting from the unanticipated increase in price of oil. Still not that expensive at 12-13x PE, with 8% FCF yield.

She will own this for the next 30 years. Very bullish. She likes CNQ at $60 oil, so $100 oil today is a bonus. Management is discipline, their Oil Sands are long-life with low decline, and have a strong dividend records. They make money even at low $50 oil. She added more shares recently.

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.