Canadian Natural Receives a Buy from Canaccord Genuity

By Jason Carr

Canaccord Genuity analyst Dennis Fong reiterated a Buy rating on Canadian Natural (NYSE: CNQ) today and set a price target of $50. The company’s shares closed last Friday at $32.21.

According to, Fong is a 5-star analyst with an average return of 15.1% and a 56.6% success rate. Fong covers the Basic Materials sector, focusing on stocks such as Athabasca Oil Corporation, Whiting Petroleum Corp, and Freehold Royalties Ltd.

Currently, the analyst consensus on Canadian Natural is Strong Buy and the average price target is $55, representing a 70.8% upside.

In a report issued on March 10, RBC Capital also reiterated a Buy rating on the stock with a $60 price target.

Based on Canadian Natural’s latest earnings report for the quarter ending December 31, the company posted quarterly revenue of $2.59 billion and quarterly net profit of $424 million. In comparison, last year the company earned revenue of $2.09 billion and had a net profit of $98.1 million.

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Canadian Natural Resources Ltd. is a senior independent crude oil and natural gas exploration, development and production company. The company’s exploration and production operations are focused in North America, largely in Western Canada; the United Kingdom portion of the North Sea; and Côte d’Ivoire, Gabon, and South Africa in Offshore Africa. The Horizon Oil Sands Mining and Upgrading segment produces synthetic crude oil through bitumen mining and upgrading operations. The company within Western Canada maintains certain midstream activities that include pipeline operations and an electricity cogeneration system. Canadian Natural Resources was founded on November 7, 1973 and is headquartered in Calgary, Canada.