Lloyd Byrne, an analyst from Jefferies, maintained the Hold rating on Canadian Natural. The associated price target was raised to C$46.00.
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Lloyd Byrne’s rating is based on a combination of factors that reflect Canadian Natural’s current financial performance and strategic outlook. The company reported cash flow per share that exceeded expectations, primarily due to reduced royalty expenses. While production levels were consistent with forecasts, operating expenses and realizations were slightly below projections, indicating a focus on cost efficiency.
Additionally, Canadian Natural has demonstrated strong efficiency improvements, particularly in areas like the Athabasca Oil Sands Project and Duvernay, which contribute to its operational strength. The company’s plans to update its fiscal year 2025 guidance in the third quarter of 2025 are anticipated by investors, who are also interested in potential acquisitions and solvent projects. These factors together suggest a stable but cautious outlook, justifying the Hold rating.
Byrne covers the Energy sector, focusing on stocks such as Schlumberger, Sable Offshore, and Expand Energy. According to TipRanks, Byrne has an average return of 17.1% and a 51.36% success rate on recommended stocks.