TD Cowen analyst Menno Hulshof has maintained their bullish stance on CNQ stock, giving a Buy rating yesterday.
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Menno Hulshof has given his Buy rating due to a combination of factors that highlight Canadian Natural’s strategic consistency and growth potential. The company has demonstrated a strong commitment to enhancing its bottom line and return on capital, supported by a deep resource inventory and flexible capital allocation. The integration of AOSP/Horizon and the expansion of in situ projects are expected to provide significant upside, contributing to a modest increase in the net present value and a slight revision of the price target to C$54.00.
The company’s advantageous positioning in resource life index, decline rates, and organic growth opportunities are key strengths supporting the Buy rating. Additionally, Canadian Natural’s thermal in situ portfolio offers capital-efficient opportunities that can drive further growth. While there are no new developments in natural gas and oil market diversification, the company’s strategic focus remains robust, and the potential for future guidance aligns with previous estimates, reinforcing confidence in its long-term growth trajectory.
In another report released yesterday, RBC Capital also reiterated a Buy rating on the stock with a $62.00 price target.
Based on the recent corporate insider activity of 119 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of CNQ in relation to earlier this year.