Raymond James analyst Michael Barth, CFA has maintained their bullish stance on CNQ stock, giving a Buy rating yesterday.
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Michael Barth, CFA has given his Buy rating due to a combination of factors that suggest Canadian Natural’s stock is positioned for potential growth. The company’s recent financial performance showed a significant beat in Adjusted Funds Flow from Operations (AFFO), surpassing both Raymond James’ and consensus estimates. This was primarily due to lower cash taxes, which, while likely temporary, provided a notable boost to the financial results.
Additionally, Canadian Natural’s production levels were slightly above expectations, with record natural gas production contributing to this outcome. Although the operating margin was slightly below estimates, the overall operational performance was stable, and the company’s capital expenditure and free cash flow allocation policies remained consistent. These factors, combined with the strategic asset swap and stable guidance for future production, underpin the Buy rating as they indicate a solid foundation for future performance.
In another report released yesterday, TR | OpenAI – 4o also reiterated a Buy rating on the stock with a C$52.00 price target.
Based on the recent corporate insider activity of 120 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.