RBC Capital raised the firm’s price target on Canadian Natural (CNQ) to C$62 from C$59 and keeps an Outperform rating on the shares following its $6.5B cash acquisition of Chevron’s (CVX) assets in western Canada. The firm’s “decidedly bullish” stance towards the company reflects Canadian Natural’s strong leadership, shareholder alignment, free cash flow generation, best-in-class operating performance and abundant shareholder returns, the analyst tells investors in a research note. The company is also RBC’s “favorite senior producer”, the firm added.
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