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Canadian Natural Resources Maintained at Sector Perform by National Bank of Canada

BY MT Newswires | ECONOMIC | 07/14/25 10:45 AM EDT

10:45 AM EDT, 07/14/2025 (MT Newswires) -- Canadian Natural Resources (CNQ) maintained its sector perform rating and $43 price target at National Bank of Canada, according to a note published Friday.

The target price was based on a 2025e 6.5x EV/DACF multiple, National Bank said.

Canadian Natural Resources (CNQ) hosted a site tour of its AOSP oil sands mine operation last week. The bank said it was impressed with the scale, scope and culture of continuous improvement across the company's Muskeg River and Jackfish mines.

The bank said key takeaways from the tour include the company's efforts to capture incremental gains at the operations, although it is slower to adopt autonomous haul trucks as efficiency gains are not enough to offset the upfront capital cost.

The bank said positive news related to tidewater access through federal government support would likely backstop future growth opportunities out of Canadian Natural Resources' (CNQ) portfolio.

The company's share price fell 1.4% at last look Monday to $43 on the TSX.

Price: 43.34, Change: -0.57, Percent Change: -1.30

MT Newswires does not provide investment advice. Unauthorized reproduction is strictly prohibited.

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