Analysis of CNQ Options Contracts and Investment Opportunities
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Apr 24 2026
0mins
Should l Buy CNQ?
Source: NASDAQ.COM
- Put Option Appeal: The current bid for the $42.50 put option is 5 cents, and if an investor sells-to-open this contract, they commit to buying CNQ shares at $42.50, effectively lowering their cost basis to $42.45, which represents about a 5% discount to the current price of $44.73, making it an attractive option for potential investors.
- Put Option Expiry Risk: Current analytics indicate a 65% chance that this put contract will expire worthless, and if it does, the premium would yield a 0.12% return on the cash commitment, or 0.51% annualized, referred to as YieldBoost, highlighting the potential for returns while managing risk.
- Call Option Return Analysis: The $45.00 call option has a current bid of $1.05, and if an investor buys CNQ shares at $44.73 and sells this call, they could achieve a total return of 2.95% if the stock is called away at expiration, showcasing a viable profit opportunity under current market conditions.
- Call Option Expiry Probability: Current data shows a 49% chance that this call option will expire worthless, allowing investors to retain both their shares and the premium collected, which could represent a 2.35% additional return, or 10.20% annualized, further enhancing the investor's return potential.
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Analyst Views on CNQ
Wall Street analysts forecast CNQ stock price to fall
9 Analyst Rating
4 Buy
5 Hold
0 Sell
Moderate Buy
Current: 44.740
Low
33.83
Averages
39.17
High
62.00
Current: 44.740
Low
33.83
Averages
39.17
High
62.00
About CNQ
Canadian Natural Resources Limited is a senior crude oil and natural gas production company. The Company has operations in its core areas located in Western Canada, the United Kingdom portion of the North Sea and Offshore Africa. Its Oil Sands Mining and Upgrading segment produces synthetic crude oil through bitumen mining and upgrading operations at Horizon Oil Sands (Horizon) and through the Company's direct and indirect interest in the Athabasca Oil Sands Project (AOSP). Within Western Canada in the Midstream and Refining segment, the Company maintains certain activities that include pipeline operations, an electricity co-generation system and an investment in the North West Redwater Partnership (NWRP), a general partnership formed to upgrade and refine bitumen in the Province of Alberta. Its Pelican Lake asset is a large, contiguous, shallow, medium crude oil pool. It produces natural gas in western Canada and has a significant land base in both the Montney and Deep Basin.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
Canadian Natural Resources Reports Strong Q1 Earnings Despite Stock Decline
- Earnings Beat Expectations: Canadian Natural Resources (CNQ) reported Q1 adjusted earnings of C$1.17 per share, surpassing the C$1.05 analyst forecast, driven by increased production in its oil sands and conventional operations, although the stock fell due to declining crude oil prices.
- Net Earnings Decline: Q1 net earnings dropped to C$1.35 billion (approximately US$988 million), down from C$2.46 billion (C$1.17/share) in the same quarter last year, primarily impacted by C$1.1 billion in non-operating losses related to share-based compensation and foreign exchange fluctuations.
- Production Growth Continues: Total production rose 3.8% year-over-year to 1.64 million boe/day in Q1, aligning with the company's full-year output target, with crude oil and natural gas liquids volumes nearing 1.2 million bbl/day and gas production increasing 8.9% to 2.67 billion cf/day.
- Debt Reduction and Buybacks Accelerated: The company noted that higher commodity prices have facilitated debt reduction, bringing net debt below C$16 billion, and accelerated share buybacks with C$309 million repurchased in April, indicating positive financial management progress.
See More
Canadian Natural Resources Reports Q1 Profit Decline
- Profit Decline: Canadian Natural Resources reported a first-quarter profit of C$1.348 billion, or C$0.64 per share, down from C$2.458 billion and C$1.17 per share last year, indicating significant profitability challenges amid a tough market environment.
- Adjusted Earnings: Excluding items, the company reported adjusted earnings of C$2.446 billion, or C$1.17 per share, which, while stable compared to last year, fails to offset the overall profit decline, suggesting pressures on cost control and operational efficiency.
- Revenue Slightly Down: Revenue for the quarter was C$10.810 billion, a 1.2% decrease from C$10.939 billion last year, a trend that could impact the company's cash flow and reinvestment capacity, posing challenges for future growth.
- Uncertain Market Outlook: Given the volatility in global energy markets and pricing pressures, Canadian Natural Resources must reassess its strategy to address potential declines in profitability and intensifying market competition.
See More
Canadian Natural Resources Declares Quarterly Dividend of CAD 0.625
- Quarterly Dividend Announcement: Canadian Natural Resources has declared a quarterly dividend of CAD 0.625 per share, consistent with previous distributions, reflecting the company's stable cash flow and profitability.
- Dividend Payment Schedule: The dividend will be payable on July 7, with a record date of June 19 and an ex-dividend date also set for June 19, ensuring shareholders receive their returns promptly.
- Earnings Outlook Reaffirmed: The company reported a non-GAAP EPS of CAD 1.17, reaffirming its full-year outlook, indicating strong confidence in its future profitability.
- Earnings Beat Expectations: The non-GAAP EPS of CAD 0.82 exceeded market expectations by CAD 0.12, leading to an updated outlook for FY26, showcasing robust growth potential.
See More
Canadian Natural Resources Reports Strong Q1 Earnings
- Earnings Performance: Canadian Natural Resources reported a non-GAAP EPS of C$1.17 for Q1, exceeding market expectations and indicating strong profitability, which is likely to positively impact the stock price.
- Cash Flow Generation: The company generated approximately C$4.4 billion in adjusted funds flow in Q1, demonstrating robust cash flow that supports future investments and shareholder returns.
- Production Highlights: Average production for the quarter was approximately 1,643,000 BOE/d, with total liquids production around 1,198,000 bbl/d, of which 66% was synthetic crude oil, light crude oil, and NGLs, showcasing ongoing growth in resource development.
- Year-over-Year Growth: Total company production increased by 4% or approximately 61,000 BOE/d compared to Q1 2025, reflecting the company's competitive position and ongoing enhancements in production capacity.
See More
Canadian Natural Resources Q1 Earnings Preview
- Earnings Announcement Date: Canadian Natural Resources is set to announce its Q1 2023 earnings on May 7 before market open, with a consensus EPS estimate of $0.78, reflecting a significant year-over-year decline of 32.8%, which could directly impact investor sentiment.
- Historical Performance Review: Over the past two years, CNQ has beaten EPS estimates 88% of the time, yet has failed to surpass revenue estimates, indicating considerable volatility in profitability that may affect future investment decisions.
- Expectation Revision Dynamics: In the last three months, EPS estimates have seen four upward revisions and one downward revision, while revenue estimates have had one upward revision with no downward adjustments, suggesting a growing confidence in the company's future performance that may attract more investor interest.
- Market Reaction Potential: As the earnings report approaches, investor anticipation regarding the company's profitability and market performance is high, especially against the backdrop of current energy market fluctuations, with the earnings results likely to have a significant impact on stock prices.
See More
Canadian Crude Pipeline Project Nears Commitment Threshold
- Project Progress: The pipeline project led by South Bow Corp and Bridger Pipeline is expected to extend from Alberta through Montana to Wyoming, having secured commitments for approximately 400,000 barrels per day, which accounts for about 72% of its planned initial capacity.
- Export Potential: This project could boost Canadian crude exports to the U.S. by over 12% and revive portions of the infrastructure tied to the canceled Keystone XL project, demonstrating a proactive response to market demand.
- Industry Support: Major Canadian producers, including Cenovus Energy and Canadian Natural Resources, have shown support for the project, reflecting an urgent need within the industry to increase transportation capacity to accommodate rising output.
- Policy Momentum: Following U.S. President Trump's approval of a cross-border permit last week, the pipeline project has gained new momentum, with the potential to transport over 1 million barrels per day if built, although further connections will be necessary to reach major refining hubs.
See More
Canadian Natural Resources Reports Strong Q1 Earnings Despite Stock Decline
- Earnings Beat Expectations: Canadian Natural Resources (CNQ) reported Q1 adjusted earnings of C$1.17 per share, surpassing the C$1.05 analyst forecast, driven by increased production in its oil sands and conventional operations, although the stock fell due to declining crude oil prices.
- Net Earnings Decline: Q1 net earnings dropped to C$1.35 billion (approximately US$988 million), down from C$2.46 billion (C$1.17/share) in the same quarter last year, primarily impacted by C$1.1 billion in non-operating losses related to share-based compensation and foreign exchange fluctuations.
- Production Growth Continues: Total production rose 3.8% year-over-year to 1.64 million boe/day in Q1, aligning with the company's full-year output target, with crude oil and natural gas liquids volumes nearing 1.2 million bbl/day and gas production increasing 8.9% to 2.67 billion cf/day.
- Debt Reduction and Buybacks Accelerated: The company noted that higher commodity prices have facilitated debt reduction, bringing net debt below C$16 billion, and accelerated share buybacks with C$309 million repurchased in April, indicating positive financial management progress.
See More
Canadian Natural Resources Reports Q1 Profit Decline
- Profit Decline: Canadian Natural Resources reported a first-quarter profit of C$1.348 billion, or C$0.64 per share, down from C$2.458 billion and C$1.17 per share last year, indicating significant profitability challenges amid a tough market environment.
- Adjusted Earnings: Excluding items, the company reported adjusted earnings of C$2.446 billion, or C$1.17 per share, which, while stable compared to last year, fails to offset the overall profit decline, suggesting pressures on cost control and operational efficiency.
- Revenue Slightly Down: Revenue for the quarter was C$10.810 billion, a 1.2% decrease from C$10.939 billion last year, a trend that could impact the company's cash flow and reinvestment capacity, posing challenges for future growth.
- Uncertain Market Outlook: Given the volatility in global energy markets and pricing pressures, Canadian Natural Resources must reassess its strategy to address potential declines in profitability and intensifying market competition.
See More
Canadian Natural Resources Declares Quarterly Dividend of CAD 0.625
- Quarterly Dividend Announcement: Canadian Natural Resources has declared a quarterly dividend of CAD 0.625 per share, consistent with previous distributions, reflecting the company's stable cash flow and profitability.
- Dividend Payment Schedule: The dividend will be payable on July 7, with a record date of June 19 and an ex-dividend date also set for June 19, ensuring shareholders receive their returns promptly.
- Earnings Outlook Reaffirmed: The company reported a non-GAAP EPS of CAD 1.17, reaffirming its full-year outlook, indicating strong confidence in its future profitability.
- Earnings Beat Expectations: The non-GAAP EPS of CAD 0.82 exceeded market expectations by CAD 0.12, leading to an updated outlook for FY26, showcasing robust growth potential.
See More
Canadian Natural Resources Reports Strong Q1 Earnings
- Earnings Performance: Canadian Natural Resources reported a non-GAAP EPS of C$1.17 for Q1, exceeding market expectations and indicating strong profitability, which is likely to positively impact the stock price.
- Cash Flow Generation: The company generated approximately C$4.4 billion in adjusted funds flow in Q1, demonstrating robust cash flow that supports future investments and shareholder returns.
- Production Highlights: Average production for the quarter was approximately 1,643,000 BOE/d, with total liquids production around 1,198,000 bbl/d, of which 66% was synthetic crude oil, light crude oil, and NGLs, showcasing ongoing growth in resource development.
- Year-over-Year Growth: Total company production increased by 4% or approximately 61,000 BOE/d compared to Q1 2025, reflecting the company's competitive position and ongoing enhancements in production capacity.
See More
Canadian Natural Resources Q1 Earnings Preview
- Earnings Announcement Date: Canadian Natural Resources is set to announce its Q1 2023 earnings on May 7 before market open, with a consensus EPS estimate of $0.78, reflecting a significant year-over-year decline of 32.8%, which could directly impact investor sentiment.
- Historical Performance Review: Over the past two years, CNQ has beaten EPS estimates 88% of the time, yet has failed to surpass revenue estimates, indicating considerable volatility in profitability that may affect future investment decisions.
- Expectation Revision Dynamics: In the last three months, EPS estimates have seen four upward revisions and one downward revision, while revenue estimates have had one upward revision with no downward adjustments, suggesting a growing confidence in the company's future performance that may attract more investor interest.
- Market Reaction Potential: As the earnings report approaches, investor anticipation regarding the company's profitability and market performance is high, especially against the backdrop of current energy market fluctuations, with the earnings results likely to have a significant impact on stock prices.
See More
Canadian Crude Pipeline Project Nears Commitment Threshold
- Project Progress: The pipeline project led by South Bow Corp and Bridger Pipeline is expected to extend from Alberta through Montana to Wyoming, having secured commitments for approximately 400,000 barrels per day, which accounts for about 72% of its planned initial capacity.
- Export Potential: This project could boost Canadian crude exports to the U.S. by over 12% and revive portions of the infrastructure tied to the canceled Keystone XL project, demonstrating a proactive response to market demand.
- Industry Support: Major Canadian producers, including Cenovus Energy and Canadian Natural Resources, have shown support for the project, reflecting an urgent need within the industry to increase transportation capacity to accommodate rising output.
- Policy Momentum: Following U.S. President Trump's approval of a cross-border permit last week, the pipeline project has gained new momentum, with the potential to transport over 1 million barrels per day if built, although further connections will be necessary to reach major refining hubs.
See More
