Canadian Natural Resources Ltd (CNQ) experienced a price decline of 3.87%, hitting a 20-day low during regular trading hours. This movement comes as the broader market faces challenges, with the Nasdaq-100 down 1.50% and the S&P 500 down 0.84%.
The decline in CNQ's stock price is attributed to broad market weakness, as the Federal Reserve's recent interest rate cuts amid persistent inflation and declining job growth have complicated market interpretations for investors. Additionally, an analyst downgrade from Desjardins, reducing the rating from 'Buy' to 'Hold', has contributed to the negative sentiment surrounding the stock.
Investors may need to reassess their positions in CNQ as the company continues to navigate a challenging economic landscape. The focus on sales growth rather than earnings could provide a clearer picture of the company's potential moving forward.
Wall Street analysts forecast CNQ stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for CNQ is 39.17 USD with a low forecast of 33.83 USD and a high forecast of 62.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
9 Analyst Rating
Wall Street analysts forecast CNQ stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for CNQ is 39.17 USD with a low forecast of 33.83 USD and a high forecast of 62.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
4 Buy
5 Hold
0 Sell
Moderate Buy
Current: 36.670
Low
33.83
Averages
39.17
High
62.00
Current: 36.670
Low
33.83
Averages
39.17
High
62.00
Morgan Stanley
Equal Weight
downgrade
$51 -> $50
2026-01-23
Reason
Morgan Stanley
Price Target
$51 -> $50
AI Analysis
2026-01-23
downgrade
Equal Weight
Reason
Morgan Stanley lowered the firm's price target on Canadian Natural to C$50 from C$51 and keeps an Equal Weight rating on the shares. The firm marked its 2026-27 oil price deck for strip as of January 7 in conjunction with its Q4 preview for the E&Ps, oil majors and Canadian producers. The firm expects "fairly clean" Q4 operational updates but lighter cash flow from price realizations, the analyst tells investors in the preview.
JPMorgan
Neutral
downgrade
$49 -> $48
2026-01-20
Reason
JPMorgan
Price Target
$49 -> $48
2026-01-20
downgrade
Neutral
Reason
JPMorgan lowered the firm's price target on Canadian Natural to C$48 from C$49 and keeps a Neutral rating on the shares. The firm adjusted ratings and targets in the integrated oils sector as part of its 2026 outlook. The outlook for the group continues to shaped by supply side risks for oil, but a more constructive outlook downstream, the analyst tells investors in a research note. Amid the rise in geopolitical risks, JPMorgan says the U.S. majors screen more attractive than the Canadian integrateds. It cites relative valuations for the rating changes.
Unlock Full Analyst Thesis， Get the complete breakdown of rating reason for CNQ
Unlock Now
Evercore ISI
Stephen Richardson
Outperform
to
In Line
downgrade
$50
2026-01-06
Reason
Evercore ISI
Stephen Richardson
Price Target
$50
2026-01-06
downgrade
Outperform
to
In Line
Reason
Evercore ISI analyst Stephen Richardson downgraded Canadian Natural to In Line from Outperform with an unchanged price target of C$50. The firm sees risks ahead for the company, saying higher capital spending will bring headwinds to its cash returns. Canadian Natural is "at the front end of a significant organic capital program and pivot to growth from the oil sands," the analyst tells investors in a research note. Evercore says this pivot will constrain shareholder returns in the immediate term.
Goldman Sachs
Buy
downgrade
$36 -> $35
2026-01-02
Reason
Goldman Sachs
Price Target
$36 -> $35
2026-01-02
downgrade
Buy
Reason
Goldman Sachs lowered the firm's price target on Canadian Natural to $35 from $36 and keeps a Buy rating on the shares. The firm updated targets in the oil group to reflect its updated Brent crude assumptions. Challenging macro conditions for oil are now well appreciated by the market, so investors are likely to begin to value equities on 2027 free cash flow, the analyst tells investors in a research note.
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.
