Company Overview: Canadian Natural Resources Limited (NYSE: CNQ) is recognized as one of the most undervalued international stocks, with analysts projecting a 21% upside based on a consensus price target of $37.79.
Earnings Report: The company reported fiscal Q2 2025 earnings with revenue of $6.33 billion, a 3% year-over-year decline, but an EPS of $0.52 that exceeded expectations by $0.02.
Production Insights: Despite maintenance downtime reducing production by about 120,000 barrels per day, total production remained strong at approximately 1.42 million barrels of oil equivalent per day, with plans to drill more wells.
Investment Perspective: While CNQ shows potential as an investment, some analysts suggest that certain AI stocks may offer better upside potential and lower risk.
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: 35.490
Low
33.83
Averages
39.17
High
62.00
Current: 35.490
Low
33.83
Averages
39.17
High
62.00
JPMorgan
Neutral
downgrade
$49 -> $48
2026-01-20
New
Reason
JPMorgan
Price Target
$49 -> $48
AI Analysis
2026-01-20
New
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.
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.
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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.
Desjardins
Chris MacCulloch
Buy
to
Hold
downgrade
$C$52
2025-11-24
Reason
Desjardins
Chris MacCulloch
Price Target
$C$52
2025-11-24
downgrade
Buy
to
Hold
Reason
Desjardins analyst Chris MacCulloch downgraded Canadian Natural to Hold from Buy with a C$52 price target.
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.
