Canadian Natural Resources (CNQ) Stock Forecast & Price Target

C$49.61

-0.20 (-0.40%)

(As of 10/8/2024 ET)

Canadian Natural Resources - Analysts' Recommendations and Stock Price Forecast (2024)

MarketBeat calculates consensus analyst ratings for stocks using the most recent rating from each Wall Street analyst that has rated a stock within the last twelve months. Each analyst's rating is normalized to a standardized rating score of 1 (sell), 2 (hold), 3 (buy) or 4 (strong buy). Analyst consensus ratings scores are calculated using the mean average of the number of normalized sell, hold, buy and strong buy ratings from Wall Street analysts. Each stock's consensus analyst rating is derived from its calculated consensus ratings score (0 to .5 = Strong Sell, .5 to 1 = Sell, 1 to 1.5 = Reduce, 1.5 to 2.5 = Hold, 2.5 to 3.0 = Moderate Buy, 3.0 to 3.5 = Buy, >3.5 = Strong Buy). MarketBeat's consensus price targets are a mean average of the most recent available price targets set by each analyst that has set a price target for the stock in the last twelve months. MarketBeat's consensus ratings and consensus price targets may differ from those calculated by other firms due to differences in methodology and available data.

Consensus Rating

Hold

Based on 15 Analyst Ratings

Sell
0

Hold
8

Buy
7

Based on 15 Wall Street analysts who have issued ratings for Canadian Natural Resources in the last 12 months, the stock has a consensus rating of "Hold." Out of the 15 analysts, 8 have given a hold rating, and 7 have given a buy rating for CNQ.

Consensus Price Target

C$78.53
58.29% Upside

According to the 15 analysts' twelve-month price targets for Canadian Natural Resources, the average price target is C$78.53. The highest price target for CNQ is C$126.00, while the lowest price target for CNQ is C$49.00. The average price target represents a forecasted upside of 58.29% from the current price of C$49.61.

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CNQ Analyst Ratings Over Time

Type	Current Forecast 10/9/23 to 10/8/24	1 Month Ago 9/9/23 to 9/8/24	3 Months Ago 7/11/23 to 7/10/24	1 Year Ago 10/9/22 to 10/9/23
Strong Buy	0 Strong Buy rating(s)	0 Strong Buy rating(s)	0 Strong Buy rating(s)	0 Strong Buy rating(s)
Buy	7 Buy rating(s)	6 Buy rating(s)	7 Buy rating(s)	8 Buy rating(s)
Hold	8 Hold rating(s)	8 Hold rating(s)	7 Hold rating(s)	3 Hold rating(s)
Sell	0 Sell rating(s)	0 Sell rating(s)	0 Sell rating(s)	0 Sell rating(s)
Consensus Price Target	C$78.53	C$90.88	C$104.88	C$90.88
Forecasted Upside	58.29% Upside	101.63% Upside	113.73% Upside	8.24% Upside
Consensus Rating	Hold	Hold	Moderate Buy	Moderate Buy

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CNQ Analyst Recommendations By Month

The chart below shows how a company's ratings by analysts have changed over time. Each bar represents the previous year of ratings for that month. Within each bar, the sell ratings are shown in red, the hold ratings are shown in yellow, the buy ratings are shown in green, and the strong buy ratings are shown in dark green.

CNQ Price Targets by Month

The chart below shows how a company's share price and consensus price target have changed over time. The dark blue line represents the company's actual price. The lighter blue line represents the stock's consensus price target. The even lighter blue range in the background of the two lines represents the low price target and the high price target for each stock.

Canadian Natural Resources Stock vs. The Competition

Type	Canadian Natural Resources	Energy Companies
Consensus Rating Score	2.47	2.78
Consensus Rating	Hold	Moderate Buy
News Sentiment Rating	Positive News See Recent CNQ News	Neutral News

Recent Analyst Forecasts and Stock Ratings

Rating

Upside/Downside

Action

Time Frame

Start Date

End Date

Show

Export to Excel

Date	Brokerage	Analyst Name	Action	Rating	Price Target	Upside/Downside on Report Date
10/8/2024	Raymond James 4 of 5 stars	M. Barth Subscribe to MarketBeat All Access for the recommendation accuracy rating	Boost Target	Market Perform	C$48.00 ➝ C$51.00	+3.01%
10/8/2024	ATB Capital 4 of 5 stars		Boost Target	Outperform	C$58.00 ➝ C$60.00	+21.19%
10/8/2024	Desjardins 2 of 5 stars		Upgrade	Hold ➝ Buy	C$56.00 ➝ C$59.00	+19.17%
10/8/2024	National Bankshares Subscribe to MarketBeat All Access for the recommendation accuracy rating		Boost Target	Sector Perform	C$52.00 ➝ C$53.00	+7.05%
10/8/2024	Royal Bank of Canada Subscribe to MarketBeat All Access for the recommendation accuracy rating		Boost Target	Outperform	C$59.00 ➝ C$62.00	+25.23%
10/8/2024	BMO Capital Markets Subscribe to MarketBeat All Access for the recommendation accuracy rating		Boost Target	Outperform	C$57.50 ➝ C$60.00	+21.19%
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10/8/2024	TD Securities Subscribe to MarketBeat All Access for the recommendation accuracy rating		Boost Target	Buy	C$56.00 ➝ C$58.00	+17.15%
10/8/2024	Gerdes Energy Research Subscribe to MarketBeat All Access for the recommendation accuracy rating		Boost Target		C$52.00 ➝ C$53.00	+7.05%
9/16/2024	Jefferies Financial Group Subscribe to MarketBeat All Access for the recommendation accuracy rating		Lower Target	Hold	C$52.00 ➝ C$49.00	+11.85%
7/18/2024	Wolfe Research Subscribe to MarketBeat All Access for the recommendation accuracy rating	D. Leggate Subscribe to MarketBeat All Access for the recommendation accuracy rating	Upgrade	Hold
6/11/2024	Scotiabank Subscribe to MarketBeat All Access for the recommendation accuracy rating		Lower Target	Sector Perform	C$114.00 ➝ C$57.00	+16.54%
4/23/2024	Stifel Nicolaus Subscribe to MarketBeat All Access for the recommendation accuracy rating		Boost Target	Buy	C$110.00 ➝ C$126.00	+20.31%
4/22/2024	CIBC Subscribe to MarketBeat All Access for the recommendation accuracy rating		Boost Target	Outperform	C$105.00 ➝ C$115.00	+8.76%
4/9/2024	UBS Group Subscribe to MarketBeat All Access for the recommendation accuracy rating		Boost Target		C$113.00 ➝ C$124.00	+12.78%
4/8/2024	Evercore Subscribe to MarketBeat All Access for the recommendation accuracy rating		Boost Target		C$105.00 ➝ C$115.00	+5.42%
3/4/2024	JPMorgan Chase & Co. Subscribe to MarketBeat All Access for the recommendation accuracy rating		Boost Target		C$102.00 ➝ C$106.00	+10.07%
12/14/2023	Wells Fargo & Company Subscribe to MarketBeat All Access for the recommendation accuracy rating		Lower Target		C$95.00 ➝ C$86.00	-0.70%
10/12/2023	National Bank Financial Subscribe to MarketBeat All Access for the recommendation accuracy rating		Boost Target		C$90.00 ➝ C$101.00	+14.03%
4/6/2023	CSFB Subscribe to MarketBeat All Access for the recommendation accuracy rating		Lower Target		C$93.00 ➝ C$90.00	+13.92%
3/27/2023	Morgan Stanley Subscribe to MarketBeat All Access for the recommendation accuracy rating		Lower Target		C$90.00 ➝ C$87.00	+23.23%
1/12/2023	Stifel Firstegy Subscribe to MarketBeat All Access for the recommendation accuracy rating	M. Dunn Subscribe to MarketBeat All Access for the recommendation accuracy rating	Reiterated Rating	Buy

Analyst ratings data on MarketBeat is provided by Benzinga and other data providers. This page was last refreshed on Tuesday at 10:11 PM ET.

Should I Buy Canadian Natural Resources Stock? CNQ Pros and Cons Explained

These pros and cons were generated based on recent news and financial data from MarketBeat in order to provide readers with the fastest and most accurate insights. They were last updated on Tuesday, October 1, 2024. Please send any questions or comments about these Canadian Natural Resources pros and cons to contact@marketbeat.com.

Canadian Natural Resources
Bull Case

Here are some ways that investors could benefit from investing in Canadian Natural Resources Limited:

Canadian Natural Resources Limited has a strong track record of consistent revenue growth, indicating stability and potential for long-term returns.
The company's diversified portfolio of oil and gas assets across different regions provides a level of risk mitigation against regional market fluctuations.
With a current stock price at a 1-year low of $43.56, there may be an opportunity for investors to enter at a favorable valuation.
Canadian Natural Resources Limited's focus on operational efficiency and cost management enhances profitability even in challenging market conditions.
The company's recent quarterly earnings report exceeded analyst expectations, demonstrating strong financial performance.

Canadian Natural Resources
Bear Case

Investors should be bearish about investing in Canadian Natural Resources Limited for these reasons:

The volatility in oil and gas prices can significantly impact the company's revenue and profitability, exposing investors to market risks.
Environmental concerns and regulatory changes in the oil and gas industry may pose challenges to Canadian Natural Resources Limited's operations and future growth prospects.
High debt-to-equity ratio of 29.64 indicates a relatively high level of financial leverage, which can increase the company's risk profile.
Market analysts have lowered price targets for Canadian Natural Resources Limited, reflecting uncertainties in the industry and potential downside risks.
The company's stock performance has been on a downward trend, with a 3.5% decrease, signaling potential market skepticism and negative sentiment.

CNQ Forecast - Frequently Asked Questions

: According to the research reports of 15 Wall Street equities research analysts, the average twelve-month stock price forecast for Canadian Natural Resources is C$78.53, with a high forecast of C$126.00 and a low forecast of C$49.00.
: 15 Wall Street analysts have issued "buy," "hold," and "sell" ratings for Canadian Natural Resources in the last twelve months. There are currently 8 hold ratings and 7 buy ratings for the stock. The consensus among Wall Street analysts is that investors should "hold" CNQ shares. A hold rating indicates that analysts believe investors should maintain any existing positions they have in CNQ, but not buy additional shares or sell existing shares.
: According to analysts, Canadian Natural Resources's stock has a predicted upside of 58.29% based on their 12-month stock forecasts.
: Over the previous 90 days, Canadian Natural Resources's stock had 2 upgrades and 1 downgrade by analysts.
: Canadian Natural Resources has been rated by research analysts at ATB Capital, BMO Capital Markets, Desjardins, Gerdes Energy Research, Jefferies Financial Group, National Bankshares, Raymond James, Royal Bank of Canada, TD Securities, and Wolfe Research in the past 90 days.
: Analysts like Canadian Natural Resources less than other "energy" companies. The consensus rating for Canadian Natural Resources is Hold while the average consensus rating for "energy" companies is Moderate Buy. Learn more on how CNQ compares to other companies.