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Canadian Natural Resources Kept at Outperformer at CIBC Ahead of Q1 Results; Price Target at C$70.00

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CIBC Capital Markets reiterated its outperformer rating on the shares of Canadian Natural Resources (CNQ.TO, CNQ) ahead of the May 7 release of its first-quarter results.

"We estimate Q1/26 production of 1,635 MBoe/d and CFPS of $2.07, vs. consensus of 1,642 MBoe/d and $2.00, respectively. We expect the company to show strong thermal production as Pike 1 ramps up, along with Q/Q growth in the conventional segment, driven by organic and inorganic growth during the quarter. The company repurchased $470 million of shares during Q1/26. We expect the company to reach its $16 billion net debt target by the end of Q1/26 or April 2026, at which time it will increase shareholder returns to 75% from 60%. We expect share buybacks to remain the primary method of shareholder returns.," the investment bank wrote

Price: $64.35, Change: $+0.47, Percent Change: +0.74%

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