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Research Alert: CFRA Maintains Sell Rating On Shares Of Canadian Natural Resources Limited

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CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:

We maintain our Sell rating (2-STARS) and reduce our TP to CAD57 from CAD62. This combines relative valuation and DCF analyses. We apply 6.8x EV to projected 2027 EBITDA, which is in-line with current levels, yielding CAD55. Our DCF model yields a value of CAD60. We continue to believe there is downside risk to crude pricing via a peaceful truce or demand degradation. While CNQ is capitalizing on the 'sugar rush' of crude pricing through their aggressive buybacks, we look through to normalized prices in FY 27. Q1 adjusted EPS was up CAD0.01 Y/Y on 3% growth in production to 1,643k boepd and lower realized crude and SCO pricing (-5-6%). YTD CNQ has repurchased +CAD600M in shares, with CAD300M coming in April alone. Our FY 26 EPS estimate is CAD5.90 and FY 27's is CAD4.36.

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