| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 78 | 12.5x | 17.6x | Top tier | |
Growth | 48 | 16.9% | 7.1% | Around median | |
Quality | 68 | 13.5% | 4.5% | Top tier | |
Safety | 79 | 0.7x | 2.6x | Top tier | |
Capital Return | 63 | 3.32% | 2.15% | Around median | |
Momentum | 83 | 50.6% | 2.3% | Top tier | |
Sentiment | 90 | 8 | 3 | Top tier |
Estimates — analyst targets and a simplified DCF, not investment advice.
Ten ratios that matter, each compared against its sector median and average — so you can see whether a number is rich or cheap relative to peers in the same sector.
Canadian Natural Resources Limited produces crude oil, natural gas, and natural gas liquids, with an asset base that includes oil sands mining and upgrading, in situ thermal production, and conventional exploration and production assets in North America. In Q2 FY2026, total average production reached a record 1.68 million barrels of oil equivalent per day; liquids production was 1.25 million barrels per day, approximately two-thirds of which consisted of higher-value light synthetic crude oil and natural gas liquids, while oil sands mining and upgrading production was approximately 625 thousand barrels per day.
In Q2 FY2026, the company recorded record adjusted net earnings of C$4.6 billion, or C$2.20 per share, and record adjusted funds flow of C$6.9 billion, or approximately C$3.30 per share. Oil sands mining and upgrading operations achieved upgrader utilization of 106%, operating costs of C$22.19 per barrel, and a record netback of approximately C$78 per barrel, supported by a synthetic crude oil premium to WTI of C$8.37 per barrel. The provided data did not disclose quarterly revenue or a consolidated net margin, but oil sands mining and upgrading production increased 35% year over year, and total production increased 18%.
For FY2025, revenue increased to $38.8 billion from $35.7 billion in FY2024, net income rose to $10.8 billion from $6.1 billion, and earnings per share increased to $5.16 from $2.85. This jump reflects clear financial improvement, but the annual track record remains cyclical; revenue ranged from $35.7 billion to $42.3 billion during FY2022–FY2025, and net income ranged from $6.1 billion to $10.9 billion.
The average analyst price target is $50.81, close to the upper end of the 52-week range of $51.48, while the target range extends from $35 to $63.6598024 and is accompanied by a “Buy” consensus. This wide dispersion, together with the absence of an earnings multiple, means the valuation depends significantly on the sustainability of record production, oil prices, and netbacks, and does not by itself provide a clear margin of safety.
Figures in the text are as of 2026-08-26; the live price is shown at the top of the page.
Total production reached a record 1.68 million barrels of oil equivalent per day, an increase of 18% from Q2 FY2025. Oil sands mining and upgrading production increased 35% to approximately 625 thousand barrels per day, with upgrader utilization of 106%. The SCO premium of C$8.37 per barrel and operating costs of C$22.19 per barrel contributed to record adjusted net earnings of C$4.6 billion.
The company raised its annual production range to between 1.64 and 1.68 million barrels of oil equivalent per day on August 6, 2026. The midpoint represents an increase of 20 thousand barrels of oil equivalent per day from the previous range, and this was the second guidance increase during FY2026. At the same time, the company maintained operating capital at approximately C$6 billion before net acquisition costs.
Direct returns in Q2 FY2026 were approximately C$2.4 billion, including C$1.3 billion in dividends and C$1.1 billion in share repurchases. The company reduced net debt by C$1.6 billion during the quarter, bringing combined direct and indirect returns to approximately C$4 billion. The repurchase policy targets 75% of free cash flow, rising to 100% after reaching the C$13 billion net debt target, which management expected to achieve in early FY2027 based on pricing conditions as of August 6, 2026.
Automated analysis for informational purposes only — not investment advice.
Mining and upgrading operations produced approximately 625 thousand barrels per day in Q2 FY2026, the highest quarterly level in the company's history. The netback was approximately C$78 per barrel with operating costs of C$22.19 per barrel, making these assets a major source of cash flow. Returns remain exposed to changes in the SCO premium, which was C$8.37 above WTI in that quarter, while management indicated on August 6, 2026, that it could approach WTI or exceed it by a few dollars during the remainder of FY2026.
The Peace River acquisitions were completed during Q1 and Q2 FY2026, and management said on August 6, 2026, that they had already been integrated and were contributing meaningfully to returns. The company targets reducing operating costs in the region by approximately 10% or more through consolidated scale and infrastructure. It also sees opportunities to increase liquids production, reduce drilling and completion costs, and use multilateral drilling in Charlie Lake.
Medium- and long-term growth projects were on hold as of August 6, 2026, pending completion of final agreements related to the proposed regulatory and financial framework. The affected projects include the 30 thousand-barrel-per-day Jackfish expansion and the 70 thousand-barrel-per-day Pike 2 project, in addition to the Albion and Horizon plans. Management emphasized that any decision to proceed with these projects must generate strong returns at mid-cycle prices and must not come at the expense of shareholder returns.
