Canadian Natural Resources Limited (NYSE:CNQ) is included among the 15 Best Safe Dividend Stocks for 2026.
On March 12, Goldman Sachs raised its price recommendation on Canadian Natural Resources Limited (NYSE:CNQ) to $49 from $37. The firm reiterated a Buy rating on the shares. In a research note, the analyst said estimates across U.S. Majors and Canadian Oils were revised following recent disruptions in the Middle East. Price targets were lifted even though equity performance has already been strong so far this year.
Earlier, on March 5, the company reported fourth-quarter results that came in above analysts’ expectations. Executives pointed to the company’s ability to manage sharp swings in oil prices, supported by its low-cost structure and diversified operations. Canada’s largest oil and gas producer delivered stronger results during a broader sector downturn tied to uncertainty around U.S. tariffs and rising supply from OPEC+.
Production increased 12.8% from a year earlier to a record 1.66 million barrels of oil equivalent per day in the fourth quarter. The company also raised its 2026 production outlook to between 1.62 million and 1.67 million boepd, compared with its earlier forecast of 1.59 million to 1.65 million boepd. Oil prices that had weakened in the fourth quarter later moved higher following the U.S.-Israel war on Iran. The conflict has reduced crude supply from the Middle East and supported prices for Canadian oil sands heavy crude. CEO Scott Stauth said the company plans to remain steady despite volatility in commodity prices. Canadian Natural currently holds contracted crude oil transportation capacity of 256,500 barrels per day, including committed volumes to Canada’s west coast for overseas exports and to the US Gulf Coast.
Canadian Natural Resources Limited (NYSE:CNQ) operates as a senior crude oil and natural gas producer. Its core operations are located in Western Canada, the United Kingdom portion of the North Sea, and Offshore Africa.
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