National Bank Raises Canada Natural Resources (CNQ) PT to C$45

Canadian Natural Resources Limited (NYSE:CNQ) is one of the cheap Canadian stocks to buy now. On July 17, National Bank raised its price target for Canadian Natural Resources to C$45 from C$43, while maintaining a Sector Perform rating on the shares. The adjustment shows an updated evaluation of the firm’s prospects and aligns with investor expectations.

The company achieved rea cord quarterly production of ~1.82 million barrels of oil equivalents/BOEs per day in Q1 2025. Record Synthetic Crude Oil/SCO production reached 595,000 barrels per day, which was a 34% year-over-year increase.

A pipeline snaking through a desert canyon, representing a energy’s transport infrastructure.

Canadian Natural Resources also reported adjusted funds flow of ~$4.5 billion and adjusted net earnings of $2.4 billion. However, cold weather has impacted operations at Canadian Natural Resources, and there is uncertainty surrounding the timing of a Shell swap, which could influence future volume guidance. The WTI breakeven cost in the low to mid-$40s could be pressured by lower commodity prices.

Canadian Natural Resources Limited (NYSE:CNQ) is an energy company that acquires, explores, develops, produces, markets, and sells crude oil, natural gas, and natural gas liquids/NGLs in Western Canada, the UK sector of the North Sea, and Offshore Africa.

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Disclosure: None. This article is originally published at Insider Monkey.