On September 2, Canadian Natural Resources rose 3.02% in regular trading, trading at $51.585/share, with turnover of $137 million. The stock broke above its prior 52-week high of $51.48, setting a new all-time record.

On the news front, CIBC Capital Markets recently raised its target price on Canadian Natural Resources from CA$70 to CA$75. The upgrade comes on the heels of a strong Q2 earnings report in which the company posted adjusted EPS of $1.58, beating the consensus estimate of $1.40 by 12.86% and representing a 209.8% year-over-year increase. Q2 revenue came in at CA$14.74 billion, well above the FactSet estimate of CA$13.36 billion. Total production reached 1.677 million barrels of oil equivalent per day, an 18% year-over-year increase, with SCO output at approximately 625,000 barrels per day at a 106% utilization rate. The company subsequently raised full-year production guidance to 1.637 to 1.682 million BOE/day. Additionally, the board declared a quarterly dividend of $0.625 per share, marking the 26th consecutive year of dividend growth.

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