Tudor, Pickering, Holt on Thursday maintained its hold rating on the shares of Canadian Natural Resources (CNQ.TO, CNQ) with a C$70.00 price target as it updated its financial estimates for the country's No.1 oil producer.

"With our model update, we've increased our Q1'26 CFPS estimate to C$2.01 from C$1.73, putting us above consensus C$1.83. The primary driver was the mark-to-market refresh for benchmark pricing and realizations, which more than offset slight downward revisions to our estimates on oil volumes. For context, we lowered our total production estimate to 1,638mboepd vs. prior 1,657 / Street 1,658, with our update spread across reporting segments including NAM light oil and NGLs (now 188mboepd vs. prior 204 / Street 189) and thermal oil sands (now 279mbopd vs. prior 285 / Street 277); our OSM estimate remains unchanged (594mbopd vs. Street 600, with our model reflecting the NGTL outage impacts at Horizon), with our gas volume estimate ticking higher on the margin (now 2.60Bcf/d vs. prior 2.59 / Street 2.62)," analyst Jeoffrey Lambujon wrote.

(MT Newswires covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www.mtnewswires.com/contact-us)

Price: 64.56, Change: +0.44, Percent Change: +0.69