Canadian Natural Resources' (CNQ.TO) price target increased to $63 from $62 and maintained its Outperform rating, RBC Capital Markets said in a Thursday note.
National Bank of Canada on Thursday cut Canadian Natural Resources' price target to $49 from $51 while reiterating its Sector Perform rating.
RBC said CNQ remains its favorite senior producer in Canada and currently represents the most compelling buying opportunity among its Canadian majors group.
Canadian Natural Resources' fourth-quarter 2024 results include production of 1.47 million barrels of oil equivalent per day and bottom-line results which exceeded market expectations amid better
margins, RBC said.
"Our bullish stance towards CNQ reflects its strong leadership team, shareholder alignment, free cash flow generation throughout cycles, best-in-class operating performance and abundant shareholder returns," RBC said.
Meanwhile, National Bank's lower price target was driven by the bank's 6.5x target multiple, down from 7.0x, reflecting the company's long-term average,
The bank said its adjustments have impacted its 2025 and 2026 cash flow estimates, resulting in the price target cut.
Canadian Natural Resources' share price rose 1.4% on Thursday to $39.95 on the TSX.
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