CIBC Capital Markets reiterated its outperformer rating on the shares of Canadian Natural Resources (CNQ.TO, CNQ) ahead of the May 7 release of its first-quarter results.

"We estimate Q1/26 production of 1,635 MBoe/d and CFPS of $2.07, vs. consensus of 1,642 MBoe/d and $2.00, respectively. We expect the company to show strong thermal production as Pike 1 ramps up, along with Q/Q growth in the conventional segment, driven by organic and inorganic growth during the quarter. The company repurchased $470 million of shares during Q1/26. We expect the company to reach its $16 billion net debt target by the end of Q1/26 or April 2026, at which time it will increase shareholder returns to 75% from 60%. We expect share buybacks to remain the primary method of shareholder returns.," the investment bank 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)

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