Tudor, Pickering, Holt on Thursday reiterated its hold rating on the shares of Canadian Natural Resources (CNQ.TO) with a C$50.00 price target following first-quarter results from the country's No.1 oil producer.
"On a headline basis, Q1'25 cash flow came in well above sell-side estimates with capex slightly better vs. expectations. On an AFFO basis, Q1'25 totaled C$4.5B, well above TPHe/Street (survey) C$4.1B/C$4.2B (C$2.16/shr vs. TPHe/Street C$1.93/C$1.94); compared to our model, the delta was almost half related to production with the rest balanced across realizations and expenses. On ops, 1,582mboepd average production came in better vs. TPHe/Street 1,534/1,552, primarily owing to SCO and to a lesser degree In Situ production vs. our model, with the delta vs. consensus more balanced between the two," analyst Jeoffrey Lambujon noted.
(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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