Canadian Natural Resources Limited

TSX:CNQ Stock Report

Market Cap: CA$137.7b

Canadian Natural Resources Future Growth

Future criteria checks 0/6

Canadian Natural Resources's revenue and earnings are forecast to decline at 0.9% and 5.1% per annum respectively. EPS is expected to decline by 1.2% per annum. Return on equity is forecast to be 18.1% in 3 years.

Key information

-5.1%

Earnings growth rate

-1.18%

EPS growth rate

Oil and Gas earnings growth10.1%
Revenue growth rate-0.9%
Future return on equity18.11%
Analyst coverage

Good

Last updated23 Jul 2026

Recent future growth updates

Recent updates

Narrative Update • Jul 21

CNQ: Future Cash Returns Look Supported By Record Output And Carbon Capture

Analysts have raised their fair value estimate for Canadian Natural Resources from CA$75.00 to about CA$83.23, citing updated assumptions for revenue growth, profit margins, and a lower future P/E multiple, along with recent shifts in Street price targets in the CA$71 to CA$74 range. Analyst Commentary Recent research on Canadian Natural Resources shows a range of views on valuation, but several bullish analysts are highlighting upside potential tied to execution and capital allocation.
Narrative Update • Jul 06

CNQ: Future Oilsands Expansion And Pipeline Timing Will Shape Balanced Outlook

Analysts have lifted their fair value estimate for Canadian Natural Resources from CA$43.00 to about CA$57.47, citing updated price targets from firms covering the stock and revised assumptions for revenue trends, margins and future P/E expectations. Analyst Commentary Recent Street research on Canadian Natural Resources reflects a mix of optimism on the company and pockets of caution around execution risks, future growth assumptions and how current trading levels line up with updated fair value views.
Narrative Update • Jun 22

CNQ: Future Buybacks And West Coast Pipeline Progress Will Drive Returns

Analysts have nudged their fair value estimate for Canadian Natural Resources slightly higher to CA$71.20, reflecting a series of recent price target increases, including moves to CA$74 and higher Outperform ratings following the stock's selloff. Analyst Commentary Recent Street research on Canadian Natural Resources has tilted positive, with several firms adjusting price targets higher and reaffirming favorable views after the stock's selloff.
Narrative Update • Jun 05

CNQ: Future Buybacks And Pipeline Decisions Will Shape Shareholder Returns

The fair value estimate for Canadian Natural Resources has been adjusted from CA$69.75 to CA$71.05 as analysts incorporate a series of higher Street price targets and updated assumptions for revenue growth, margins, and future P/E multiples. Analyst Commentary Recent Street research on Canadian Natural Resources has been active, with multiple firms updating ratings and price targets.
Analysis Article • May 17

Canadian Natural Resources (TSE:CNQ) Strong Profits May Be Masking Some Underlying Issues

The recent earnings posted by Canadian Natural Resources Limited ( TSE:CNQ ) were solid, but the stock didn't move as...
Analysis Article • May 13

Industry Analysts Just Upgraded Their Canadian Natural Resources Limited (TSE:CNQ) Revenue Forecasts By 11%

Shareholders in Canadian Natural Resources Limited ( TSE:CNQ ) may be thrilled to learn that the analysts have just...
Narrative Update • May 09

CNQ: Future Dividend And Buyback Policy Will Drive Shareholder Returns

Canadian Natural Resources' updated analyst price target has edged up to CA$69.75 from CA$69.68, with analysts generally linking this refinement to adjusted expectations for revenue growth, profit margins, and a slightly lower future P/E multiple, following a series of recent target increases and rating changes across the Street. Analyst Commentary Recent research coverage on Canadian Natural Resources has been active, with multiple firms adjusting ratings and price targets across a relatively tight range.
Narrative Update • Apr 20

CNQ: Higher Dividend And Buybacks Will Shape Future Shareholder Returns

Analysts have lifted the fair value estimate for Canadian Natural Resources to CA$69.68 from CA$61.47, citing updated price targets across several firms, along with expectations for slightly positive revenue growth, a higher profit margin, and a modestly lower future P/E multiple. Analyst Commentary Recent Street research on Canadian Natural Resources shows a mix of optimism and caution, with several firms adjusting price targets and a few shifting ratings.
Narrative Update • Apr 04

CNQ: Higher Capital Program And Cash Returns Will Shape Balanced Future Prospects

Analysts have nudged the fair value estimate for Canadian Natural Resources higher from CA$58.60 to about CA$61.47. This reflects a round of recent price target increases that balance concerns about higher capital spending and near term cash return pressure with continued recognition of the company’s leadership, operating performance and exposure to recent commodity and geopolitical shifts.
Narrative Update • Mar 21

CNQ: Elevated Capital Spending Will Constrain Cash Returns Despite Rising Street Optimism

Analysts have raised the fair value estimate for Canadian Natural Resources from CA$54.90 to CA$58.60, citing updated price targets across the Street, as well as support from slightly higher margin assumptions and modestly better revenue trends, even as views on future P/E and ratings remain mixed. Analyst Commentary Recent research views on Canadian Natural Resources are mixed, with several bullish analysts lifting price targets while a smaller group has turned more cautious on execution and capital allocation.
New Narrative • Mar 21

Long Life Oil Sands Reserves And Thermal Projects Will Support Stronger Future Performance

Catalysts About Canadian Natural Resources Canadian Natural Resources is a large oil and gas producer with a diverse mix of Oil Sands, thermal, primary heavy oil and natural gas assets. What are the underlying business or industry changes driving this perspective?
Narrative Update • Mar 07

CNQ: Elevated Capital Program And Peace River Deal Will Pressure Cash Returns

Analysts have lifted their average fair value estimate for Canadian Natural Resources from CA$51.60 to about CA$54.90. This reflects a series of higher Street price targets that highlight confidence in the company’s leadership, shareholder alignment, and operating performance, even as some point to higher capital spending and near term cash return headwinds.
New Narrative • Mar 06

Carbon Policy And Methane Rules Will Pressure Oil Sands Margins Over Time

Catalysts About Canadian Natural Resources Canadian Natural Resources is a large Canadian oil and gas producer with a focus on long life, low decline Oil Sands, thermal in situ and conventional assets. What are the underlying business or industry changes driving this perspective?
Narrative Update • Feb 17

CNQ: Capital Program And Asset Deal Will Shape Future Cash Returns

Analysts have trimmed their average price target on Canadian Natural Resources by about CA$1. This reflects updated views on fair value, a slightly higher discount rate, softer expected revenue trends, lower projected profit margins, and a higher assumed future P/E multiple in light of planned capital spending and its potential impact on near term cash returns.
Analysis Article • Jan 04

Returns Are Gaining Momentum At Canadian Natural Resources (TSE:CNQ)

Did you know there are some financial metrics that can provide clues of a potential multi-bagger? Firstly, we'd want to...
Narrative Update • Dec 06

CNQ: Dividend Returns And Volume Gains Will Support Resilient Future Performance

Analysts have nudged our price target for Canadian Natural Resources modestly higher to reflect a tighter spread between valuation inputs and rising Street targets in the mid C$50s. This is supported by expectations for resilient oil pricing, stronger crack spreads, and ongoing prioritization of dividend growth and capital returns despite a broadly cautious view on the energy sector.
Narrative Update • Nov 22

CNQ: Dividend Growth Momentum Will Support Outperformance Amid Sector Bearishness

Canadian Natural Resources saw its fair value estimate rise modestly by approximately C$0.13. Analysts cite improved revenue growth expectations and ongoing sector resilience amid recent price target updates from several firms.
Narrative Update • Nov 08

CNQ: Dividend Momentum Will Drive Shareholder Returns As Production Grows

Analysts have modestly raised their price target for Canadian Natural Resources, increasing it from $52.68 to $52.83. They cite ongoing strength in dividend growth and resilient energy equities despite softer demand indicators.
Narrative Update • Oct 25

Dividend Leadership And Capital Return Focus Will Guide Stability Ahead

Canadian Natural Resources' analyst price target was adjusted slightly lower by $0.19, as analysts cite moderating profit margins and revenue expectations. This is offset by continued confidence in the company’s capital return strategy.
Narrative Update • Oct 10

Acquisitions And Cost Efficiencies Will Secure Future Stability

Canadian Natural Resources saw its analyst price target rise modestly by approximately C$0.73 as analysts highlight improved profit margins and updated commodity price expectations. Analyst Commentary Recent analyst activity on Canadian Natural Resources signals shifting sentiment amid evolving commodity price dynamics and updated financial outlooks.
Analysis Article • Aug 01

Canadian Natural Resources (TSE:CNQ) Has A Pretty Healthy Balance Sheet

Some say volatility, rather than debt, is the best way to think about risk as an investor, but Warren Buffett famously...
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New Narrative • Nov 07

Chevron Asset Acquisition Fuels Dynamic Growth Strategy And Boosts Profit Potential

The acquisition and infrastructure expansions aim to increase production and transport capacity, potentially boosting revenues, netbacks, and profit margins.

Earnings and Revenue Growth Forecasts

TSX:CNQ - Analysts future estimates and past financials data (CAD Millions)
DateRevenueEarningsFree Cash FlowCash from OpAvg. No. Analysts
12/31/202840,5458,70810,94417,3795
12/31/202741,34010,48511,01118,3536
12/31/202645,04411,34911,76219,7146
3/31/202638,6339,7106,43814,104N/A
12/31/202538,76210,8208,31515,106N/A
9/30/202538,6216,6558,12814,770N/A
6/30/202537,9988,3217,96513,832N/A
3/31/202538,3517,5779,22914,802N/A
12/31/202435,6566,1068,00313,386N/A
9/30/202435,7417,5959,71114,769N/A
6/30/202436,7437,67310,44815,265N/A
3/31/202435,5827,4219,16113,926N/A
12/31/202335,9688,2337,44412,353N/A
9/30/202336,1047,1266,91512,082N/A
6/30/202336,6667,5969,48814,682N/A
3/31/202340,2519,63512,82817,833N/A
12/31/202242,29810,93714,25519,391N/A
9/30/202241,82211,95114,10219,559N/A
6/30/202239,07611,33912,47217,751N/A
3/31/202234,1269,3889,65514,795N/A
12/31/202130,0577,6649,98514,478N/A
9/30/202125,8625,8797,37311,036N/A
6/30/202122,6554,0855,4048,816N/A
3/31/202119,0012,2242,9735,525N/A
12/31/202016,893-4352,1544,714N/A
9/30/202017,776-5873,0905,898N/A
6/30/202019,432323,3446,346N/A
3/31/202022,1233,1736,0709,558N/A
12/31/201922,8715,416N/A8,829N/A
9/30/201920,6724,043N/A7,772N/A
6/30/201920,4114,818N/A8,896N/A
3/31/201920,8012,969N/A8,648N/A
12/31/201821,0272,591N/A10,121N/A
9/30/201822,5283,763N/A10,162N/A
6/30/201821,0952,645N/A9,042N/A
3/31/201819,0542,735N/A8,060N/A
12/31/201717,3422,397N/A7,262N/A
9/30/201715,5972,567N/A7,079N/A
6/30/201713,4661,557N/A5,456N/A
3/31/201712,107146N/A4,542N/A
12/31/201611,427-204N/A3,452N/A
9/30/20169,858-639N/A3,682N/A
6/30/201610,637-424N/A4,391N/A
3/31/201611,507-490N/A4,959N/A
12/31/201512,363-637N/A5,632N/A
9/30/201513,954430N/A6,465N/A

Analyst Future Growth Forecasts

Earnings vs Savings Rate: CNQ's earnings are forecast to decline over the next 3 years (-5.1% per year).

Earnings vs Market: CNQ's earnings are forecast to decline over the next 3 years (-5.1% per year).

High Growth Earnings: CNQ's earnings are forecast to decline over the next 3 years.

Revenue vs Market: CNQ's revenue is expected to decline over the next 3 years (-0.9% per year).

High Growth Revenue: CNQ's revenue is forecast to decline over the next 3 years (-0.9% per year).

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: CNQ's Return on Equity is forecast to be low in 3 years time (18.1%).

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/07/24 21:29
End of Day Share Price 2026/07/24 00:00
Earnings2026/03/31
Annual Earnings2025/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Canadian Natural Resources Limited is covered by 48 analysts. 6 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Harshit GuptaAccountability Research Corporation
Patrick O'RourkeATB Cormark
Brent WatsonATB Cormark Historical (Cormark Securities)