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Canadian Natural Resources

TSX:CNQ
Snowflake Description

Established dividend payer with proven track record.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
CNQ
TSX
CA$44B
Market Cap
  1. Home
  2. CA
  3. Energy
Company description

Canadian Natural Resources Limited explores for, develops, produces, and markets crude oil, natural gas, and natural gas liquids (NGLs). The last earnings update was 40 days ago. More info.


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CNQ Share Price and Events
7 Day Returns
0.7%
TSX:CNQ
-0.2%
CA Oil and Gas
0.4%
CA Market
1 Year Returns
-13%
TSX:CNQ
-14.5%
CA Oil and Gas
-3%
CA Market
CNQ Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Canadian Natural Resources (CNQ) 0.7% -0.7% -3.5% -13% -6.3% -24%
CA Oil and Gas -0.2% -5.8% -6.5% -14.5% -13.7% -39.4%
CA Market 0.4% -1% -0.6% -3% 10.9% 1.6%
1 Year Return vs Industry and Market
  • CNQ outperformed the Oil and Gas industry which returned -14.5% over the past year.
  • CNQ underperformed the Market in Canada which returned -3% over the past year.
Price Volatility
CNQ
Industry
5yr Volatility vs Market

CNQ Value

 Is Canadian Natural Resources undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Canadian Natural Resources to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Canadian Natural Resources.

TSX:CNQ Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 7 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 8.9%
Perpetual Growth Rate 10-Year CA Government Bond Rate 1.9%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for TSX:CNQ
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year CA Govt Bond Rate 1.9%
Equity Risk Premium S&P Global 6%
Oil and Gas Unlevered Beta Simply Wall St/ S&P Global 0.91
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.911 (1 + (1- 26.5%) (51.9%))
1.173
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.17
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 1.95% + (1.173 * 5.96%)
8.94%

Discounted Cash Flow Calculation for TSX:CNQ using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Canadian Natural Resources is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

TSX:CNQ DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (CAD, Millions) Source Present Value
Discounted (@ 8.94%)
2019 5,328.33 Analyst x6 4,891.14
2020 5,370.00 Analyst x5 4,524.93
2021 5,093.67 Analyst x3 3,939.91
2022 7,063.00 Analyst x1 5,014.92
2023 7,530.41 Est @ 6.62% 4,908.08
2024 7,923.23 Est @ 5.22% 4,740.39
2025 8,258.84 Est @ 4.24% 4,535.75
2026 8,551.95 Est @ 3.55% 4,311.36
2027 8,814.36 Est @ 3.07% 4,079.04
2028 9,055.17 Est @ 2.73% 3,846.65
Present value of next 10 years cash flows CA$44,792.18
TSX:CNQ DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= CA$9,055.17 × (1 + 1.95%) ÷ (8.94% – 1.95%)
CA$132,038.64
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= CA$132,038.64 ÷ (1 + 8.94%)10
CA$56,090.26
TSX:CNQ Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= CA$44,792.18 + CA$56,090.26
CA$100,882.44
Equity Value per Share
(CAD)
= Total value / Shares Outstanding
= CA$100,882.44 / 1,194.59
CA$84.45
TSX:CNQ Discount to Share Price
Calculation Result
Value per share (CAD) From above. CA$84.45
Current discount Discount to share price of CA$36.42
= -1 x (CA$36.42 - CA$84.45) / CA$84.45
56.9%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Canadian Natural Resources is available for.
Intrinsic value
>50%
Share price is CA$36.42 vs Future cash flow value of CA$84.45
Current Discount Checks
For Canadian Natural Resources to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Canadian Natural Resources's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Canadian Natural Resources's share price is below the future cash flow value, and at a substantial discount (> 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Canadian Natural Resources's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Canadian Natural Resources's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
TSX:CNQ PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in CAD CA$2.45
TSX:CNQ Share Price ** TSX (2019-06-18) in CAD CA$36.42
Canada Oil and Gas Industry PE Ratio Median Figure of 59 Publicly-Listed Oil and Gas Companies 12.42x
Canada Market PE Ratio Median Figure of 545 Publicly-Listed Companies 15.01x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Canadian Natural Resources.

TSX:CNQ PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= TSX:CNQ Share Price ÷ EPS (both in CAD)

= 36.42 ÷ 2.45

14.88x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Canadian Natural Resources is overvalued based on earnings compared to the CA Oil and Gas industry average.
  • Canadian Natural Resources is good value based on earnings compared to the Canada market.
Price based on expected Growth
Does Canadian Natural Resources's expected growth come at a high price?
Raw Data
TSX:CNQ PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 14.88x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 7 Analysts
2%per year
Canada Oil and Gas Industry PEG Ratio Median Figure of 36 Publicly-Listed Oil and Gas Companies 0.79x
Canada Market PEG Ratio Median Figure of 248 Publicly-Listed Companies 1.14x

*Line of best fit is calculated by linear regression .

TSX:CNQ PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 14.88x ÷ 2%

7.54x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Canadian Natural Resources is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Canadian Natural Resources's assets?
Raw Data
TSX:CNQ PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in CAD CA$26.94
TSX:CNQ Share Price * TSX (2019-06-18) in CAD CA$36.42
Canada Oil and Gas Industry PB Ratio Median Figure of 224 Publicly-Listed Oil and Gas Companies 0.78x
Canada Market PB Ratio Median Figure of 2,414 Publicly-Listed Companies 1.41x
TSX:CNQ PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= TSX:CNQ Share Price ÷ Book Value per Share (both in CAD)

= 36.42 ÷ 26.94

1.35x

* Primary Listing of Canadian Natural Resources.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Canadian Natural Resources is overvalued based on assets compared to the CA Oil and Gas industry average.
X
Value checks
We assess Canadian Natural Resources's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Oil and Gas industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Oil and Gas industry average (and greater than 0)? (1 check)
  5. Canadian Natural Resources has a total score of 3/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

CNQ Future Performance

 How is Canadian Natural Resources expected to perform in the next 1 to 3 years based on estimates from 7 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
2%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Canadian Natural Resources expected to grow at an attractive rate?
  • Canadian Natural Resources's earnings growth is expected to exceed the low risk savings rate of 1.9%.
Growth vs Market Checks
  • Canadian Natural Resources's earnings growth is positive but not above the Canada market average.
  • Canadian Natural Resources's revenue growth is positive but not above the Canada market average.
Annual Growth Rates Comparison
Raw Data
TSX:CNQ Future Growth Rates Data Sources
Data Point Source Value (per year)
TSX:CNQ Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 7 Analysts 2%
TSX:CNQ Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 7 Analysts 1.3%
Canada Oil and Gas Industry Earnings Growth Rate Market Cap Weighted Average 7.8%
Canada Oil and Gas Industry Revenue Growth Rate Market Cap Weighted Average 4.4%
Canada Market Earnings Growth Rate Market Cap Weighted Average 14.6%
Canada Market Revenue Growth Rate Market Cap Weighted Average 6%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
TSX:CNQ Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 7 Analyst Estimates (S&P Global) See Below
All numbers in CAD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
TSX:CNQ Future Estimates Data
Date (Data in CAD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-12-31 22,879 1
2022-12-31 22,488 1
2021-12-31 23,659 9,444 4,161 4
2020-12-31 23,345 9,954 3,828 6
2019-12-31 22,584 9,709 4,242 6
TSX:CNQ Past Financials Data
Date (Data in CAD Millions) Revenue Cash Flow Net Income *
2019-03-31 20,801 8,648 2,969
2018-12-31 21,027 10,121 2,591
2018-09-30 21,837 10,162 3,763
2018-06-30 20,404 9,042 2,645
2018-03-31 19,054 8,060 2,735
2017-12-31 17,342 7,262 2,397
2017-09-30 15,597 7,079 2,567
2017-06-30 13,466 5,456 1,557
2017-03-31 12,107 4,542 146
2016-12-31 11,427 3,452 -204
2016-09-30 9,858 3,682 -639
2016-06-30 10,637 4,391 -424

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Canadian Natural Resources's earnings are expected to grow by 2% yearly, however this is not considered high growth (20% yearly).
  • Canadian Natural Resources's revenue is expected to grow by 1.3% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
TSX:CNQ Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 7 Analyst Estimates (S&P Global) See Below

All data from Canadian Natural Resources Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

TSX:CNQ Future Estimates Data
Date (Data in CAD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-12-31
2022-12-31
2021-12-31 3.56 4.81 2.92 3.00
2020-12-31 3.25 4.44 2.12 6.00
2019-12-31 3.26 3.82 2.75 6.00
TSX:CNQ Past Financials Data
Date (Data in CAD Millions) EPS *
2019-03-31 2.45
2018-12-31 2.13
2018-09-30 3.08
2018-06-30 2.16
2018-03-31 2.27
2017-12-31 2.04
2017-09-30 2.24
2017-06-30 1.39
2017-03-31 0.13
2016-12-31 -0.19
2016-09-30 -0.58
2016-06-30 -0.39

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Canadian Natural Resources is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Canadian Natural Resources's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Canada market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Canada market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Canadian Natural Resources has a total score of 1/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

CNQ Past Performance

  How has Canadian Natural Resources performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Canadian Natural Resources's growth in the last year to its industry (Oil and Gas).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Canadian Natural Resources's year on year earnings growth rate has been positive over the past 5 years.
  • Canadian Natural Resources's 1-year earnings growth exceeds its 5-year average (8.6% vs 3%)
  • Canadian Natural Resources's earnings growth has not exceeded the CA Oil and Gas industry average in the past year (8.6% vs 11.1%).
Earnings and Revenue History
Canadian Natural Resources's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Canadian Natural Resources Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

TSX:CNQ Past Revenue, Cash Flow and Net Income Data
Date (Data in CAD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 20,801.00 2,969.00 318.00
2018-12-31 21,027.00 2,591.00 179.00
2018-09-30 21,837.00 3,763.00 417.00
2018-06-30 20,404.00 2,645.00 612.00
2018-03-31 19,054.00 2,735.00 332.00
2017-12-31 17,342.00 2,397.00 453.00
2017-09-30 15,597.00 2,567.00 400.00
2017-06-30 13,466.00 1,557.00 369.00
2017-03-31 12,107.00 146.00 611.00
2016-12-31 11,427.00 -204.00 700.00
2016-09-30 9,858.00 -639.00 721.00
2016-06-30 10,637.00 -424.00 571.00
2016-03-31 11,507.00 -490.00 379.00
2015-12-31 12,363.00 -637.00 344.00
2015-09-30 13,954.00 430.00 151.00
2015-06-30 15,552.00 1,580.00 110.00
2015-03-31 17,501.00 3,055.00 368.00
2014-12-31 18,863.00 3,929.00 433.00
2014-09-30 18,426.00 3,144.00 635.00
2014-06-30 18,373.00 3,273.00 800.00
2014-03-31 16,786.00 2,679.00 553.00
2013-12-31 16,145.00 2,270.00 470.00
2013-09-30 15,898.00 2,209.00 335.00
2013-06-30 14,775.00 1,401.00 318.00
2013-03-31 14,817.00 1,678.00 248.00
2012-12-31 14,589.00 1,892.00 56.00
2012-09-30 15,107.00 2,372.00 287.00
2012-06-30 14,861.00 2,848.00 -10.00

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Canadian Natural Resources has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Canadian Natural Resources used its assets more efficiently than the CA Oil and Gas industry average last year based on Return on Assets.
  • Canadian Natural Resources has become profitable over the past 3 years. This is considered to be a significant improvement in its use of capital (Return on Capital Employed).
X
Past performance checks
We assess Canadian Natural Resources's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Oil and Gas industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Canadian Natural Resources has a total score of 4/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

CNQ Health

 How is Canadian Natural Resources's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Canadian Natural Resources's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Canadian Natural Resources's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • Canadian Natural Resources's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Canadian Natural Resources's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is not covered by short term assets, assets are 0.2x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Canadian Natural Resources Company Filings, last reported 2 months ago.

TSX:CNQ Past Debt and Equity Data
Date (Data in CAD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 32,268.00 22,579.00 639.00
2018-12-31 31,974.00 20,623.00 625.00
2018-09-30 33,393.00 19,733.00 954.00
2018-06-30 32,411.00 21,397.00 927.00
2018-03-31 32,026.00 21,978.00 933.00
2017-12-31 31,653.00 22,458.00 1,030.00
2017-09-30 31,339.00 22,921.00 1,200.00
2017-06-30 30,986.00 23,276.00 882.00
2017-03-31 26,377.00 16,304.00 834.00
2016-12-31 26,267.00 16,805.00 930.00
2016-09-30 25,644.00 17,292.00 624.00
2016-06-30 26,019.00 17,236.00 579.00
2016-03-31 26,996.00 16,564.00 1,110.00
2015-12-31 27,381.00 16,794.00 1,043.00
2015-09-30 27,485.00 16,510.00 30.00
2015-06-30 27,773.00 15,983.00 32.00
2015-03-31 28,415.00 15,689.00 34.00
2014-12-31 28,891.00 14,002.00 25.00
2014-09-30 27,934.00 13,685.00 16.00
2014-06-30 27,223.00 13,437.00 31.00
2014-03-31 26,337.00 10,354.00 19.00
2013-12-31 25,772.00 9,661.00 16.00
2013-09-30 25,552.00 9,393.00 18.00
2013-06-30 24,551.00 10,033.00 17.00
2013-03-31 24,374.00 9,322.00 18.00
2012-12-31 24,283.00 8,736.00 37.00
2012-09-30 24,120.00 8,416.00 21.00
2012-06-30 23,922.00 8,522.00 10.00
  • Canadian Natural Resources's level of debt (65%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (39.4% vs 65% today).
  • Debt is well covered by operating cash flow (41.2%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 6.3x coverage).
X
Financial health checks
We assess Canadian Natural Resources's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Canadian Natural Resources has a total score of 2/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

CNQ Dividends

 What is Canadian Natural Resources's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
4.12%
Current annual income from Canadian Natural Resources dividends. Estimated to be 4.2% next year.
If you bought CA$2,000 of Canadian Natural Resources shares you are expected to receive CA$82 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Canadian Natural Resources's pays a higher dividend yield than the bottom 25% of dividend payers in Canada (2.13%).
  • Canadian Natural Resources's dividend is below the markets top 25% of dividend payers in Canada (5.77%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
TSX:CNQ Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 7 Analyst Estimates (S&P Global) See Below
Canada Oil and Gas Industry Average Dividend Yield Market Cap Weighted Average of 37 Stocks 4.7%
Canada Market Average Dividend Yield Market Cap Weighted Average of 335 Stocks 3.6%
Canada Minimum Threshold Dividend Yield 10th Percentile 1.2%
Canada Bottom 25% Dividend Yield 25th Percentile 2.1%
Canada Top 25% Dividend Yield 75th Percentile 5.8%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

TSX:CNQ Future Dividends Estimate Data
Date (Data in CA$) Dividend per Share (annual) Avg. No. Analysts
2023-12-31
2022-12-31
2021-12-31 1.66 6.00
2020-12-31 1.53 14.00
2019-12-31 1.47 14.00
TSX:CNQ Past Annualized Dividends Data
Date (Data in CA$) Dividend per share (annual) Avg. Yield (%)
2019-05-09 1.500 4.146
2019-03-07 1.500 3.916
2018-11-01 1.340 3.791
2018-08-02 1.340 3.216
2018-05-03 1.340 2.937
2018-03-01 1.340 3.210
2017-11-02 1.100 2.537
2017-08-03 1.100 2.703
2017-05-04 1.100 2.827
2017-03-02 1.100 2.536
2016-11-03 1.000 2.407
2016-08-04 0.920 2.223
2016-05-05 0.920 2.371
2016-03-03 0.920 2.560
2015-11-05 0.920 3.165
2015-08-06 0.920 3.184
2015-05-07 0.920 2.639
2015-03-05 0.920 2.354
2014-11-06 0.900 2.437
2014-08-07 0.900 2.119
2014-05-08 0.900 1.929
2014-03-06 0.900 2.100
2013-11-07 0.800 2.224
2013-08-08 0.500 1.544
2013-05-02 0.500 1.612
2013-03-07 0.500 1.593
2012-08-09 0.420 1.403
2012-05-03 0.420 1.470
2012-03-08 0.420 1.265
2011-11-03 0.360 0.955
2011-08-04 0.360 1.069
2011-05-05 0.360 0.901
2011-03-03 0.360 0.787
2010-11-04 0.300 0.701
2010-08-05 0.300 0.845
2010-05-06 0.300 0.827
2010-03-04 0.300 0.791
2009-11-05 0.210 0.588
2009-08-06 0.210 0.608

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been stable in the past 10 years.
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of Canadian Natural Resources's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.8x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be covered by earnings (1.8x coverage).
X
Income/ dividend checks
We assess Canadian Natural Resources's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.2%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Canadian Natural Resources afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Canadian Natural Resources has a total score of 5/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

CNQ Management

 What is the CEO of Canadian Natural Resources's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Tim McKay
COMPENSATION CA$7,218,208
AGE 56
TENURE AS CEO 1.3 years
CEO Bio

Mr. Timothy Shawn McKay, also known as Tim, is President and Director of Canadian Natural Resources Limited since March 01, 2018 and February 2018 respectively. Prior thereto, he joined the Corporation as Production Engineer in 1990 and he appointed to positions of increasing responsibility as Vice-President of Production in 1996. Mr. McKay was Chief Operating Officer of Canadian Natural Resources Limited since 2010. Mr. McKay was Executive Vice-President of Canadian Natural Resources Limited since March 28, 2013. Mr. McKay served as Senior Vice President of Operations at Canadian Natural Resources Limited since 2002. Mr. McKay served as Senior Vice President of North American Operations of Canadian Natural Resources Limited. Mr. T.S. McKay holds a Bachelor of Science in Petroleum Engineering from the University of Alberta. Mr. McKay is also a member of APEGA.

CEO Compensation
  • Tim's compensation has increased by more than 20% in the past year whilst earnings grew less than 20%.
  • Tim's remuneration is about average for companies of similar size in Canada.
Management Team Tenure

Average tenure and age of the Canadian Natural Resources management team in years:

1.3
Average Tenure
57
Average Age
  • The average tenure for the Canadian Natural Resources management team is less than 2 years, this suggests a new team.
Management Team

Norman Edwards

TITLE
Executive Chairman
COMPENSATION
CA$11M
AGE
58

Tim McKay

TITLE
President & Director
COMPENSATION
CA$7M
AGE
56
TENURE
1.3 yrs

Steve Laut

TITLE
Executive Vice Chairman
COMPENSATION
CA$6M
AGE
60

Scott Stauth

TITLE
Chief Operating Officer of Oil Sands
COMPENSATION
CA$3M
AGE
52
TENURE
2.1 yrs

Corey Bieber

TITLE
Executive Advisor
COMPENSATION
CA$2M
AGE
54
TENURE
0.3 yrs

Mark Stainthorpe

TITLE
CFO & Senior VP of Finance
TENURE
0.3 yrs

Ron Kim

TITLE
Principal Accounting Officer & VP of Finance
TENURE
0.3 yrs

Joy Romero

TITLE
Vice-President of Technology & Innovation
AGE
61

Steve Suche

TITLE
Vice-President of Information & Corporate Services
AGE
58
TENURE
12.9 yrs

Paul Mendes

TITLE
VP of Legal
AGE
52
TENURE
9.3 yrs
Board of Directors Tenure

Average tenure and age of the Canadian Natural Resources board of directors in years:

8.6
Average Tenure
68
Average Age
  • The tenure for the Canadian Natural Resources board of directors is about average.
Board of Directors

Norman Edwards

TITLE
Executive Chairman
COMPENSATION
CA$11M
AGE
58
TENURE
7.2 yrs

Tim McKay

TITLE
President & Director
COMPENSATION
CA$7M
AGE
56
TENURE
1.3 yrs

Steve Laut

TITLE
Executive Vice Chairman
COMPENSATION
CA$6M
AGE
60
TENURE
1.3 yrs

Gordon Giffin

TITLE
Independent Lead Director
COMPENSATION
CA$300K
AGE
69
TENURE
7.1 yrs

David Tuer

TITLE
Independent Director
COMPENSATION
CA$257K
AGE
68
TENURE
17.1 yrs

Frank McKenna

TITLE
Independent Director
COMPENSATION
CA$280K
AGE
70
TENURE
12.8 yrs

Kay Best

TITLE
Independent Director
COMPENSATION
CA$276K
AGE
64
TENURE
15.6 yrs

Chris Fong

TITLE
Independent Director
COMPENSATION
CA$256K
AGE
68
TENURE
8.6 yrs

Wilf Gobert

TITLE
Independent Director
COMPENSATION
CA$262K
AGE
69
TENURE
8.6 yrs

Tim Faithfull

TITLE
Independent Director
COMPENSATION
CA$272K
AGE
73
TENURE
8.6 yrs
Who owns this company?
Recent Insider Trading
  • Canadian Natural Resources insiders have only sold shares in the past 3 months.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (CA$) Value (CA$)
31. May 19 Sell N. Murray Edwards Charitable Foundation, Endowment Arm Company 30. May 19 30. May 19 -60,000 CA$36.65 CA$-2,199,000
15. Apr 19 Sell Jay Froc Individual 15. Apr 19 15. Apr 19 -250 CA$39.84 CA$-9,960
10. Apr 19 Sell Betty Yee Individual 10. Apr 19 10. Apr 19 -800 CA$39.44 CA$-31,552
08. Apr 19 Sell Paul Mendes Individual 05. Apr 19 05. Apr 19 -3,117 CA$38.00 CA$-118,446
07. Nov 18 Sell Jay Froc Individual 05. Nov 18 05. Nov 18 -200 CA$38.39 CA$-7,678
27. Sep 18 Sell Ronald Laing Individual 18. Sep 18 18. Sep 18 -2,600 CA$41.82 CA$-108,732
07. Sep 18 Sell Betty Yee Individual 04. Sep 18 07. Sep 18 -7,700 CA$43.93 CA$-333,191
09. Jul 18 Sell Paul Mendes Individual 09. Jul 18 09. Jul 18 -3,000 CA$48.18 CA$-144,540
09. Jul 18 Sell Allan Frankiw Individual 09. Jul 18 09. Jul 18 -1,000 CA$48.09 CA$-48,090
09. Jul 18 Sell Réal Cusson Individual 09. Jul 18 09. Jul 18 -24,500 CA$48.17 CA$-1,178,729
09. Jul 18 Buy Réal Cusson Individual 09. Jul 18 09. Jul 18 24,500 CA$43.99 CA$850,655
02. Jul 18 Sell Réal Cusson Individual 29. Jun 18 29. Jun 18 -77,500 CA$47.44 CA$-3,674,200
02. Jul 18 Buy Réal Cusson Individual 29. Jun 18 29. Jun 18 77,500 CA$35.97 CA$2,747,275
29. Jun 18 Sell Réal Cusson Individual 28. Jun 18 28. Jun 18 -20,000 CA$46.16 CA$-922,306
29. Jun 18 Buy Réal Cusson Individual 28. Jun 18 28. Jun 18 20,000 CA$34.96 CA$638,100
28. Jun 18 Sell Paul Mendes Individual 27. Jun 18 27. Jun 18 -1,315 CA$45.94 CA$-60,409
28. Jun 18 Sell Ronald Laing Individual 22. Jun 18 22. Jun 18 -1,500 CA$43.79 CA$-65,685
25. Jun 18 Sell Allan Frankiw Individual 25. Jun 18 25. Jun 18 -1,000 CA$44.15 CA$-44,150
X
Management checks
We assess Canadian Natural Resources's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Canadian Natural Resources has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

CNQ News

Simply Wall St News

Should You Be Tempted To Sell Canadian Natural Resources Limited (TSE:CNQ) Because Of Its P/E Ratio?

Check out our latest analysis for Canadian Natural Resources How Do I Calculate Canadian Natural Resources's Price To Earnings Ratio? … The formula for P/E is: Price to Earnings Ratio = Share Price ÷ Earnings per Share (EPS) Or for Canadian Natural Resources: P/E of 14.53 = CA$35.57 ÷ CA$2.45 (Based on the trailing twelve months to March 2019.) Is A High Price-to-Earnings Ratio Good? … Canadian Natural Resources increased earnings per share by 7.7% last year.

Simply Wall St -

Brief Commentary On Canadian Natural Resources Limited's (TSE:CNQ) Fundamentals

Canadian Natural Resources Limited (TSE:CNQ) is a company with exceptional fundamental characteristics. … For those interested in understanding where the figures come from and want to see the analysis, read the full report on Canadian Natural Resources here. … TSX:CNQ Historical Dividend Yield, May 22nd 2019 Next Steps: For Canadian Natural Resources, there are three key aspects you should further research: Future Outlook: What are well-informed industry analysts predicting for CNQ’s future growth?

Simply Wall St -

Canadian Natural Resources Limited (TSE:CNQ): What Can We Expect From This High Growth Stock?

In December 2018, Canadian Natural Resources Limited (TSE:CNQ) released its most recent earnings announcement, which signalled that the company gained from a small tailwind, eventuating to a single-digit earnings growth of 8.1%. … Below is a brief commentary on my key takeaways on how market analysts perceive Canadian Natural Resources's earnings growth trajectory over the next couple of years and whether the future looks even brighter than the past. … View our latest analysis for Canadian Natural Resources Analysts' outlook for next year seems rather muted, with earnings rising by a single digit 1.6%.

Simply Wall St -

What Should We Expect From Canadian Natural Resources Limited's (TSE:CNQ) Earnings In The Years Ahead?

Help shape the future of investing tools and you could win a $250 gift card! … The most recent earnings release Canadian Natural Resources Limited's (TSE:CNQ) announced in December 2018a

Simply Wall St -

What Do Analysts Think About Canadian Natural Resources Limited's (TSE:CNQ) Future?

As Canadian Natural Resources Limited (TSE:CNQ) released its earnings announcement on 31 December 2018, … with earnings expected to grow by 1.6% in the upcoming year … the past 5-year average growth rate of -1.8%.

Simply Wall St -

Taking A Look At Canadian Natural Resources Limited's (TSE:CNQ) ROE

Our data shows Canadian Natural Resources has a return on equity of 8.1% for the last year. … One way to conceptualize this, is that for each CA$1 of shareholders' equity it has, the company made CA$0.081 in profit. … Return on Equity = Net Profit ÷ Shareholders' Equity

Simply Wall St -

Is Canadian Natural Resources Limited's (TSE:CNQ) Future Growth Already Accounted For In Today's Price?

Looking at Canadian Natural Resources Limited’s (TSE:CNQ) fundamentals some investors are wondering if its last closing price of CA$36.69 represents a good value for money for this high growth stock. … View our latest analysis for Canadian Natural Resources? … Canadian Natural Resources's extremely high growth potential in the near future is attracting investors

Simply Wall St -

Read This Before Buying Canadian Natural Resources Limited (TSE:CNQ) Shares

Canadian Natural Resources Insider Transactions Over The Last Year. … Over the last year, we can see that insiders have bought 125.50k shares worth CA$4.4m. … Over the last year we saw more insider selling of Canadian Natural Resources shares, than buying

Simply Wall St -

Canadian Natural Resources Limited (TSE:CNQ) Earns Among The Best Returns In Its Industry

To be precise, we'll consider its Return On Capital Employed (ROCE), as that will inform our view of the quality of the business. … What is Return On Capital Employed (ROCE)? … ROCE is a measure of a company's yearly pre-tax profit (its return), relative to the capital employed in the business.

Simply Wall St -

Update: Canadian Natural Resources Stock Gained30% In The Last Three Years

That's what has happened with the Canadian Natural Resources Limited (TSE:CNQ) share price. … One flawed but reasonable way to assess how sentiment around a company has changed, is to compare the earnings per share (EPS) with the share price. … During three years of share price growth, Canadian Natural Resources moved from a loss to profitability.

Simply Wall St -

CNQ Company Info

Description

Canadian Natural Resources Limited explores for, develops, produces, and markets crude oil, natural gas, and natural gas liquids (NGLs). The company offers synthetic crude oil (SCO), light and medium crude oil, bitumen (thermal oil), primary heavy crude oil, and Pelican Lake heavy crude oil. Its midstream assets include two crude oil pipeline systems; and a 50% working interest in an 84-megawatt cogeneration plant at Primrose. As of December 31, 2017, the company’s gross proved crude oil, bitumen, SCO, and NGLs reserves totaled 8,784 million barrels; gross proved plus probable crude oil, bitumen, SCO, and NGLs reserves totaled 11,760 million barrels; proved natural gas reserves totaled 6,652 billion cubic feet; and gross proved plus probable natural gas reserves totaled 9,734 billion cubic feet. It operates primarily in Western Canada; the United Kingdom portion of the North Sea; and Offshore Africa. The company was formerly known as AEX Minerals Corporation and changed its name to Canadian Natural Resources Limited in December 1975. Canadian Natural Resources Limited was incorporated in 1973 and is headquartered in Calgary, Canada.

Details
Name: Canadian Natural Resources Limited
CNQ
Exchange: TSX
Founded: 1973
CA$43,507,118,433
1,194,594,136
Website: http://www.cnrl.com
Address: Canadian Natural Resources Limited
2100, 855-2nd Street S.W.,
Calgary,
Alberta, T2P 4J8,
Canada
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
TSX CNQ Common Shares The Toronto Stock Exchange CA CAD 17. May 1976
NYSE CNQ Common Shares New York Stock Exchange US USD 17. May 1976
DB CRC Common Shares Deutsche Boerse AG DE EUR 17. May 1976
Number of employees
Current staff
Staff numbers
9,973
Canadian Natural Resources employees.
Industry
Oil and Gas Exploration and Production
Energy
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/06/18 23:34
End of day share price update: 2019/06/18 00:00
Last estimates confirmation: 2019/06/17
Last earnings filing: 2019/05/09
Last earnings reported: 2019/03/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

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 here.