Canadian Natural Resources
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
1 Year Returns
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.
CNQ Value
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.
Below are the data sources, inputs and calculation used to determine the intrinsic value for Canadian Natural Resources.
| 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.
| 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.
| 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 | ||
| 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 |
| 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 |
| 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
Current Discount Checks
- 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?
| 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.
| 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?
| 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 .
| 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?
| 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 |
| 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.
Value checks
We assess Canadian Natural Resources's value by looking at:- 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. )
- 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)
- Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
- Is the PB ratio less than the Oil and Gas industry average (and greater than 0)? (1 check) 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
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!
Earnings growth vs Low Risk Savings
- 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
| 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
| 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 |
| 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 |
| 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.
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.
| 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 |
| 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%).
Future performance checks
We assess Canadian Natural Resources's future performance by looking at:- Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
- Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Canada market? (1 check)
- Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Canada market? (1 check)
- Is the annual earnings growth rate expected to be above 20%? (1 check)
- Is the annual revenue growth rate expected to be above 20%? (1 check)
- Is the Return on Equity in 3 years expected to be over 20%? (1 check)
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
Past Earnings growth analysis
- 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
All data from Canadian Natural Resources Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.
| 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).
Past performance checks
We assess Canadian Natural Resources's performance over the past 5 years by checking for:- Has earnings increased in past 5 years? (1 check)
- Has the earnings growth in the last year exceeded that of the Oil and Gas industry? (1 check)
- Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
- Is the Return on Equity (ROE) higher than 20%? (1 check)
- Is the Return on Assets (ROA) above industry average? (1 check)
- Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
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.
- 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
Assets
Liabilities and shares
- 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.
All data from Canadian Natural Resources Company Filings, last reported 2 months ago.
| 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).
Financial health checks
We assess Canadian Natural Resources's financial health by checking for:- Are short term assets greater than short term liabilities? (1 check)
- Are short term assets greater than long term liabilities? (1 check)
- Has the debt to equity ratio increased in the past 5 years? (1 check)
- Is the debt to equity ratio over 40%? (1 check)
- Is the debt covered by operating cash flow? (1 check)
- Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check) Canadian Natural Resources has a total score of 2/6, see the detailed checks below.
- Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
- 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
If you bought
CA$2,000 of
Canadian Natural Resources
shares you are expected to receive
CA$82
in your first year as a dividend.
Dividend Amount
- Canadian Natural Resources's pays a higher dividend yield than the bottom 25% of dividend payers in Canada (2.13%).
- Canadian Natural Resources's dividend is below the markets top 25% of dividend payers in Canada (5.77%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not
wildly increasing/decreasing each year. This graph shows you the historical rate
to count toward your assessment of the stock.We also check to see if the dividend has increased in the past 10 years.
| Data Point | Source | Value |
|---|---|---|
| Past Annualized Dividend Yield | S&P Global Market Data | See Below |
| Past Dividends per Share | Company Filings/ Annualized Dividend Payments | See Below |
| Future Dividends per Share Estimates | Average of up to 7 Analyst Estimates (S&P Global) | See Below |
| Canada Oil and Gas Industry Average Dividend Yield | Market Cap Weighted Average of 37 Stocks | 4.7% |
| Canada Market Average Dividend Yield | Market Cap Weighted Average of 335 Stocks | 3.6% |
| Canada Minimum Threshold Dividend Yield | 10th Percentile | 1.2% |
| Canada Bottom 25% Dividend Yield | 25th Percentile | 2.1% |
| Canada Top 25% Dividend Yield | 75th Percentile | 5.8% |
Industry and Market average data is calculated daily.
Note all dividend per share amounts are annualized and not quarterly or other period.
| Date (Data in CA$) | 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 |
| 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).
- Dividends after 3 years are expected to be covered by earnings (1.8x coverage).
Income/ dividend checks
We assess Canadian Natural Resources's dividend by checking for:- Firstly is the company paying a notable dividend (greater than 1.2%) - if not then the rest of the checks are ignored.
- Is current dividend yield above the bottom 25% of dividend payers? (1 check)
- Is current dividend yield above the top 25% of dividend payers? (1 check)
- Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
- If they have paid a dividend for 10 years has it increased in this time? (1 check)
- 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) 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
CEO
| 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:
- The average tenure for the Canadian Natural Resources management team is less than 2 years, this suggests a new team.
Management Team
Norman Edwards
Executive Chairman
CA$11M
58
Tim McKay
President & Director
CA$7M
56
1.3 yrs
Steve Laut
Executive Vice Chairman
CA$6M
60
Scott Stauth
Chief Operating Officer of Oil Sands
CA$3M
52
2.1 yrs
Corey Bieber
Executive Advisor
CA$2M
54
0.3 yrs
Mark Stainthorpe
CFO & Senior VP of Finance
0.3 yrs
Ron Kim
Principal Accounting Officer & VP of Finance
0.3 yrs
Joy Romero
Vice-President of Technology & Innovation
61
Steve Suche
Vice-President of Information & Corporate Services
58
12.9 yrs
Paul Mendes
VP of Legal
52
9.3 yrs
Board of Directors Tenure
Average tenure and age of the Canadian Natural Resources board of directors in years:
- The tenure for the Canadian Natural Resources board of directors is about average.
Board of Directors
Norman Edwards
Executive Chairman
CA$11M
58
7.2 yrs
Tim McKay
President & Director
CA$7M
56
1.3 yrs
Steve Laut
Executive Vice Chairman
CA$6M
60
1.3 yrs
Gordon Giffin
Independent Lead Director
CA$300K
69
7.1 yrs
David Tuer
Independent Director
CA$257K
68
17.1 yrs
Frank McKenna
Independent Director
CA$280K
70
12.8 yrs
Kay Best
Independent Director
CA$276K
64
15.6 yrs
Chris Fong
Independent Director
CA$256K
68
8.6 yrs
Wilf Gobert
Independent Director
CA$262K
69
8.6 yrs
Tim Faithfull
Independent Director
CA$272K
73
8.6 yrs
Who owns this company?
Recent Insider Trading
- Canadian Natural Resources insiders have only sold shares in the past 3 months.
Recent Insider Transactions
| Announced | Type | Name | Entity | Role | Start | End | Shares | Max Price (CA$) | 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 | ||
Management checks
We assess Canadian Natural Resources's management by checking for:- Is the CEO's compensation unreasonable compared to market cap? (1 check)
- Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
- Is the average tenure of the management team less than 2 years? (1 check)
- Is the average tenure of the board of directors team less than 3 years? (1 check) 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 - – Full articleBrief 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 - – Full articleCanadian 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 - – Full articleWhat 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 - – Full articleWhat 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 - – Full articleTaking 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 - – Full articleIs 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 - – Full articleRead 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 - – Full articleCanadian 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 - – Full articleUpdate: 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 - – Full articleCNQ 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
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.
