Canadian Natural Resources (CNQ)
Produces crude oil and natural gas from oil-sands and conventional assets centered in Western Canada.
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Produces synthetic crude, bitumen, heavy and light oil, natural-gas liquids, and natural gas through a portfolio concentrated in Western Canada. Long-life oil-sands mining and thermal assets anchor production, while commodity prices, pipeline access, environmental rules, and operating execution shape cash flow.
Produces synthetic crude oil, thermal bitumen, heavy and light crude, natural-gas liquids, and natural gas across Exploration and Production, Oil Sands Mining and Upgrading, and smaller Midstream and Refining activities.
Operations are concentrated in Western Canada, with additional production in the U.K. North Sea and offshore Africa. Long-life, low-decline oil-sands mining, thermal in-situ, and Pelican Lake assets anchor the portfolio, while Horizon and AOSP convert mined bitumen into synthetic crude.
Execution centers on operating acquired assets efficiently and consolidating ownership around existing Canadian hubs. Cash flow depends on crude-oil and natural-gas prices, pipeline access, environmental and carbon rules, project approvals, and safe control of mining and steam-based operations.
Company facts
Target rangeAs of Sep 21, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Jan 2, 2026 | Goldman Sachs | Reiterate | Rating: —Target: — | Target: $35 |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $1.86B · Total debt $12.20B · Total assets $68.70B · Shareholders' equity $33.29B
- Revenue
- $12.25B
- Operating income
- $4.52B
- Net income
- $3.20B
Reported in CAD, converted at the latest exchange rate
HistoryDividendAnnual yield
| Institutions | 72.35% | 1.51B ADS | |
|---|---|---|---|
| 789 holders · as of Jun 30, 2026 | |||
| Other | 27.65% | 575.46M ADS | |
| remainder | |||
2.08B ADS as of Sep 22, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
Capital World InvestorsInstitution | 10.47% | 217.96M ADS | as of Jun 30, 2026 |
Royal Bank of CanadaInstitution | 6.61% | 137.61M ADS | as of Jun 30, 2026 |
Capital Research Global InvestorsInstitution | 5.58% | 116.07M ADS | as of Jun 30, 2026 |
Bank of Montreal /Can/Institution | 3.11% | 64.79M ADS | as of Jun 30, 2026 |
FMR LLCInstitution | 3.09% | 64.24M ADS | as of Jun 30, 2026 |
Insider tradesForm 4
Nothing filed in the last 12 months.
- Suncor Energy
Closest peer across mined oil sands, upgrading and thermal bitumen
- Cenovus Energy
Broad overlap in thermal oil sands, heavy oil and refining
- Imperial Oil
Direct rival in mined oil sands, thermal bitumen and upgrading
- ConocoPhillips
Oil-sands and Montney overlap through Surmont and British Columbia
- Accelerant
Montney gas and condensate peer in Alberta and northeast BC
- Ovintiv
Montney peer in natural gas, condensate and NGLs
Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Canadian Natural Resources | $47.85 | −0.90% | $100.70B | 12.1 | 16.9 | 2.9 | +46.3% |
| Suncor Energy | $67.17 | −0.10% | $79.39B | 12.6 | 12.2 | 1.9 | +31.9% |
| Cenovus Energy | $31.44 | −0.41% | $58.22B | 12.4 | 11.7 | 1.5 | +61.4% |
| Imperial Oil | $125.30 | −0.69% | $61.81B | 19.8 | 13.6 | 1.5 | +88.9% |
| ConocoPhillips | $125.62 | −1.50% | $155.37B | 16.9 | 12.7 | 2.5 | +39.7% |
| Accelerant | $19.78 | −0.03% | $4.32B | — | 22.9 | 4.2 | +62.9% |
| Ovintiv | $59.19 | −1.65% | $16.65B | 17.3 | 8.2 | 1.7 | +30.0% |
| Median | 16.9 | 12.4 | 1.8 | +50.5% |