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Earnings transcript
Read the complete earnings call transcript.
CNQ
Canadian Natural Resources Limited
$47.53
0.97
(2.08%)
| Exchange: | NYSE |
| Market Cap: | 99.146B |
| Shares Outstanding: | 1.829B |
About The Company
| Sector: | Energy | |||||
| Industry: | Oil & Gas Exploration & Production | |||||
| CEO: | Norman Murray Edwards | |||||
| Full Time Employees: | 10640 | |||||
| Address: |
| |||||
| Website: | https://www.cnrl.com |
Canadian Natural Resources Limited acquires, explores for, develops, produces, markets, and sells 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 and refining assets include two crude oil pipeline systems; and a 50% working interest in an 84-megawatt cogeneration plant at Primrose. As of December 31, 2020, the company had total proved crude oil, bitumen, and NGLs reserves were 10,528 million barrels (MMbbl); total proved plus probable crude oil, bitumen, and NGLs reserves were 13,271 MMbbl; proved SCO reserves were 6,998 MMbbl; total proved plus probable SCO reserves were 7,535 MMbbl; proved natural gas reserves were 12,168 billion cubic feet (Bcf); and total proved plus probable natural gas reserves were 20,249 Bcf. 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.
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Revenue Segmentation
EPS
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Earnings Call
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Key takeaways
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Login — it's freeIncome Statement
| Year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 40,835,000 | 35,656,000 | 38,730,412 |
| Gross Profit | 11,773,000 | 17,579,000 | 9,013,648 |
| EBITDA | 17,269,000 | 16,266,000 | 17,975,339 |
| Operating Income | 10,464,000 | 16,797,000 | 8,219,296 |
| Net Income | 8,233,000 | 6,106,000 | 10,811,182 |
(* All numbers are in thousands)
Balance Sheet
| Year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Total Assets | 75,955,000 | 85,359,000 | 91,755,165 |
| Total Liabilities | 36,123,000 | 45,891,000 | 47,425,320 |
| Total Stockholders Equity | 39,832,000 | 39,468,000 | 44,329,845 |
| Total Debt | 12,354,000 | 20,283,000 | 19,706,927 |
| Cash and Cash Equivalents | 877,000 | 131,000 | 672,452 |
(* All numbers are in thousands)
Cash Flow Statement
| Year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating Cash Flow | 12,353,000 | 13,386,000 | 15,093,689.606 |
| Capital Expenditure | -4,909,000 | -5,291,000 | -6,670,559.500 |
| Free Cash Flow | 7,444,000 | 8,095,000 | 8,423,130.106 |
| Net Income | 8,233,000 | 6,106,000 | 10,811,182.414 |
| Net Change in Cash | -43,000 | -746,000 | 547,543.948 |
(* All numbers are in thousands)
Analyst Estimates
| Fiscal Year | 2030 | Full Access | Full Access | Full Access | Full Access |
|---|---|---|---|---|---|
| Estimated Revenue (Low) | 39,493,380.768 | Full Access | Full Access | Full Access | Full Access |
| Estimated Revenue (High) | 50,120,485.616 | Full Access | Full Access | Full Access | Full Access |
| Estimated Revenue (Avg) | 45,538,965.186 | Full Access | Full Access | Full Access | Full Access |
| Estimated Ebitda (Low) | 18,011,950.304 | Full Access | Full Access | Full Access | Full Access |
| Estimated Ebitda (High) | 22,858,708.942 | Full Access | Full Access | Full Access | Full Access |
| Estimated Ebitda (Avg) | 20,769,191.238 | Full Access | Full Access | Full Access | Full Access |
| Estimated Net Income (Low) | 10,149,983.918 | Full Access | Full Access | Full Access | Full Access |
| Estimated Net Income (High) | 13,871,480.352 | Full Access | Full Access | Full Access | Full Access |
| Estimated Net Income (Avg) | 12,267,085.759 | Full Access | Full Access | Full Access | Full Access |
| Estimated SGA Expense (Low) | 923,600.252 | Full Access | Full Access | Full Access | Full Access |
| Estimated SGA Expense (High) | 1,172,127.892 | Full Access | Full Access | Full Access | Full Access |
| Estimated SGA Expense (Avg) | 1,064,983.522 | Full Access | Full Access | Full Access | Full Access |
| Estimated EPS (Avg) | 5.850 | Full Access | Full Access | Full Access | Full Access |
| Estimated EPS (High) | 6.610 | Full Access | Full Access | Full Access | Full Access |
| Estimated EPS (Low) | 4.840 | Full Access | Full Access | Full Access | Full Access |
| Number of Analysts (Estimated Revenue) | 2 | Full Access | Full Access | Full Access | Full Access |
| Number of Analysts (Estimated EPS) | 2 | Full Access | Full Access | Full Access | Full Access |
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Current Key Metrics
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Login — it's freeForward P/E Ratios
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Login — it's freeSWOT Analysis
Strengths (preview)
- Robust Financial Performance: Canadian Natural reported strong financial results in the 2024 fourth quarter and year-end earnings call, with key metrics such as revenue, net income, and operating cash flow showing positive trends. This indicates a solid operational foundation and effective cost management.
- High Return Metrics: The company demonstrates strong return on equity (ROE) and return on invested capital (ROIC) as per the latest TTM key metrics, reflecting efficient use of capital and profitability that likely outperforms industry averages.
- Strategic Capital Allocation: As highlighted in the earnings call transcript, CNQ's focus on disciplined capital allocation and continuous improvement enhances shareholder value creation, positioning the company as a leader in operational efficiency within the energy sector.
- Strong Free Cash Flow Yield: The free cash flow yield (TTM) indicates a healthy cash generation capacity, providing flexibility for dividends, debt reduction, and reinvestment into growth initiatives.
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At what price to buy it? -
Intrinsic Value Calculator
Based on current fundamentals and analyst forecasts, MARKETSnap estimates CNQ intrinsic value between $35.99 – $55.65 per share. This depends on revenue growth, margins, and discount rate.
This is an automatic estimate. The most reliable way to know fair value for your own assumptions is to run the calculator below.
Common questions about CNQ valuation
Is Canadian Natural Resources Limited (CNQ) overvalued or undervalued right now?
MARKETSnap estimates intrinsic value for Canadian Natural Resources Limited (CNQ) using its proprietary valuation methodology, which incorporates discounted cash flow (DCF) analysis together with long-term earnings and fundamentals assumptions. By comparing intrinsic value to the current market price, long-term investors can see whether the stock screens as potentially overvalued, fairly valued, or undervalued today.
Is CNQ a buy, hold, or sell for long-term investors?
MARKETSnap does not give one-word “buy” or “sell” calls. Instead, it shows whether CNQ trades at a premium or discount to its estimated intrinsic value, how sensitive that value is to growth and margin assumptions, and how the stock fits into a diversified, long-term portfolio so investors can make their own buy, hold, or sell decision.
What is CNQ’s P/E ratio?
You can see CNQ’s trailing P/E (TTM) and forward P/E estimates in the Current Key Metrics and Forward P/E Ratios sections above. The P/E ratio compares the current share price to earnings per share and helps investors gauge valuation relative to earnings.
How is intrinsic value calculated for CNQ?
MARKETSnap uses its own valuation framework—not a generic spreadsheet DCF alone. Future cash flows and earnings are projected, discounted, and combined with MARKETSnap’s methodology so intrinsic value reflects fundamentals and long-term assumptions. You can run your own inputs and see the result using the Intrinsic Value Calculator above.
Is CNQ a good long-term investment?
Whether CNQ fits a long-term portfolio depends on your assumptions about growth, margins, and risk. MARKETSnap provides the metrics, intrinsic value calculator, and SWOT context so you can form your own view rather than rely on a single buy/sell rating.
CNQ
1-day price chart preview. Log in for 1W through 5Y ranges and period tabs.
2.08
Trading Metrics:
| Open: | 48.08 | Previous Close: | 46.56 | |
| Day Low: | 46.9 | Day High: | 48.66 | |
| Year Low: | 24.65 | Year High: | 51.34 | |
| Price Avg 50: | 43.43 | Price Avg 200: | 34.87 | |
| Volume: | 10.701M | Average Volume: | 11.052M |
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Login — it's freeCNQ full analysis
Hey everyone, welcome back to the channel! Today, we’re diving deep into a comprehensive analysis of Canadian Natural Resources Limited, ticker CNQ, one of the heavyweights in the oil and gas sector. If you’re looking to understand whether this stock deserves a spot in your portfolio, stick around because we’re breaking down everything from financials to recent performance and long-term potential. Let’s get started! First, let’s set the stage. Canadian Natural Resources is a major player in the energy space,…
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