Energy · Oil & Gas Exploration & Production
Price
$39.49
Market Cap
$82.4B
Employees
10,640
Beta
0.88
Avg Volume
10,252,127
CEO
Norman Murray Edwards
Business Description
Canadian Natural Resources Limited (CNQ) is an integrated energy enterprise engaged across the full spectrum of upstream and downstream activities related to crude oil, natural gas, and natural gas liquids (NGLs), encompassing acquisition, exploration, development, production, marketing, and sales. Its diverse portfolio of hydrocarbon products encompasses synthetic crude oil (SCO), light and medium crude, bitumen (also known as thermal oil), along with both primary heavy crude oil and specialized Pelican Lake heavy crude. Beyond exploration and production, the company holds midstream and refining assets, notably comprising two crude oil pipeline networks and a half-interest (50% working interest) in an 84-megawatt cogeneration facility situated at Primrose. As of December 31, 2020, CNQ reported substantial reserves. Its proved crude oil, bitumen, and NGLs reserves amounted to 10,528 million barrels (MMbbl), escalating to 13,271 MMbbl when probable reserves are included. Proved synthetic crude oil (SCO) reserves stood at 6,998 MMbbl, with total proved plus probable SCO reserves reaching 7,535 MMbbl. Furthermore, the company's proved natural gas reserves were recorded at 12,168 billion cubic feet (Bcf), expanding to 20,249 Bcf on a proved plus probable basis. Geographically, its operations are concentrated in key regions, including Western Canada, the United Kingdom's North Sea sector, and offshore West Africa. The entity, incorporated in 1973, was originally known as AEX Minerals Corporation before adopting the name Canadian Natural Resources Limited in December 1975. Its corporate headquarters are located in Calgary, Canada.
Business History
Price Overview
Last updated: Jun 27, 2026 10:07am (just now)$39.49
-0.11 (-0.28%)
Day Range
$39.05 – $39.85
52-Week Range
$29.30 – $51.34
50-Day MA
$45.43
200-Day MA
$39.03
Volume
6,587,201.00
Analyst Price Targets
Low
$35.00
Consensus
$35.00
High
$35.00
(7 analysts)
Share Structure
Outstanding
2,085,710,000.00
Float
2,033,411,862.00
Free Float
97.5%
High free float
— 97.5% of shares trade freely, ~2.5% held by insiders/institutions
Very liquid — most shares trade freely. Low insider ownership can mean less management alignment, but makes large position sizing straightforward.
Price History (1 Year)
Revenue & Net Income Trend
The directional story — useful even when net income is negative.
Revenue
The top line — total sales before any costs or taxes are subtracted. A measure of how much business the company is doing.
Net Income
The bottom line — profit left after subtracting all expenses, interest, and taxes from revenue. Reflects accounting profitability, but includes non-cash items like depreciation, so it isn't the same as cash earned.
Operating Cash Flow
The real cash generated by the day-to-day business — selling products, paying suppliers, collecting from customers. Calculated from net income by adding back non-cash items and adjusting for timing (unpaid bills, unsold inventory). When OCF consistently lags net income, the reported profit may not be converting to real money.
| Period | Revenue | Net Income | Net Margin | YoY/QoQ |
|---|
Key Metrics
API Direct from provider
CALC Derived from statements
P/E Ratio (Price per dollar of earnings)
APIStock Price / EPS (Diluted)
12.03
Stock Price: $39.49
EPS (Diluted): 5.17
EPS (Diluted): 5.17
P/B Ratio (Price vs net asset value)
APIStock Price / Book Value Per Share
2.19
Stock Price: $39.49
Total Equity: $44.33B
Shares: 2,097,906,000
Total Equity: $44.33B
Shares: 2,097,906,000
EV/EBITDA (Total value vs operating profit)
APIEnterprise Value / EBITDA
6.06
Market Cap: $82.36B
Total Debt: $16.98B
Cash: $672.45M
EBITDA: $21.89B
Total Debt: $16.98B
Cash: $672.45M
EBITDA: $21.89B
Enterprise Value (Takeover price (cap + debt - cash))
APIMarket Cap + Total Debt - Cash
$116.2B
Market Cap: $82.36B
Total Debt: $16.98B
Cash: $672.45M
Total Debt: $16.98B
Cash: $672.45M
Gross Margin (Revenue left after direct costs)
APIGross Profit / Revenue
21.3%
Gross Profit: $9.40B
Revenue: $44.17B
Revenue: $44.17B
Operating Margin (Revenue left after all operations)
APIOperating Income / Revenue
18.6%
Operating Income: $8.23B
Revenue: $44.17B
Revenue: $44.17B
Net Margin (Revenue left as actual profit)
APINet Income / Revenue
24.5%
Net Income: $10.82B
Revenue: $44.17B
Revenue: $44.17B
ROE (Profit from shareholder equity)
APINet Income / Total Equity
22.7%
Net Income: $10.82B
Total Equity: $44.33B
Total Equity: $44.33B
ROIC (Profit from all invested capital)
APINOPAT / Invested Capital
10.5%
Operating Income: $8.23B
Tax Rate: 18.3%
Equity: $44.33B
Total Debt: $16.98B
Cash: $672.45M
Tax Rate: 18.3%
Equity: $44.33B
Total Debt: $16.98B
Cash: $672.45M
Current Ratio (Can it pay short-term bills)
APICurrent Assets / Current Liabilities
0.95
Current Assets: $7.66B
Current Liabilities: $8.06B
Current Liabilities: $8.06B
Debt/Equity (Leverage — debt vs equity)
CALCTotal Debt / Total Equity
0.38
Short-Term Debt: $813.34M
Long-Term Debt: $16.16B
Total Debt: $16.98B
Total Equity: $44.33B
Long-Term Debt: $16.16B
Total Debt: $16.98B
Total Equity: $44.33B
Rev/Share (Top-line per share)
CALCRevenue / Shares Outstanding
$21.05
Revenue: $44.17B
Shares: 2,097,906,000
Shares: 2,097,906,000
Book Value/Share (Net assets per share)
CALC(Total Assets - Total Liabilities) / Shares
$21.13
Total Equity: $44.33B
Shares: 2,097,906,000
Shares: 2,097,906,000
FCF/Share (Real cash generated per share)
CALC(Operating Cash Flow + CapEx) / Shares
$4.02
Operating CF: $15.09B
CapEx: -$6.67B
Shares: 2,097,906,000
CapEx: -$6.67B
Shares: 2,097,906,000
CapEx is negative (outflow) — added to OCF to get FCF
Div Yield (Annual income from holding)
APILast Annual Dividend / Stock Price
5.0%
Last Dividend: N/A
Stock Price: $39.49
Stock Price: $39.49
Payout Ratio (Earnings paid out as dividends)
Dividends Paid / Net Income
—
Dividends Paid: N/A
Net Income: $10.82B
Net Income: $10.82B
Dividends paid not available in cash flow statement
Industry Benchmarks
Compares CNQ against LLM-researched typical ranges for its
industry. One research call per industry, cached indefinitely — every stock in the same industry
reuses the same baseline.
Deep Analysis
Pre-flight intelligence scans the company first, then routes to the right analytical methods.
0
Company Classification
— What type of company is this?
1
Industry Landscape
— Where is the industry headed?
2
Company Momentum
— Where is this company trending?
3
Forward Projection
— 1Y & 2Y projected metrics (requires Layer 1 + 2)
4a
DCF Valuation
— Present value of future cash flows
4b
Earnings Power Value
— Floor value — worth with zero growth
4c
Anchored PE
— Industry PE adjusted for growth differential
4d
Reverse DCF
— What growth is the market pricing in?
4e
Revenue-Based DCF
— For growth/narrative companies (skip if mature earner)
4f
Anchored P/S
— Price-to-Sales peer comparison (skip if mature earner)
4g
Scenario Analysis
— Bull / Base / Bear (skip if mature earner)
4h
Dividend Discount Model
— For dividend/income stocks only
4i
Book Value Analysis
— For deep value / turnaround stocks only
4j
Insider Activity
— Are insiders buying or selling?
4f
Cash Flow Quality
— How trustworthy is the FCF?
4g
Debt Maturity Risk
— Can it handle its debt?
4h
Macro Environment
— Rates, market valuation, volatility
4i
Sector Intelligence
— How does this company compare within its sector?
4j
Revenue Confidence
— How reliable is the growth projection?
4k
Sensitivity Analysis
— How fragile is the fair value estimate?
4l
Sector Demand Cycle
— Is the sector in a boom, steady state, or contraction?
5
AI Investigation
— Adaptive research engine (Claude)
5b
Thesis Evaluation
— What does the market believe? (narrative/platform stocks only)
6
Valuation Synthesis
— Weighted verdict from all methods (requires Layer 4)
Income Statement (Annual)
Last updated: Jun 21, 2026 6:45pm (5d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $32.9B | $49.5B | $40.8B | $35.7B | $44.2B |
| Cost of Revenue | $22.3B | $33.3B | $29.1B | $18.1B | $34.8B |
| Gross Profit | $10.6B | $16.3B | $11.8B | $17.6B | $9.4B |
| Operating Expenses | $1.1B | $1.5B | $1.3B | $782.0M | $1.2B |
| Operating Income | $9.5B | $14.8B | $10.5B | $16.8B | $8.2B |
| Net Income | $7.7B | $10.9B | $8.2B | $6.1B | $10.8B |
| EBITDA | $16.4B | $21.7B | $17.3B | $16.3B | $21.9B |
| EPS | $3.24 | $4.82 | $3.74 | $2.87 | $5.17 |
| EPS (Diluted) | — | — | — | — | — |
Balance Sheet (Annual)
Last updated: Jun 21, 2026 6:45pm (5d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Cash & Equivalents | $744.0M | $920.0M | $877.0M | $131.0M | $672.5M |
| Total Current Assets | $5.9B | $7.1B | $7.2B | $7.4B | $7.7B |
| Total Assets | $76.7B | $76.1B | $76.0B | $85.4B | $91.8B |
| Current Liabilities | $7.4B | $8.7B | $7.4B | $9.6B | $8.1B |
| Long-Term Debt | $13.7B | $11.0B | $9.8B | $16.4B | $16.2B |
| Total Liabilities | $39.7B | $38.0B | $36.1B | $45.9B | $47.4B |
| Total Equity | $36.9B | $38.2B | $39.8B | $39.5B | $44.3B |
| Retained Earnings | $26.8B | $27.7B | $28.9B | $28.1B | $32.7B |
Cash Flow (Annual)
Last updated: Jun 21, 2026 6:45pm (5d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Operating Cash Flow | $11.4B | $19.4B | $12.4B | $13.4B | $15.1B |
| Capital Expenditure | -$3.6B | -$5.1B | -$4.9B | -$5.3B | -$6.7B |
| Free Cash Flow | $7.9B | $14.3B | $7.4B | $8.1B | $8.4B |
| Acquisitions (net) | $0 | $0 | $0 | -$9.2B | $0 |
| Debt Repayment | — | — | — | — | — |
| Dividends Paid | — | — | — | — | — |
| Stock Buybacks | -$1.2B | -$5.6B | -$3.3B | -$2.7B | -$1.4B |
| Net Change in Cash | $443.8M | $176.0M | -$43.0M | -$746.0M | $547.5M |
Analyst Estimates (Annual)
Last updated: Jun 27, 2026 10:07am (just now)| Metric | 2027 | 2028 | 2029 | 2030 |
|---|---|---|---|---|
| Revenue |
$31.5B $31.2B – $31.7B
|
$30.9B $30.1B – $32.0B
|
$33.9B $33.0B – $35.1B
|
$32.4B $31.6B – $33.6B
|
| EBITDA |
$14.6B $14.4B – $14.7B
|
$14.3B $13.9B – $14.8B
|
$15.7B $15.3B – $16.2B
|
$15.0B $14.6B – $15.5B
|
| Net Income |
$7.5B $6.9B – $8.1B
|
$6.7B $4.5B – $9.0B
|
$8.3B $8.1B – $8.7B
|
$8.7B $8.4B – $9.1B
|
| EPS | — | — | — | — |
Growth Trends (YoY %)
Last updated: Jun 21, 2026 6:45pm (5d ago)| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue Growth | +50.8% | -17.6% | -12.7% | +23.9% |
| Gross Profit Growth | +53.7% | -27.6% | +49.3% | -46.5% |
| Operating Income Growth | +55.2% | -29.1% | +60.5% | -51.0% |
| Net Income Growth | +42.7% | -24.7% | -25.8% | +77.2% |
| EBITDA Growth | +32.7% | -20.5% | -5.8% | +34.6% |
Dividend History (Last 20)
Last updated: Jun 21, 2026 6:45pm (5d ago)| Date | Dividend | Declaration | Record | Payment |
|---|---|---|---|---|
| 2026-06-23 | $0.44 | 2026-05-07 | 2026-06-23 | 2026-07-07 |
| 2026-03-20 | $0.46 | 2026-03-05 | 2026-03-20 | 2026-04-07 |
| 2025-12-12 | $0.43 | 2025-11-05 | 2025-12-12 | 2026-01-06 |
| 2025-09-19 | $0.43 | 2025-08-07 | 2025-09-19 | 2025-10-03 |
| 2025-06-13 | $0.43 | 2025-03-06 | 2025-06-13 | 2025-07-03 |
| 2025-03-21 | $0.41 | 2025-03-06 | 2025-03-21 | 2025-04-04 |
| 2024-12-13 | $0.40 | 2024-10-04 | 2024-12-13 | 2025-01-03 |
| 2024-09-13 | $0.39 | 2024-08-01 | 2024-09-13 | 2024-10-04 |
| 2024-06-17 | $0.38 | 2024-05-02 | 2024-06-17 | 2024-07-05 |
| 2024-03-14 | $0.78 | 2024-02-29 | 2024-03-15 | 2024-04-05 |
| 2023-12-07 | $0.74 | 2023-11-02 | 2023-12-08 | 2024-01-05 |
| 2023-09-14 | $0.67 | 2023-08-02 | 2023-09-15 | 2023-10-05 |
| 2023-06-15 | $0.68 | 2023-05-04 | 2023-06-16 | 2023-07-05 |
| 2023-03-16 | $0.65 | 2023-03-02 | 2023-03-17 | 2023-04-05 |
| 2022-12-15 | $0.62 | 2022-11-03 | 2022-12-16 | 2023-01-05 |
| 2022-09-15 | $0.58 | 2022-08-03 | 2022-09-16 | 2022-10-05 |
| 2022-08-22 | $1.15 | 2022-08-03 | 2022-08-23 | 2022-08-31 |
| 2022-06-16 | $0.59 | 2022-05-05 | 2022-06-17 | 2022-07-05 |
| 2022-03-17 | $0.59 | 2022-03-03 | 2022-03-18 | 2022-04-05 |
| 2021-12-09 | $0.46 | 2021-11-03 | 2021-12-10 | 2022-01-05 |
Narrative Economics
The story the market is telling about this stock — the intangible X-factor
(founder mythology, cult dynamics, TAM-of-imagination) that moves price beyond
what cash flows alone explain. After Shiller, Narrative Economics.
No narrative profile yet for CNQ — it's generated by the pipeline (
market-narrative step).
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My Notes
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Data via Financial Modeling Prep · Cached for performance · fmp
v1.1.352 · d1100787 · 2026-06-26 11:39:30