Canadian Natural raises 2026 annual production guidance to 1,637-1,682 MBOE/d from 1,615-1,665 MBOE/d
Result drivers
Oil sands mining output - Record oil sands mining and upgrading production of about 625,000 bbl/d, with high upgrader utilization, exceeded budgeted levels despite challenging weather
Asset acquisition and drilling - Peace River asset acquisition and strong conventional drilling contributed to increased production and higher 2026 guidance
Key details and analyst coverage
Metric
Beat/Miss
Actual
Consensus Estimate
Q2 Net Income
C$4.50 bln
Q2 Net capital expenditures
C$2.41 bln
The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 9 "strong buy" or "buy", 10 "hold" and 2 "sell" or "strong sell"
The average consensus recommendation for the oil & gas exploration and production peer group is "buy."
Wall Street's median 12-month price target for Canadian Natural Resources Ltd is C$70.00, about 11.4% above its August 5 closing price of C$62.85
The stock recently traded at 12 times the next 12-month earnings vs. a P/E of 14 three months ago
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