Tudor, Pickering, Holt on Wednesday maintained its buy rating on the shares of Canadian Natural Resources (CNQ.TO, CNQ) with a C$58.00 price target as it updated its models for fourth-quarter results from the country's No.1 oil producer.
"Updating our model post-earnings and for latest strip pricing was neutral to our view. In Q4'24, we estimate C$1.68 in CFPS vs. Street C$1.69, with our model similarly in-line on operations at TPHe 1,433mboepd production vs. Street 1,436; TPHe C$1.37B capex puts our FY spend of TPHe C$5.43B, in-line with guidance. Over the near-term, the 2025 outlook remains in focus, which we'll look for in the coming months. For now, our FY'25 estimates sit at TPHe C$7.18 in CFPS vs. Street C$7.33, on TPHe 1,551mboepd production vs, Street 1,533 and capex of TPHe C$6.0B, in-line with Street; TPHe 7% FCF/EV. Company-specific operational items of interest include cost savings and opex particularly in Mining, near-term projects in Thermal (Pike Phase 1), and overall capital allocation (TPHe gas-directed activity continues to take a backseat to the focus on liquids growth)," analyst Jeoffrey Lambujon noted.
(MT Newswires covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www.mtnewswires.com/contact-us)
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