Canadian Natural Resources Maintained at Buy at UBS Following Q3 Results; Price Target Kept at C$55.00

MT Newswires Live11-08

UBS on Friday maintained its buy rating on the shares of Canadian Natural Resources (CNQ.TO) with a C$55.00 price target following the company's third-quarter results.

"CNQ reported 3Q25 adjusted CPFS of C$1.87 vs. Street of C$1.69 and UBSe of C$1.70. CNQ reported adjusted FFO of C$3,920M vs. Street of C$3,584M. Total production came in at 1,620.2mboe/d vs. Street of 1,605.5mboe/d. Net capex was C$2,124M vs. C$1,691M in 2Q25 and C$1,349M in 3Q24. During the quarter, CNQ generated FCF (adjusted FFO - capex) of C$1,796M and post dividend FCF of C$568M. During 3Q25 buybacks totaled C$310M vs. C$359M in 2Q25 and C$225M in 3Q24. Debt to book cap was 29.8% vs. 29.1% at the end of 2Q25 and 18.9% at the end of 3Q24. Net debt was flat QoQ.," the investment bank wrote.

(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)

Price: 43.82, Change: -0.62, Percent Change: -1.40

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