Scotiabank Raises Canadian Natural Price Target to C$54, Keeps Outperform Rating

Scotiabank analyst Kevin Fisk raised Canadian Natural's (CNQ) price target to C$54 from C$50 and maintained an Outperform rating. The firm updated its E&P stock price targets, expecting weak global oil prices to impact Canadian oil benchmarks in 2025 and 2026.

Scotiabank analyst Kevin Fisk has raised the price target for Canadian Natural Resources (CNQ) from C$50 to C$54, maintaining an Outperform rating on the stock. This adjustment is part of a broader update to the firm's price targets for exploration and production (E&P) companies within its coverage [1].

Fisk highlights that anticipated weak global oil prices are likely to put pressure on Canadian oil benchmarks over the next few years, potentially affecting the industry in 2025 and 2026. The firm expects these factors to influence the stock's performance, leading to the upward revision in the price target [2].

Canadian Natural Resources is one of the largest oil and natural gas producers in western Canada, with operations also in the North Sea and Offshore Africa. The company's portfolio includes a wide range of products, from light and medium oil to heavy oil, bitumen, synthetic oil, natural gas liquids, and natural gas. Production averaged 1.16 million barrels of oil equivalent per day in 2020, with estimated proven and probable reserves exceeding 11.5 billion barrels of oil equivalent [3].

The company has been the subject of several recent research reports. CIBC raised their price target on Canadian Natural Resources from C$59.00 to C$62.00, while Wells Fargo & Company raised their target from C$42.00 to C$46.00 and assigned an "equal weight" rating. Raymond James Financial decreased their price target from C$52.00 to C$49.00 and changed their rating to "outperform." Desjardins lowered their target price from C$51.00 to C$49.00 and set a "buy" rating for the company [1].

Shares of CNQ traded up C$0.45 during trading on Friday, July 11, 2025, hitting C$43.91. The company's trading volume was 14,789,283 shares, compared to its average volume of 14,594,424. The stock has a 50-day simple moving average of C$43.32 and a 200-day simple moving average of C$42.80. The company has a debt-to-equity ratio of 25.79, a quick ratio of 0.54, and a current ratio of 0.84 [1].

In other news, senior officers Troy John Peter Andersen and Mark Allen Stainthorpe sold a total of 105,000 shares of the company's stock over the last ninety days. Andersen sold 60,000 shares on July 11, 2025, while Stainthorpe sold 45,000 shares on June 17, 2025 [1].

References:
[1] https://www.marketbeat.com/instant-alerts/canadian-natural-resources-tsecnq-price-target-raised-to-c5400-at-scotiabank-2025-07-11/
[2] https://www.gurufocus.com/news/2971958/scotiabank-revises-target-price-for-canadian-natural-cnq-amid-oil-outlook-cnq-stock-news
[3] https://www.tipranks.com/news/the-fly/suncor-price-target-raised-to-c60-from-c57-at-scotiabank-thefly