Do your thoughts align with the Bull or Bear Analysts? Perhaps you think there’s more to the story. Head to the Simply Wall St Community to discover more perspectives or begin writing your own Narrative!

• Wells Fargo has begun analyst coverage of Canadian Natural Resources with an Equal Weight rating and a C$47 price target. The report notes broader sector bearishness but also highlights the company’s leadership in dividend growth and capital returns.

• Canadian Natural Resources reported a substantial year-over-year production increase in the third quarter of 2025, averaging 2,668 MMcf/d in natural gas and 1,175,604 bbl/d in crude oil and NGLs.

• The company completed a major share buyback tranche, repurchasing 18,320,000 shares for a total of CAD 790 million as part of its ongoing capital return program.

• Updated corporate guidance projects 2025 production targets between 1,560 MBOE/d and 1,580 MBOE/d. This signals expected production growth of about 15% over 2024 levels.

• The Fair Value Estimate has risen slightly to CA$52.95 from CA$52.83, reflecting modestly improved projections.

• The Discount Rate remains nearly unchanged, moving marginally lower to 6.12%.

• Revenue Growth projections have improved, with the contraction narrowing to -0.74% from a previous estimate of -1.04%.

• The Net Profit Margin is up incrementally to 23.48% from 23.35%, indicating enhanced efficiency expectations.

• The Future Price-to-Earnings (P/E) Ratio has increased to 14.51x from 14.08x, suggesting a modest shift in forward valuation assumptions.

A Narrative is your opportunity to connect a company’s story with a financial forecast and fair value, giving context to the numbers behind the stock. Available on Simply Wall St’s Community page, Narratives let millions of investors track the evolving outlook, see how Fair Value compares to Price, and automatically update as news or results come in. They make it easier to know when to consider buying or selling, backed by real stories.

See what’s driving Canadian Natural Resources in the original Narrative and follow along to keep up with:

• How strategic acquisitions and operational efficiencies are strengthening cash flow and margins for more stable earnings and growth.

• The role of infrastructure expansion and a diversified asset base in enhancing revenue potential and market resilience.

• What risks, such as regulatory pressures, pipeline challenges, or industry transition trends, could impact profitability and long-term value.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

Companies discussed in this article include CNQ.TO.

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