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Canadian Natural Resources Limited

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CNQ.N

ISIN: CA1363851017
SEDOL: 2125202

Rating:

SELL

Target Price:

34.99 USD

Investment Horizon:

6 to 12 months
8th May 2009 View Report   Download

1Q 09 News Alert

Canadian Natural Resources Limited (Canadian Natural) reported a y-o-y decline in its 1Q 09 top-line, in-line with our estimates. Margins were negatively impacted by a decline in top-line and higher operating expenses, as a percentage of revenues. Going forward, we expect the company's top-line and margins to remain under pressure in FY 2009 due to low average hydrocarbon prices in FY 2009. Consequently, we continue to maintain our neutral outlook for the company....

21st Apr 2009 View Report   Download

4Q 08 & FY 2008 Update Report

We expect the current economic downturn will continue to weigh on demand for hydrocarbon products throughout FY 2009. We also forecast a significant y-o-y drop in the average prices of crude oil and natural gas in FY 2009. Canadian Natural has reduced its expected FY 2009 capital spend from C$4,007 mn to C$3,192 mn, and as a result has reduced its FY 2009 production level guidance from 600-651 mn barrel…

5th Mar 2009 View Report   Download

4Q 08 News Alert

Canadian Natural Resources Limited (Canadian Natural) reported weak results during 4Q 08, which reflects a decline in crude oil prices and production volumes during the period. Going forward, poor economic conditions are expected to continue to weigh on hydrocarbon prices in FY 2009. As a result, Management has lowered its hydrocarbon production guidance for the period. Given our concern over the company…

23rd Feb 2009 View Report   Download

Company News Alert

Canadian Natural Resources Limited’s (Canadian Natural) common stock price has declined significantly since our 3Q 08 update report reflecting volatility in global equity markets and a decline in oil prices over the same period. However, as we believe that this decline has left the company undervalued at current price levels, we maintain our BUY rating for Canadian Natural’s common stock. We will reassess our rating for the common stock in…

2nd Jan 2009 View Report   Download

3Q 08 Update Report

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Canadian Natural Resources Limited (Canadian Natural) reported strong y-o-y growth in net revenues (after royalties) during 3Q 08, marginally above our estimate, benefiting from higher realized hydrocarbon prices. Adjusted2 operating income exceeded our expectation given lower-than-expected transportation cost. We believe Canadian Natural’s FY 2009 revenues will be negatively impacted by low hydrocarbon prices and declining…