Canadian Natural Focuses on Share Buybacks and Debt Reduction
We are lowering our fair value estimate for Canadian Natural Resources to $34 (CAD 44) per share from $35 (CAD 45) to reflect our decrease in near-term price realization forecasts. Despite the decrease in fair value the stock looks fairly valued. We believe the market is putting too much emphasis on the company’s planned growth projects along with the recent Athabasca Oil Sands Project acquisition. Furthermore, we are maintaining our no-moat rating.Canadian Natural reported second-quarter produ...
Canadian Natural Resources is an independent crude oil and natural gas exploration, development and production company. Co.'s exploration and production operations are focused in North America, largely in Western Canada; the U.K. portion of the North Sea; and CA'te d'Ivoire, Gabon, and South Africa in Offshore Africa. Co. had total proved reserves of 5.71 billion barrels of oil equivalent. Co.'s gross proved crude oil, bitumen (thermal oil), synthetic crude oil and natural gas liquids reserves totaled 4.70 billion barrels and its gross proved natural gas reserves totaled 6,106.00 billion cubic feet.
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