Raising Canadian Natural Resources' Fair Value Estimate to CAD 34; Stock Still Looks Overvalued
After updating our model to incorporate our updated WTI price forecast, we are modestly raising our fair value estimate for Canadian Natural Resources to $26 (CAD 34) per share from $25 (CAD 32) per share. Our no-moat rating remains unchanged.ÂTrading over CAD 40 per share, a 20% premium over our fair value estimate, we believe that Canadian Natural’s stock price reflects unrealistic levels of growth and profitability. While we expect production to increase by approximately 80,000 barrels per d...
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.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
We have operations in 27 countries.
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