National Bank Raises Canadian Natural Resources (CNQ) PT to C$45 as Company Reports Strong Q2 Production

Canadian Natural Resources Limited (NYSE:CNQ) is one of the most undervalued Canadian stocks to buy now. Earlier on July 17, National Bank raised the firm’s price target on Canadian Natural to C$45 from C$43, while keeping a Sector Perform rating on the shares.

After this announcement, the company also reported its Q2 2025 financial results on August 7. Some of the company’s year-to-date performance is also attributed to the completion of a planned turnaround at the Athabasca Oil Sands Project (or simply AOSP) 5 days ahead of schedule and on budget.

Despite the AOSP turnaround, which reduced production by ~120,000 barrels per day, Canadian Natural achieved a quarterly production volume of ~1.42 million BOE/d. This marked a 10% year-over-year increase due to both acquisitions and organic growth. Total liquids production was 1.019 million bbl/d, and natural gas production was 2.407 Bcf/d. Subsequent to the quarter, in July, Oil Sands Mining and Upgrading Synthetic Crude Oil/SCO production averaged 602,000 bbl/d with an upgrader utilization rate of 106%.

Canadian Natural Resources Limited (NYSE:CNQ) acquires, explores, develops, produces, markets, and sells crude oil, natural gas, and natural gas liquids/NGLs in Western Canada, the UK sector of the North Sea, and Offshore Africa.

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Disclosure: None. This article is originally published at Insider Monkey.