How much a stock's price changes over time is important for most investors, since price performance can both impact your investment portfolio and help you compare investment results across sectors and industries.
Another thing that can drive investing is the fear of missing out, or FOMO. This particularly applies to tech giants and popular consumer-facing stocks.
What if you'd invested in Canadian Natural Resources (CNQ) ten years ago? It may not have been easy to hold on to CNQ for all that time, but if you did, how much would your investment be worth today?
Canadian Natural Resources' Business In-Depth
With that in mind, let's take a look at Canadian Natural Resources' main business drivers.
Established in 1973, Calgary-based Canadian Natural Resources Limited is one of the largest independent energy companies in Canada engaged in the exploration, development and production of oil and natural gas. The company boasts of a diversified portfolio of crude oil, natural gas, bitumen and synthetic crude oil (SCO). Canadian Natural Resources’ core operations are focused in Western Canada, the United Kingdom sector of the North Sea and offshore Africa, which includes Côte d’Ivoire, Gabon, and South Africa. The company reports its activities into two segments: Exploration & Production, and Oil Sands Mining and Upgrading.
Of particular significance is Canadian Natural’s substantial world class oil sands mining assets - Horizon Oil Sands and the Athabasca Oil Sands Project (AOSP). Through these properties, the company holds leases that contain an estimated 8.2 billion barrels of proved and probable SCO reserves.
As of year-end 2024, Canadian Natural held total proved reserves of 15.2 billion barrels of oil equivalent (BOE), with a total proved plus probable reserves base of 20.1 billion BOE-both reflecting a 9% increase from 2023. Approximately 74% of total proved reserves consist of long-life, low-decline assets, supporting a total proved reserve life index (RLI) of 33 years and a total proved plus probable RLI of 44 years. This includes a 43-year RLI for its oil sands mining and upgrading assets, ensuring decades of sustainable production and profitability.
Canadian Natural has strengthened its market reach by increasing crude oil transportation capacity to 256,500 barrels per day (bbl/d), enhancing access to Canada’s west coast and the U.S. Gulf Coast. Key investments include additional commitments on the Trans Mountain Expansion (TMX) and Flanagan South pipelines, further securing diversified market access. The company also continues to focus on optimizing production efficiency through technological advancements, including solvent enhanced oil recovery technology aimed at improving bitumen extraction.
Canadian Natural Resources has maintained its dividend commitment for 25 years in a row, reflecting a CAGR of 21%. Coupled with C$1.2 billion in shareholder returns during the third quarter of 2025 and ongoing share buybacks, the company is committed to delivering value to its shareholders.
Bottom Line
Anyone can invest, but building a successful investment portfolio takes a combination of a few things: research, patience, and a little bit of risk. So, if you had invested in Canadian Natural Resources a decade ago, you're probably feeling pretty good about your investment today.
A $1000 investment made in January 2016 would be worth $3,845.71, or a gain of 284.57%, as of January 14, 2026, according to our calculations. This return excludes dividends but includes price appreciation.
In comparison, the S&P 500's gained 268.40% and the price of gold went up 309.27% over the same time frame.
Analysts are anticipating more upside for CNQ.
Canadian Natural offers a diversified portfolio of low-risk exploration and development projects, with strong international exposure. Its significant reserve base, including a 43-year reserve life for SCO, ensures long-term growth and stability. Recent strategic acquisitions, such as the AOSP swap and Montney assets, have strengthened its competitive edge and long-term cash flow prospects. With a 25-year track record of dividend growth and low-cost operations, the company demonstrates solid capital discipline and value creation. However, it faces challenges such as limited pipeline capacity, reliance on fluctuating oil prices, regulatory pressures on carbon emissions, and higher costs associated with oil sands operations. These factors introduce risk and volatility, affecting profitability. Hence, investors are advised to hold the stock.
The stock is up 6.08% over the past four weeks, and no earnings estimate has gone lower in the past two months, compared to 2 higher, for fiscal 2025. The consensus estimate has moved up as well.
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Canadian Natural Resources Limited (CNQ): Free Stock Analysis ReportThis article originally published on Zacks Investment Research (zacks.com).
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