CANADIAN NATURAL RESOURCES LIMITED
In the published model solve dated 2026-Q2, anchored at $46.66, CANADIAN NATURAL RESOURCES LIMITED (CNQ) is priced for -3.8% growth. boothcheck publishes no house fair value, target price, or buy/sell rating; individual model outputs and user-controlled scenarios are analytical inputs, not Boothcheck targets. The narrative was composed July 24, 2026 from SEC EDGAR filings.
• Production averaged 1,643,000 barrels of oil equivalent a day in the first quarter of 2026, three-quarters of it liquids, off an asset base whose mining and upgrading operations do not deplete the way conventional wells do. [Source: Canadian Natural Q1 2026 results release, May 7, 2026] • Today's price does not embed optimism: it implies company-wide operating profit shrinking about 3.8% a year, which is a bet on decline rather than growth, and the real risk is that trailing profitability its
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717 institutional managers reported holding CNQ in 13F filings for the quarter ended 2026-03-31. Together they hold about 75% of the company; the top 10 hold 43%. 125 opened new positions that quarter. Held by Capital Group (American Funds), Vanguard Group, FMR (Fidelity), among others. On the short side, 112.6M shares were sold short as of the 2026-06-15 count, about 5% of shares outstanding (15 days of typical volume to cover).
Quarterly 13F filings arrive up to 45 days after quarter end, so the picture is never current (filed through 2026-05-29). Nothing here is investment advice.
CNQ has cut its share count 13.3% over the past five years. It pays a dividend, and has paid one every year in our records (11 and counting), raised 2 years straight. Cash returned over the past three years: $9.70B in dividends.
Share counts are split-adjusted; repurchase totals are gross of share issuance. Nothing here is investment advice.
Model solve date: 2026-Q2
Narrative composed: July 24, 2026
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For informational and research purposes only. Not investment advice. Not a recommendation to buy, sell, or hold any security. boothcheck is not a registered investment adviser. Past performance does not guarantee future results.