Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on CANADIAN NATURAL RESOURCES. We currently have 36 research reports from 1 professional analysts.
|02Mar17 10:05||MKW||Canadian Natural Resources Limited Announces Quarterly Dividend|
|02Mar17 10:00||MKW||Canadian Natural Resources Limited Announces 2016 Fourth Quarter and Year End Results|
|14Feb17 10:00||MKW||Canadian Natural Resources Limited Announces 2016 Year End Reserves|
|02Feb17 10:00||MKW||Canadian Natural Resources Limited Horizon Update|
|03Mar16 10:05||MKW||Canadian Natural Resources Limited Announces Quarterly Dividend|
|03Mar16 10:00||MKW||Canadian Natural Resources Limited Announces 2015 Fourth Quarter and Year End Results and 2016 Budget|
|09Nov15 10:00||MKW||Canadian Natural Resources and PrairieSky Royalty Announce Combination of Royalty Businesses and Concurrent PrairieSky Financing|
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Research reports on
CANADIAN NATURAL RESOURCES
CANADIAN NATURAL RESOURCES
Commodity Price Update – Impact on Integrateds, Large Cap E&P, Oilsands
28 Sep 16
3Q16e WTI prices look set to average ~US$44.50/bbl vs. our $50.00/bbl prior estimate. We have also reduced our 4Q16e WTI forecasts by US$5.00 to US$50.00/ bbl, but left our 2016e+ oil & gas price deck largely unchanged. For the second time in three months we are increasing our forecasts for Canadian refined product premiums relative to New York Harbor.
CNRL 2Q16 Update
05 Aug 16
2Q16 CFPS of $0.85/share missed our $0.88 estimate due to infrastructure downtime. 2016 guidance is essentially unchanged except for a 35 mmcf/d reduction to gas production guidance. Horizon Phase 2B remains on track to reach full rates in November. CNQ has plenty of liquidity ($1.7 billion available credit plus $0.9 billion in securities). CNQ’s free cash flow yield in 2018e+, relative to sustaining capital, is vastly superior to its Canadian peers (see our note from July 7th). Top Pick ranking and $47.00/share target price maintained. Multiple expansion should occur as Horizon production grows.
Integrateds, Oilsands & Large Caps
20 Jul 16
The Fort McMurray wildfire took more than 1.2 mmbbl/d of oilsands production offline at one point, disrupting operations of many companies within our coverage universe. We expect production estimates for many oilsands producers (HSE, IMO, SU, ATH) to be more varied than usual with more variables to account for than usual (downtime, ramp up, sales volumes). SCO prices were boosted by the wildfire, with CNQ best positioned to have taken advantage, given the upgrader at Horizon was only mildly affected by wildfires. CVE, HSE and SU likely benefited from a positive FIFO impact. We estimate a positive FIFO impact of $4-5/bbl of throughput assuming a 30 day lag, with a larger positive FIFO impact on longer lags. We are generally close to consensus for most CFPS estimates, with the exception of Suncor, where we are estimating $0.34/share versus consensus at $0.44/share. There are no target price or ranking changes with this publication.
Sustaining Capital and Implied Free Cash Flow
07 Jul 16
We have analyzed recent Company estimates of sustaining capital. Relative to our approximations of sustaining capital, post Horizon expansion, at current prices CNQ offers a far better free cash flow yield than the Canadian Integrateds, even in a high case refining margin scenario (see charts on page 2). We are upgrading our ranking on CNQ to Top Pick from Outperform, increasing our target price by $3.00 to $47.00/share, while we have reduced our target prices for both HSE and CVE by $1.00/share, to $18.00/share. In our view CNQ is clearly better value than any of the Canadian Integrateds.
19 Apr 17
We take a look at the supply and demand dynamics of the world’s largest diamonds. Less than 200 very large (>200 carat) gem quality diamonds have ever been found, yet 23 of these have been found in the past three years. This dramatic increase is being driven by a combination of the rapid increase in the number of billionaires and hence price and demand, combined with technological developments that have improved large diamond recovery and a certain amount of geological good luck.
Small Cap Breakfast
19 Apr 17
Global Ports Holding—Intention to float on Standard List. International cruise ports operator. Seeking $250m raise including $75m primary offer. Dorcaster—Schedule One Update. Admission now expected 3 May. RTO of Escape Hunt raising £14m at 135p Verditek— Intention to float on AIM. On Admission, the Company's subsidiaries will be involved in advanced solar photovoltaic, filtration and absorption technologies specialising in providing environmental services. Raising £3.5m. Admission in May. Eddie Stobart Logistics— Schedule 1. Admission expected 25 April but capital raising details TBC. ADES International Holding— Intends to join the Standard List in May raising up to $170m plus a vendor sale. Provider of offshore and onshore oil and gas drilling and production services in the Middle East and Africa. Admission expected in May. Tufton Oceanic Assets– Offer extended to 9 May to enable investors to complete further due diligence.