Analyst Note| Joe Gemino, CPA |
After taking a fresh look at Canadian Natural Resources’ fourth-quarter results, we are increasing our fair value estimate to $35 (CAD 44) from $33 (CAD 42) due to our increased near-term commodity price forecast. Despite the uptick in our fair value estimate, the stock is still trading in 3-star territory. In our view, the market is appropriately recognizing the company’s industry-leading corporate cost structure. Furthermore, we are maintaining our no-moat rating.