Canadian Natural Resources (NYSE:CNQ) Issues Quarterly Earnings Results

07 Nov 2026, 22:26 by Doug Wharley · The Cerbat Gem

Canadian Natural Resources (NYSE:CNQ – Get Free Report) (TSE:CNQ) released its earnings results on Thursday. The oil and gas producer reported $1.18 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.05 by $0.13, Zacks reports. The firm had revenue of $8.74 billion during the quarter, compared to analyst estimates of $8.79 billion. Canadian Natural Resources had a return on equity of 26.79% and a net margin of 25.24%.

Here are the key takeaways from Canadian Natural Resources’ conference call:

Canadian Natural reported Q3 production of approximately 1.65 million BOE per day, up about 31,000 BOE per day year over year, with record quarterly output in thermal in-situ operations and North American conventional liquids.
The Horizon turnaround was completed safely in 28 days, seven days ahead of schedule, supporting an expected 23,000-barrel-per-day increase in high-margin SCO production in Q4. The company also plans to extend Horizon turnaround intervals from two years to three, which it says will raise average production capacity by about 5,000 barrels per day over the cycle.
Q3 adjusted funds flow was approximately CAD 5.5 billion and adjusted net earnings were CAD 3.4 billion; net debt fell to CAD 12.1 billion, below the CAD 13 billion target. The company said it will allocate 100% of free cash flow to buybacks under its policy and target CAD 800 million in monthly purchases in November and December, with a similar pace possible in 2027 if cash flow remains strong.
Management said the WCS differential has been affected by higher shipping rates and increased Venezuelan production, while describing the pipeline system as close to—but not completely—full. It cited an additional 90,000 barrels per day of TMX egress from the DRA expansion, but said the timing of the Alberta–federal government MOU matters less than reaching the intended outcomes.

Canadian Natural Resources Stock Performance

Shares of CNQ traded down $0.43 during midday trading on Friday, reaching $48.49. 6,921,929 shares of the stock were exchanged, compared to its average volume of 6,459,060. Canadian Natural Resources has a twelve month low of $30.13 and a twelve month high of $56.27. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.00 and a quick ratio of 0.75. The company has a market capitalization of $99.23 billion, a price-to-earnings ratio of 11.56 and a beta of 0.45. The business’s 50-day moving average price is $50.82 and its 200 day moving average price is $46.27.

Canadian Natural Resources Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, January 5th. Stockholders of record on Tuesday, December 15th will be given a dividend of C$0.62 per share. The ex-dividend date is Tuesday, December 15th. This represents a $2.50 dividend on an annualized basis and a dividend yield of 5.2%. Canadian Natural Resources’s payout ratio is 44.44%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on CNQ shares. Scotiabank reiterated a “sector perform” rating on shares of Canadian Natural Resources in a report on Monday, October 19th. Desjardins upgraded Canadian Natural Resources to a “hold” rating in a research note on Thursday, July 16th. Weiss Ratings raised Canadian Natural Resources from a “buy (b)” rating to a “buy (b+)” rating in a report on Thursday, October 8th. Wall Street Zen lowered shares of Canadian Natural Resources from a “buy” rating to a “hold” rating in a research note on Saturday. Finally, TD Securities reissued a “buy” rating on shares of Canadian Natural Resources in a report on Friday, August 7th. One investment analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $57.00.

Check Out Our Latest Stock Analysis on CNQ

Key Headlines Impacting Canadian Natural Resources

Here are the key news stories impacting Canadian Natural Resources this week:

Positive Sentiment: Adjusted earnings were C$1.18 per share, above the C$1.05 consensus and up from C$0.62 a year earlier. Net profit reportedly rose to C$3 billion from C$600 million, supported by higher energy prices and production. CNQ beats Q3 earnings estimates
Positive Sentiment: CNQ reached its net-debt target ahead of schedule and plans to accelerate share buybacks, adding to its dividend distributions. That may support shareholder returns. Earnings call highlights: buybacks and production outlook
Positive Sentiment: The company declared a quarterly dividend of C$0.625 per share, payable January 5, 2027. Improved Horizon reliability and strong thermal production also underpin a more favorable fourth-quarter outlook. Quarterly dividend announcement Production outlook and reliability update
Neutral Sentiment: Quarterly revenue of C$8.74 billion narrowly missed analysts’ C$8.79 billion estimate, despite the earnings beat. That modest shortfall may have tempered the market response. CNQ quarterly earnings report

About Canadian Natural Resources

(Get Free Report)

Canadian Natural Resources Limited is an independent energy company engaged in the exploration, development, production and marketing of crude oil, natural gas and natural gas liquids. Its operations span several resource types and production methods, including oil sands mining and upgrading, thermal in situ projects, conventional oil and gas production, and offshore assets.