TD Newcrest Upgrades Canadian Natural Resources Limited (CNQ) to Action List Buy; Investor Day Highlights

TD Newcrest upgraded Canadian Natural Resources Limited (NYSE: CNQ) from Buy to Action List Buy.

TD analyst says, "CNQ hosted its annual Investor Day yesterday. We have boiled the day down into four key themes: 1) an increase in running room in its thermal portfolio, 2) expectations of improvements to Horizon reliability and cost structure, 3) a shale and liquids-rich gas portfolio, which appears to be coming to life (and is starting to compete for capital), and 4) a demonstrated ability to effectively reallocate capital to its highest return projects (which ultimately translates into higher relative returns, in our view). The only negative, in our view, was higher-than-expected capex projections for the period 2012-15 (~$7.5-9B but within cash flow and ultimately contingent on commodity prices)."

For more ratings news on Canadian Natural Resources Limited click here and for the rating history of Canadian Natural Resources Limited click here.

Shares of Canadian Natural Resources Limited closed at $40.86 yesterday.

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