Barclays Maintains an 'Overweight' on Canadian Natural Resources (CNQ); Levered Oil Play

Barclays maintains an 'Overweight' on Canadian Natural Resources Limited (NYSE: CNQ), PT C$52.

Barclays analyst says, "CNQ's ability to generate significant free cash flow and robust North American oil volume growth is underappreciated, in our view. Long-term potential volumes from thermal oil & oil-sands assets are ~1,000,000 bpd...Oil to drive strong volume growth and cash generation - North American oil volumes could rise from ~350mbpd in 2011 to ~560mbpd in 2015 (12% CAGR). Over the next five years (2011-2015), CNQ could generate C$13.5bn in free cash flow at strip pricing while simultaneously funding long-term growth plans."

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 $41.16 yesterday.

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