UPDATE: Goldman Sachs Upgrades Canadian Natural Resources Limited (CNQ) to Buy, 'material FCF generation at our above consensus oil price view'

(Updated - June 11, 2021 4:18 AM EDT)

Goldman Sachs analyst Neil Mehta upgraded Canadian Natural Resources Limited (NYSE: CNQ) from Neutral to Buy with a price target of $44.00 (from $38.00).

The analyst comments "We see attractive total return for CNQ at 23% following the stock’s relative underperformance since Jan 2021 (CNQ +40.4% vs. Canadian Oils average +53.7%). On our estimates, we see CNQ as able to benefit from the stronger commodity price environment, generating 20% FCF yield in 2022 (GS at US$75/bbl Brent) enabling deleveraging and potential for buybacks, including its already peer-leading dividend."

For an analyst ratings summary and ratings history on Canadian Natural Resources Limited click here. For more ratings news on Canadian Natural Resources Limited click here.

Shares of Canadian Natural Resources Limited closed at $36.97 yesterday.

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