Scotia says CNQ is an outperform with an $88 target Scotiabank Says Canadian Natural Resources' Q1 Results Beat Analyst Estimates
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09:42 AM EDT, 05/05/2022 (MT Newswires) -- Scotiabank said Thursday that Canadian Natural Resources Ltd. (CNQ.TO)'s cash flow per share of $4.21 in the first quarter beat the consensus estimate of $4.02, driven by higher SCO sales volumes and prices, lower mining royalties, and higher offshore Africa revenues.
Total production of 1,280 mboe/d and liquids production of 946 mbbl/d were also in line with consensus, according to Scotiabank. The company reported total capital spending of $976 million versus the consensus estimate of $1.07 billion.
Management also indicated that shareholder returns would be enhanced once net debt reaches $8 billion, which the company views as its net debt base level.
Scotiabank gave the company a price target of $88.0 with a sector outperform rating.