RBC says CNQ a favourite RBC Capital Markets Says Canadian Natural Resources Booked Strong Q1 Results
MIDNIGHTTRADER - Updated 33 minutes ago
09:49 AM EDT, 05/06/2022 (MT Newswires) -- RBC Capital Markets said Thursday that Canadian Natural Resources Ltd. (CNQ.TO) posted strong first-quarter results while establishing a new $8.0 billion net debt target, upon which it would boost shareholder returns.
Canadian Natural Resources reported first-quarter production of 1.28 million boe/d and free cash flow generation of $4.0 billion. The company also reaffirmed its 2022 midpoint production guidance of 1.3 million boe/d supported by an organic capital spending program of $4.3 billion.
RBC reiterated its outperform recommendation on the company and its price target of $85 per share.
RBC said Canadian Natural Resources is its favorite senior producer and is part of its Global Energy Best Ideas and Top 30 Global Ideas lists.
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