What is CNQ stock price target for 2026?

WallStSmart's 12-month price target for Canadian Natural Resources Ltd is $60.84, representing 27.5% upside from the current price of $47.70.

What is CNQ stock forecast?

Canadian Natural Resources Ltd forecast includes bull, base, and bear case scenarios from 2026 through 2030. Revenue and EPS projections are derived from analyst consensus and conservative extrapolation with growth deceleration for outer years.

Is CNQ undervalued based on price targets?

Our DCF intrinsic value for Canadian Natural Resources Ltd is $91.17, against a current price of $47.70. The margin of safety is 55.43%.

CNQ

Canadian Natural Resources Ltd

NYSE: CNQ · ENERGY · OIL & GAS E&P

$47.70

+1.04% today

Updated 2026-04-30

Market cap

$92.32B

P/E ratio

11.73

P/S ratio

2.38x

EPS (TTM)

$3.77

Dividend yield

5.17%

52W range

$27 – $51

Volume

12.2M

Market cap

$92.32B

P/E ratio

11.73

P/S ratio

2.38x

EPS (TTM)

$3.77

Dividend yield

5.17%

52W range

$27 – $51

Volume

12.2M

Canadian Natural Resources Ltd (CNQ) Financial Forecast & Price Target 2030

Research-backed projections from analyst consensus, management guidance, and sector analysis.

Price target summary

Current

$47.70

Consensus

$57.00

+19.50%

2030 Target

$247.16

+418.16%

DCF

$91.17

+55.43% MoS

Current price

$47.70

Analyst consensus

$57.00

+19.50%

2030 Target

$247.16

+418.16%

Intrinsic (DCF)

$91.17

+55.43% MoS

2 analysts:

1 Buy9 Hold2 Sell

Management guidance

Canadian Natural Resources reported record Q4 2025 production and raised 2026 output guidance. Management's capital budget of CAD$6 billion for 2026 is focused on high-return projects. No specific revenue dollar targets provided by management, but production increases and cost discipline are emphasized as drivers of cash flow growth.

Sources: Management guidance, analyst consensus, sector analysishigh confidence

Revenue & price projection

Actual revenue Projected revenue Base case Bull to bear range

Bull case (2030)

$408.76

$42.8B Rev × 20x P/S

Base case (2030)

$247.16

$42.8B Rev × 12x P/S

Bear case (2030)

$161.60

$42.8B Rev × 8x P/S

Financial forecast — research-backed

Metric	2023	2024	2025	2026 (E)	2027 (E)	2028 (E)	2029 (E)	2030 (E)
Revenue	$40.8B	$35.7B	$38.7B	$36.8B	$37.7B	$39.5B	$41.2B	$42.8B
Revenue growth	—	-12.7%	8.6%	-5.2%	2.6%	4.7%	4.3%	3.9%
EPS	$7.76	$4.15	$3.55	$2.90	$3.55	$3.95	$4.30	$4.58
P/S ratio	—	—	—	12.0x	12.0x	12.0x	12.0x	12.0x
Implied price	—	—	—	$209.13	$218.64	$228.14	$237.65	$247.16

Catalysts & risks

Growth catalysts

+ Record 2026 production guidance with capital discipline ($6B spend on high-return projects)

+ Dividend increase and share buyback program signaling shareholder return commitment

+ Potential Tourmaline natural gas asset acquisition expanding Peace River portfolio

Key risks

- Oil price volatility and macro headwinds (U.S. crude inventory builds impacting sentiment)

- Geopolitical uncertainty affecting global oil demand (Trump Venezuela policies)

- Long-term carbon policy and energy transition risks affecting asset valuations

Methodology

Canadian Natural Resources Ltd's forward estimates are derived from AI-powered research synthesis combining analyst consensus from 2 Wall Street analysts, management guidance from the latest earnings call, and sector growth forecasts from industry research. Revenue and EPS projections use analyst consensus where available and conservative extrapolation with growth deceleration for outer years. Price targets are calculated using a tiered Price-to-Sales (P/S) methodology, where the P/S multiple is determined by the projected revenue growth rate.

WallStSmart proprietary research model · Not financial advice · Past performance is not indicative of future results · Last researched: April 6, 2026.