Analysts have a consensus target price of $29.31 in the 12-month period. The price objective is 13.60% higher than the recent closing price of $25.80. The 52-week price range is $14.51-$33.47 and the company has a market capitalization of $29.57 billion. Analysts covering the shares maintain a consensus Strong Buy rating, according to Zacks Investment Research. Zero analyst has rated the stock with a sell rating, 2 has assigned a hold rating, 2 says it’s a buy, and 5 have assigned a strong buy rating to the company.
On March 3, 2016 Canadian Natural Resources Limited (CNQ) commenting on the fourth quarter 2015 results, Steve Laut, President of Canadian Natural stated, “2015 was a strong operational year for Canadian Natural despite the significant drop in commodity prices. In 2015, we were able to reduce original budgeted capital spending by $3.4 billion, but still delivered 8% production growth. At the same time, we significantly lowered the cost structure within all our operations, and delivered excellent reserve replacement ratios of 179% on proved developed producing reserves and 165% on total proved reserves, and exceptional finding, development and acquisition costs.
2016 is a milestone year for Canadian Natural with the start-up of Horizon Phase 2B just 7 months away. The Company’s transition to a long life, low decline asset base continues. Upon such start-up, even at US$30/bbl WTI, our cash flow in the fourth quarter of 2016 when annualized will cover, on a go forward basis, all forecast base annual capital expenditures and current annualized dividends, as Horizon expansion capital spending drops dramatically with the start of Horizon Phase 2B.
In 2017, Horizon expansion capital will drop to approximately one billion dollars and the 80,000 bbl/d of Horizon Phase 3 is targeted to start in the fourth quarter of 2017, generating significant additional unallocated cash flow. In 2018, Horizon expansion capital drops to zero with targeted production in excess of 250,000 bbl/d for the entire year. Combined with lower operating costs, the Horizon project will generate substantial cash flow, which along with the 2017 unallocated cash flow will allow the balance sheet to quickly strengthen.”
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