CIBC increased its price target for Canadian Natural Resources (CNQ) to C$75 from C$70. It maintains an outperformer rating on the stock. This revision follows the company's second-quarter 2026 performance.
For the quarter ending June 30, 2026, Canadian Natural reported its highest-ever adjusted net earnings. These earnings totaled C$4.6 billion, or C$2.20 per share. The company also achieved record quarterly production of approximately 1.68 million barrels of oil equivalent per day. Strong cash flow enabled the company to return C$4.0 billion to shareholders during the quarter through dividends and share buybacks.