Jan. 29 at 4:49 PM
$CNQ To the moon! 100 dollar oil is coming. RBC Capital Markets on Wednesday reiterated its outperform rating on the shares of Canadian Natural Resources(CNQ) and its C
$61.00 price target.
The company presented at the inaugural RBC Canada Energy Comes to London Conference, discussing several market topics.
The discussion touched on the risks rising Venezuelan production could pose to Canadian oil sands producers. While CNQ continues to assess things, RBC said the company looks at the potential of increasing Venezuelan heavy oil production over the medium- and longer-term as posing tangible risks to WCS spreads.
According to RBC, the magnitude of organic growth that CNQ's long-life low-decline resource base affords stood out in the discussion. The company also reiterated its financial resiliency to external shocks, RBC said.
"Our bullish stance towards CNQ reflects its long-life low decline portfolio, strong balance sheet, top drawer leadership team and shareholder alignment," RBC said.
RBC said CNQ is its favorite producer and is part of its Global Energy Best Ideas list.
