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Canadian Natural Resources: Unlevered Appreciation Potential

Posted on June 11, 2008

Buy-recommended Canadian Natural Resources (CNQ) offers unlevered appreciation potential of 28% to estimated net present value [NPV] of $124 a share, up from $99 a share. For calculating NPV, we raise our long-term oil price assumption to $100 a barrel from $80. Futures prices for oil to be delivered over the next six years have reached $117 a barrel. First quarter results released by CNQ after the market close on May 8 reflected oil and natural gas prices that exceeded expectations of three months ago.Projected volumes along with current futures prices promise a continuing high level of unlev...

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