How to invest Canadian Natural Resources Stock in Canada [2025]

Key Takeaways

• Canadian Natural Resources (CNQ) is a major Canadian oil and gas producer with diversified global operations and a strong free cash flow profile.
• Q3 2025 revenue rose 6.43% YoY to $11.07B, but net profit fell 73.52%, significantly missing EPS estimates.
• Analysts maintain a "Buy" consensus with a price target average of $39.00 and high of $62.00.
• CNQ offers a 25-year history of dividend growth with a current yield over 5% and strong shareholder returns.
• Canadians can invest via TFSA, RRSP, broker platforms, ETFs, or options; RRSP avoids U.S. dividend withholding tax.

Canadian Natural Resources (CNQ.US) is one of Canada’s largest independent energy producers, specializing in the exploration, development, and production of crude oil, natural gas, and synthetic crude oil. The company generates the majority of its revenue from its Oil Sands Mining & Upgrading and Exploration & Production segments, with operations across North America, the North Sea, and Africa. Its long-life, low-decline asset base and low-cost operations provide a distinct competitive edge, enabling consistent free cash flow and shareholder returns—even amid market volatility.

Is Canadian Natural Resources stock overvalued or undervalued?

When considering whether Canadian Natural Resources (CNQ.US) stock is trading at a justified value, it's important for investors to weigh both the company's recent performance and its long-term growth trajectory. Canadian investors evaluating Canadian Natural Resources stock price trends may note its rise of nearly 10% over the past month, reflecting a rebound amid stabilized oil markets and fiscal discipline.

While high dividends and profitability might indicate potential value, shifts in energy demand, macroeconomic policy, and commodity cycles influence how the CNQ stock is perceived in fundamental terms. The company's recent earnings revealed a slowdown in net profit and margins, particularly in Q3, which dampens short-term enthusiasm despite a relatively strong operational cash flow.

To navigate this complexity, investors typically assess valuation multiples and yield figures in context. This leads us into a deeper look at quantitative indicators that inform whether the current Canadian Natural Resources price aligns with intrinsic value considerations.

Key financial metrics for Canadian Natural Resources

Source: moomoo, data as of 25-11-17.

Canadian Natural Resources price forecast

As of mid-November 2025, analysts covering Canadian Natural Resources stock have issued a bullish consensus. Among nine analysts, the majority rate the stock a "Buy," with a price target range suggesting meaningful upside. The average projected Canadian Natural Resources price stands at $39.00, with the highest forecast reaching $62.00 and the lowest at $33.50, providing a balanced spectrum based on varying oil price outlooks and operational metrics.

Notably, despite recent EPS underperformance (Q3 actual EPS: CAD 0.29 vs. estimate of CAD 0.779), optimism persists as the company maintains efficient capital allocation and strong free cash flow generation. This proactive approach buffers investor confidence and aligns with the long-term viability of CNQ’s diversified upstream assets.

For Canadian investors seeking exposure to energy sectors with dividend yield benefits, Canadian Natural Resources stock price trends and growth projections make it a candidate for portfolio inclusion—especially when accessed through transparent platforms like moomoo.

Canadian Natural Resources earnings 2025 Q3 analysis

Source: Canadian Natural Resources Income Statement, data as of 2025-11-17.

In the third quarter of 2025, Canadian Natural Resources reported mixed results. Revenue rose to $11.07 billion, marking a 6.43% increase year-over-year. This uptick was largely due to record production levels of 1.62 million barrels of oil equivalent per day, reflecting a 19% year-over-year rise, as discussed during the Canadian Natural Resources earnings call held on November 6, 2025. However, a sharp decline in profitability was evident. Operating profit plunged by 61.61% to $1.08 billion, and net profit dropped 73.52% to $600.0 million. A similar downtrend was observed in EPS, which fell to $0.29, a drop of 72.64% year-over-year. These figures fell significantly short of analyst expectations, which had anticipated $0.779 in EPS for the quarter. Investors tracking the Canadian Natural Resources earnings date noted this was a considerable miss.

To put this into perspective, it's like baking more loaves of bread than ever, but selling them for less profit due to higher ingredient and labor costs. Canadian Natural’s operations were robust in terms of volume, but margins eroded amid weaker oil prices and increased operational expenses post-acquisition adjustments. Surprisingly, despite the revenue rise, the operating income was under pressure due to these cost structures. The company also maintained its full-year capital guidance at $5.9 billion, highlighting its disciplined approach, but emphasized during the Canadian Natural Resources earnings call that the market environment remained volatile. Shareholders and analysts will be watching closely how the firm adapts, especially as it prepares its strategic path ahead into Q4 and beyond.

Canadian Natural Resources stock split analysis

Canadian Natural Resources (CNQ) has exhibited a consistent pattern of shareholder-friendly actions, including periodic stock splits that reflect its long-term growth and commitment to liquidity. The most recent CNQ stock split occurred on June 11, 2024, marking a 2-for-1 split that doubled the number of outstanding shares while halving the price proportionally, making shares more accessible to retail investors. Historically, Canadian Natural Resources stock splits have occurred during periods of robust performance or optimistic long-term outlooks, supporting investor confidence. Understanding the CNQ stock split history offers valuable insights for Canadian investors regarding the company’s capital allocation strategy and share price trends over time.

Source: SeekingAlpha, data as of 25-11-17

Canadian Natural Resources dividends analysis

Canadian Natural Resources (NYSE:CNQ) stands out in Canada's energy sector not only for its vast oil and natural gas portfolio but also for its consistent and growing dividend returns. With a 25-year track record of dividend increases and a compound annual growth rate of over 21%, CNQ has built a reputation as a reliable dividend growth stock. This makes Canadian Natural Resources dividend history highly attractive for Canadian investors seeking both stable income and capital appreciation from a top-tier oil and gas producer.

CNQ’s dividend resilience is underpinned by its diversified asset base and capital-efficient operations, notably its low-decline oil sands assets and strong free cash flow profile. In 2025 alone, the company announced quarterly dividends exceeding USD $0.43 per share, with an annualized yield surpassing 5%. Their ability to consistently return capital to shareholders—$1.7 billion in Q1 2025 alone—demonstrates the sustainability of Canadian Natural Resources dividend payments through commodity cycles. For long-term investors in Canada, CNQ presents a compelling case as a cornerstone of an income-focused investment strategy.

Dividend summary of Canadian Natural Resources

Source: www.zacks.com, data as of 2025-11-17.

Can I Invest Canadian Natural Resources Stock with a TFSA or RRSP?

Canadian investors looking to buy Canadian Natural Resources (CNQ) stock can certainly do so using registered accounts such as a Tax-Free Savings Account (TFSA) or a Registered Retirement Savings Plan (RRSP). Since CNQ is dual-listed on the NYSE and TSX, Canadians have the option to buy the stock on either exchange depending on currency preference. When buying U.S.-listed CNQ shares in a TFSA, it's important to note that although gains are tax-free, U.S. dividends may be subject to a 15% withholding tax due to treaty limitations. However, using an RRSP to buy U.S. stocks like CNQ can avoid this tax, making it a tax-efficient choice for dividend-seeking investors. Whether you’re buying U.S. stocks in a TFSA or aiming to buy stocks with an RRSP, understanding the tax treatment is crucial for optimizing returns.

How to invest Canadian Natural Resources stock in Canada?

Canadian Natural Resources Limited (NYSE: CNQ) is a widely followed energy stock listed on both the TSX and NYSE. If you're a Canadian resident aiming to invest Canadian Natural Resources stock from Canada, the good news is that US-listed stocks can be accessed conveniently via online trading platforms. Here’s a step-by-step guide tailored for busy professionals looking for simplicity and effectiveness in investing.

Step 1: Pick a stock trading platform

As a Canadian investor, your first step to invest Canadian Natural Resources stock is choosing a reliable trading platform. Since your schedule is tight, prioritize platforms that offer:

• Access to both Canadian and US markets such as NYSE where CNQ is listed
• User-friendly interface and mobile trading apps
• Low or no commission fees for buying US equities
• Real-time market data and basic analysis tools
• Strong customer support during North American market hours

Step 2: Choose the right account type and open an account

Canadian residents can choose from several account types to invest in US-listed stocks like CNQ:

• TFSA (Tax-Free Savings Account): Allows capital gains and dividends to grow tax-free. Suitable for long-term holdings but be cautious of US dividend withholding taxes.
• RRSP and SRRSP (Registered Retirement Savings Plan): Generally exempt from US withholding tax on dividends, making it ideal for dividend stocks like CNQ.
• Margin Account: Lets you borrow money to trade stocks, offering leverage but requiring more risk tolerance and knowledge.
• Cash Account: Basic trading account using only the funds you deposit. Great for beginners aiming for more control and simplicity.

To open a brokerage account, you'll typically need your Social Insurance Number (SIN), government-issued ID, proof of address (e.g., utility bill), and banking information for funding the account.

Step 3: Fund your account

Common funding methods include Interac e-Transfer, direct bank transfers, wire transfers, or linking your chequing account. Some platforms also accept credit card deposits, though that’s less common due to added fees.

Step 4: Research Canadian Natural Resources's fundamentals

Before buying CNQ stock, take time to understand its business model, earnings reports, and revenue streams. Canadian Natural Resources generates most of its revenue from Oil Sands Mining and Upgrading and Exploration and Production operations. Key financial metrics to watch include quarterly EPS, free cash flow, net profit margins, and dividend yield. Analyst forecasts, such as a CAD 39.00 average price target and strong Buy ratings, also provide decision-making insights.

Step 5: Set a budget for your Canadian Natural Resources stock purchase

Decide how much you intend to invest based on your current financial position and portfolio weighting. Consider these points:

• Portfolio Allocation: Energy stocks are often more volatile, so limit your exposure to match your risk profile.
• Emergency Fund: Ensure you have liquid savings to cover 3–6 months of expenses before investing.
• Fractional Shares: If the full price per share is too high, some brokers offer fractional shares so you can start with as little as $10 or $20.

Step 6: Place your Canadian Natural Resources's order

Once funded, search for “CNQ” on your platform under the US market. Decide whether to place a market order (executed quickly at current price) or a limit order (set your own price). Enter the number of shares or dollar amount if buying fractional shares, then execute the order.

Step 7: Monitor and manage your investment

After your purchase, keep an eye on CNQ’s quarterly performance metrics, including dividend announcements and earnings results. Use portfolio tracking tools and set alerts for price or news updates. Re-evaluate your position periodically to ensure it continues to align with your investment goals and time horizon.

Alternative ways to invest in Canadian Natural Resources?

For Canadian investors looking to gain exposure to Canadian Natural Resources (CNQ.US) without directly buying individual shares, several alternatives exist. These options may provide additional diversification and flexibility depending on your investment strategy and risk tolerance.

Canadian Natural Resources ETFs

Investing through ETFs allows Canadians to gain exposure to Canadian Natural Resources while also benefiting from portfolio diversification, professional management, and lower transaction costs.

• iShares S&P/TSX Capped Energy Index ETF (XEG) – This ETF tracks the performance of the S&P/TSX Capped Energy Index and includes a significant allocation to Canadian energy producers, including Canadian Natural Resources.
• BMO Equal Weight Oil & Gas Index ETF (ZEO) – This ETF provides equal-weighted exposure to Canadian oil and gas companies, reducing concentration risk. CNQ is one of the core holdings.
• Horizon Enhanced Income Energy ETF (HEE) – This ETF includes CNQ among other large-cap energy stocks and aims to generate income through covered call strategies.
• Purpose Energy Yield ETF (NRGY) – Focuses on high-dividend-paying energy companies, including Canadian Natural Resources, and may appeal to income-focused investors.

Canadian Natural Resources options

Another way Canadian investors can participate in the performance of CNQ stock is through options trading. Options can be used for strategies involving speculation, hedging, or generating income. As of November 2025, Canadian Natural Resources options show a moderate implied volatility (IV Rank reaching 34) and balanced volume between calls and puts, suggesting active interest without extreme pricing pressure. However, investors should consider the complexity and risks involved before engaging in options trading.

Stocks similar to Canadian Natural Resources

If you're interested in companies with similar business models or within the same industry, several alternatives exist in the Canadian energy sector.

• Suncor Energy (SU.TO) – A vertically integrated energy company involved in oil sands development, refining, and retail operations.
• Imperial Oil (IMO.TO) – Engages in the exploration, production, and sale of crude oil and natural gas, often seen as a stable player in Canada’s oil sector.
• Cenovus Energy (CVE.TO) – Known for its oil sands assets and refining capabilities, Cenovus also recently merged with Husky Energy, broadening its resource base.
• Tourmaline Oil Corp (TOU.TO) – A natural gas-focused producer that offers indirect exposure to the North American energy market with increasing attention on cleaner hydrocarbons.

Is it a good time to invest Canadian Natural Resources stock?

Canadian investors evaluating Canadian Natural Resources Ltd. (NYSE: CNQ) should consider both the recent performance and broader market positioning of the stock. As of November 14, 2025, CNQ closed at USD 33.87, marking a nearly 14% gain from its October low of USD 29.91. Over the past month, the stock has exhibited steady upward momentum, supported by a rising PE ratio from 14.7 to 16.5 and technical strength as indicated by a 14-day RSI climbing to 83.75—suggesting strong buying interest but approaching overbought levels.

Financially, CNQ reported record Q3 production of 1.62 million BOEs/day and adjusted net income of CAD 1.8 billion. However, EPS declined 72% YoY to CAD 0.29, significantly missing analysts’ expected CAD 0.779. Despite strong free cash flow of CAD 3.9 billion, pressure on profit margins from commodity volatility and weak returns—Q3 ROE was only 1.47%—may weigh on investor sentiment.

For Canadian investors, the rising dividend yield of 5.18% (USD 0.43821 per share upcoming) offers income stability, and with 73.5% institutional ownership, the stock retains market confidence. However, market timing around high volatility (28.46% implied volatility) should be carefully considered.

Source: Moomoo Technologies Inc., data as of 25-11-14