11:50 AM EDT, 05/02/2024 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

Our 12-month target of USD78, up USD6, reflects a 7.4x multiple of enterprise value to projected 2024 EBITDA, slightly above CNQ's historical forward average. We lower our 2024 EPS view by CAD0.03 to CAD7.71 and lift 2025's by CAD1.76 to CAD9.64. Q1 EPS of CAD1.37 vs. CAD1.69 missed consensus by CAD0.12. Q1 revenue (CAD8.2B) fell 4% Y/Y due to weaker natural gas sales (-38%), while production (1.3 mboe/d) grew 1% due to higher natural gas liquid volumes (+13%). CNQ reiterated its 2024 guidance, with expected production to be in range of ~1.4 mboe/d at the mid-point (vs. 1.3 mboe/d in 2023), while capex is expected to be in range of CAD5.4B at the mid-point (vs. CAD4.9B in 2023). CNQ ended Q1 2024 with CAD10B (vs. ~CAD12B in the prior-year period) and noted it will be returning 100% of free cash flow to shareholders in 2024 (vs. the prior 50%) through dividends and buybacks, which we view as positive, assuming energy prices hold. We see CNQ with free cash flow in range of CAD9.6B (vs. CAD7.4B in 2023).