01:25 PM EDT, 08/08/2025 (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 price of CAD 46, cut CAD 3, reflects a 5.9x multiple of enterprise value to projected '26 EBITDA, about in line with CNQ's historical forward average. We cut our '25 EPS estimate by CAD 0.40 to CAD 3.47, and similarly '26's by CAD 1.33 to CAD 3.51. The planned turnaround at Athabasca Oil Sands Project (AOSP) was completed five days ahead of schedule. Management noted that the forward curve for Western Canada natural gas (at least based on the AECO hub) looks somewhat soft, which we think is reflective of concerns over the ramp-up of LNG Canada, and how long it may take to get to full capacity. We think a full ramp-up of LNG Canada would be quite helpful for local natural gas pricing, but in our view this is a matter of when, not if. CNQ plans to exit 2025 with net debt of CAD 15 million, which compares with net debt of about CAD 17 billion at the end of June. We think CNQ has the wherewithal to do that given projected free cash flow of CAD 4.4 billion in 2H '25.