Canadian Natural Resources Limited (NYSE:CNQ)(TSE CNQ) Modified May 25, 2010
Please note all Targets and prices have been adjusted for 2:1 split May 19, 2004
Targets and prices have been adjusted for 2:1 split May 18, 2005
****************************
Canadian Natural is one of the largest independent crude oil and natural gas producers in the world. The Company continually targets cost effective alternatives to develop our portfolio of projects and to deliver our defined growth plan, thereby creating value for shareholders.
We have a low-cost, diversified combination of assets in North America, the North Sea and Offshore West Africa, which enables us to generate significant value, even in challenging economic environments.
Our balanced mix of natural gas, light oil, heavy oil, in-situ oil sands production, oil sands mining and associated upgrading facilities, represents one of the strongest and most diverse asset portfolios of any energy producer in the world.
Our financial discipline, commitment to a strong balance sheet, and capacity to internally generate cash flows provide us the means to grow our company in the long term.
Recent News: Canadian Natural Resources Limited Provides Further Update to Horizon Primary Upgrader Incident
Canadian Natural Resources Limited Announces Horizon Oil Sands Production
Canadian Natural Resources Limited Announces 2011 Budget
RE-RELEASE: Canadian Natural Resources Limited Announces Horizon Oil Sands Production
Canadian Natural Resources Limited Announces 2010 First Quarter Results
Canadian Natural Resources Limited Announces Shareholder Approval for Two-For-One Share Split
Phil Skolnick ....... Canaccord/Genuity..........Jan 20, 2011
Maintained
BUY
Target raised to $53.00 from $46.00Cdn
CNQ.TO Price day before: $42.31Finish day posting:$42.04Current:$41.90
--------Jan 10, 2011-------
Maintained
BUY
Target $46.00Cdn
CNQ.TO Price day before: $40.60Finish day posting:$41.60Current:$41.90
-------Oct 05, 2010-----
Maintained
BUY
Target $44.00Cdn
CNQ.TO Price day before: $36.37Finish day posting:$37.34Current:$41.90
-------May 25, 2010-------
New
(assumed coverage) BUY
Target $44.00Cdn (Target Hit Dec 22, 2010)
CNQ.TO Price day before: $34.69Finish day posting:$34.30Current:$41.90
*********
Mark Polak ....... Scotia Capital.........Jan 06, 2011
Maintained OUTPERFORM
Price Target raised to $50.00 from $47.00Cdn
CNQ.TO Price day before: $44.29Finish day posting:$42.95Current:$41.90
-------Dec 03, 2010------
Maintained OUTPERFORM
Price Target raised to $47.00 from $43.00Cdn
CNQ.TO Price day before: $41.76Finish day posting:$41.88Current:$41.90
------May 20, 2010----
Maintained
OUTPERFORM
Target $50.00Cdn
CNQ.TO Price day before: $34.80Finish day posting:$34.27Current:$41.90
------Apr 08, 2010-------
Maintained
OUTPERFORM
Target raised to $50.00 from $46.00Cdn
CNQ.TO Price day before: $39.06Finish day posting:$39.42Current:$41.90
*********
Randy Ollenberger ............ BMO Capital Markets......Jan 06, 2011
Maintained OUTPERFORM
Price Target raised to $52.00 from $46.00Cdn
CNQ.TO Price day before: $44.29Finish day posting:$42.95Current:$41.90
--------Sept 15, 2006-------
Upgraded to OUTPERFORM from MARKET PERFORM
CNQ.TO Price day before: $49.46Finish day posting:$49.45Current:$41.90
CNQ Price day before: $44.10Finish day posting:$43.94Current:$67.31US
------Jan 13, 2006------
Downgraded to MARKET PERFORM from OUTPERFORM
CNQ.TO Price day before: $60.76Finish day posting:$61.85Current:$41.90
CNQ Price day before:$52.23 Finish day of posting:$53.28 Current:$67.31US
-------May 04, 2005-------
Maintained OUTPERFORM
Price
Target $42.50C (Hit Target June 15, 2005)
CNQ.TO Price day before: $31.10Finish day posting:$32.84Current:$41.90
CNQ Price day before:$25.63 Finish day of posting:$26.25 Current:$67.31US
****************************
...... Cormark Securities..........Jan 05, 2011
Maintained MARKET PERFORM
Price Target raised to $50.00 from $47.00Cdn
CNQ.TO Price day before: $44.14Finish day posting:$44.29Current:$41.90
------Dec 03, 2010----
Maintained MARKET PERFORM
Price Target raised to $47.00 from $45.00Cdn
CNQ.TO Price day before: $41.76Finish day posting:$41.88Current:$41.90
--------Nov 05, 2010-------
Maintained MARKET PERFORM
Price Target raised to $45.00 from $43.00Cdn
CNQ.TO Price day before: $39.33Finish day posting:$39.31Current:$41.90
------Apr 13, 2010------
Downgraded
to MARKET PERFORM from BUY
CNQ.TO Price day before: $39.35Finish day posting:$39.08Current:$41.90
*********
Gold Bars: Perth Mint 20 Gram Gold Bar Jan 10, 2011 $917.60US
....... Credit Suisse..........Dec 15, 2010
Price Target raised to $52.00 from $49.00Cdn
CNQ.TO Price day before: $43.01Finish day posting:$42.50Current:$41.90
-------Sept 17, 2010-------
Maintained OUTPERFORM
Target $43.00Cdn (Target Hit Dec 13, 2010)
CNQ.TO Price day before: $34.29Finish day posting:$34.26Current:$41.90
------Apr 21, 2010------
Maintained OUTPERFORM
Target raised to $47.50 from $44.00Cdn
CNQ.TO Price day before: $39.04Finish day posting:$38.79Current:$41.90
-----Feb 22, 2010-----
Upgraded
to OUTPERFORM from NEUTRAL
CNQ.TO Price day before: $36.19Finish day posting:$35.94Current:$41.90
*********
....... UBS..........Dec 10, 2010
Price Target raised to $48.00 from $47.00Cdn
CNQ.TO Price day before: $42.57Finish day posting:$42.24Current:$41.90
-------Mar 29, 2010--------
Downgraded
to NEUTRAL from BUY
CNQ.TO Price day before: $35.94Finish day posting:$36.72Current:$41.90
*********
Mark Polak ....... Stifel Nicolaus..........Dec 06, 2010
Upgraded to BUY from HOLD
Target $60.00Cdn
CNQ.TO Price day before: $41.88Finish day posting:$42.95Current:$41.90
*********
....... CIBC World Markets..........Dec 03, 2010
Maintained SECTOR PERFORM
Price Target raised to $45.00 from $44.00Cdn (Target Hit Dec 24, 2010)
CNQ.TO Price day before: $41.76Finish day posting:$41.88Current:$41.90
------Nov 05, 2010-----
Maintained SECTOR PERFORM
Price Target raised to $44.00 from $41.00Cdn (Target Hit Dec 22, 2010)
CNQ.TO Price day before: $39.33Finish day posting:$39.31Current:$41.90
**********
...... RBC Capital Markets..........Dec 03, 2010
Maintained OUT PERFORM
Price Target raised to $50.00 from $47.00Cdn
CNQ.TO Price day before: $41.76Finish day posting:$41.88Current:$41.90
------Nov 05, 2010-----
Maintained OUT PERFORM
Price Target raised to $47.00 from $46.00Cdn
CNQ.TO Price day before: $39.33Finish day posting:$39.31Current:$41.90
**********
...... RBC Capital Markets..........Dec 03, 2010
Maintained OUT PERFORM
Price Target raised to $50.00 from $47.00Cdn
CNQ.TO Price day before: $41.76Finish day posting:$41.88Current:$41.90
**********
Jeff Meunier ....... TD Newcrest..........Dec 03, 2010
Maintained BUY
Price Target raised to $51.00 from $48.00Cdn
CNQ.TO Price day before: $41.76Finish day posting:$41.88Current:$41.90
-------Nov 05, 2010------
Maintained
BUY
Price Target raised to $48.00 from $45.00Cdn
CNQ.TO Price day before: $39.33Finish day posting:$39.31Current:$41.90
------Sept 21, 2010-----
Maintained
BUY
Price Target reduced to $45.00 from $46.00Cdn (Target Hit Dec 24, 2010)
CNQ.TO Price day before: $34.58Finish day posting:$34.19Current:$41.90
*********
...... National Bank Financial..........Nov 05, 2010
Maintained OUT PERFORM
Price Target raised to $48.00 from $47.00Cdn
CNQ.TO Price day before: $39.33Finish day posting:$39.31Current:$41.90
**********
Bouchard, Khouri, Mageau, Zack....... Raymond James..........Apr 13, 2010
Maintained
MARKET PERFORM
Target raised to $50.00 from $47.00Cdn
CNQ.TO Price day before: $39.35Finish day posting:$39.08Current:$41.90
*********
Phil Skolnick ....... Genuity..........Apr 08, 2010
Target reduced to $44.00 from $44.50Cdn (Target Hit Dec 22, 2010)
CNQ.TO Price day before: $39.06Finish day posting:$39.42Current:$41.90
*********
Terry Peters ....... Canaccord/Adams..........Mar 08, 2010
Upgraded
to BUY from HOLD
CNQ.TO Price day before: $37.18Finish day posting:$37.02Current:$41.90
*********
We have removed the ratings from 2003 to 2007
Analysts who had their "targets hit" have been credited on the Targets Hit pages.
We have also created "Best Timing" pages for the Upgrades/Downgrades:
Best Timing Upgrades/Downgrades 2006
Best Timing Upgrades/Downgrades 2005
Best Timing Upgrades/Downgrades 2004
Nick Rontogiannis ....... Scotia Capital..........Nov 28, 2007
Maintained
UNDERPERFORM
Target reduced to $70.00 from $78.00Cdn
CNQ.TO Price day before: $65.61Finish day posting:$66.30Current:$41.90
CNQ Price day before: $66.12Finish day posting:$67.31Current:$67.31US
*********
Terry Peters........... Canaccord/Adams.........Nov 28, 2007
Maintained HOLD
Target reduced to $66.00 from $75.00C
CNQ.TO Price day before: $65.61Finish day posting:$66.30Current:$41.90
CNQ Price day before: $66.12Finish day posting:$67.31Current:$67.31US
-----Dec 06, 2006-------
Downgraded to HOLD from BUY
Price Target $64.00C (Target Hit)
CNQ.TO Price day before: $62.97Finish day posting:$62.51Current:$41.90
CNQ Price day before: $55.20Finish day posting:$54.61Current:$67.31US
-----Oct 11, 2006--------
Maintained BUY
Price Target $60.00C (Target Hit Nov 29, 2006)
CNQ.TO Price day before: $51.00Finish day posting:$50.13Current:$41.90
CNQ Price day before: $44.91Finish day posting:$44.06Current:$67.31US
-------Sept 15, 2006------
Upgraded to BUY from HOLD
Price Target raised to $68.00 from $66.00C
CNQ.TO Price day before: $49.46Finish day posting:$49.45Current:$41.90
CNQ Price day before: $44.10Finish day posting:$43.94Current:$67.31US
-----Aug 03, 2006--------
Maintained BUY
Price Target $68.00C
CNQ.TO Price day before: $61.07Finish day posting:$60.12Current:$41.90
CNQ Price day before: $54.10Finish day posting:$53.44Current:$67.31US
---------May 26, 2006-------
Maintained BUY
Price Target $70.00C
CNQ.TO Price day before: $58.24Finish day posting:$59.35Current:$41.90
CNQ Price day before: $52.66Finish day posting:$53.59Current:$67.31US
------Feb 27, 2006------
Upgraded to BUY from HOLD
Price Target raised to $70.00 from $66.00C
CNQ.TO Price day before: $64.59Finish day posting:$62.41Current:$41.90
CNQ Price day before: $56.12Finish day posting:$54.73Current:$67.31US
------Aug 04, 2005------
Maintained HOLD
Price Target $50.00Cdn (Hit Target Oct 04, 2005)
CNQ.TO Price day before: $53.46Finish day posting:$55.00Current:$41.90
CNQ Price day before: $44.02Finish day posting:$45.46Current:$67.31US
-------May 10, 2005-------
Maintained BUY
Price Target raised to $40.00 from $39.00Cdn (Hit Target June 09, 2005)
CNQ.TO Price day before: $35.18Finish day posting:$34.97Current:$41.90
CNQ Price day before: $28.36Finish day posting:$28.27Current:$67.31US
-------Feb 11, 2005--------
Maintained BUY
Price Target raised to $35.00 from $31.00Cdn (Hit Target Feb 25, 2005)
CNQ.TO Price day before: $31.53
CNQ Price day before: $25.38US
--------Sept 07, 2004--------
Maintained BUY
Price Target raised to $27.50 from $21.25Cdn (Hit Target Oct 22, 2004)
CNQ.TO Price day before: $22.20
CNQ Price day before:$17.07 US
------May 21, 2004--------
Maintained BUY
Price Target $21.25Cdn (Hit Target July 19, 2004)
CNQ.TO Price day before: $18.84
CNQ Price day before:$13.75 US
***************
Amir Arif........... Freidman Billings & Ramsay........Nov 28, 2007
Maintained MARKET PERFORM
Target reduced to $85.00 from $91.00US
CNQ.TO Price day before: $65.61Finish day posting:$66.30Current:$41.90
CNQ Price day before: $66.12Finish day posting:$67.31Current:$67.31US
-------Feb 08, 2007-------
Downgraded to MARKET PERFORM from OUTPERFORM
Price Target reduced to $59.00 from $72.00US (Target hit Apr 13, 2007)
CNQ.TO Price day before: $58.56Finish day posting:$58.61Current:$41.90
CNQ Price day before: $50.03Finish day posting:$49.88Current:$67.31US
-----May 09, 2006----
Maintain OUTPERFORM
Price Target raised to $72.00 from $67.00US
CNQ.TO Price day before: $62.80Finish day posting:$65.13Current:$41.90
CNQ Price day before: $56.46Finish day posting:$59.27Current:$67.31US
***************
Gordon Gee ....... RBC Capital Markets........Nov 28, 2007
Maintained SECTOR PERFORM
Target reduced to $74.00 from $77.00US
CNQ.TO Price day before: $65.61Finish day posting:$66.30Current:$41.90
CNQ Price day before: $66.12Finish day posting:$67.31Current:$67.31US
------May 04, 2007----
Maintained OUTPERFORM
Price Target raised to $73.00 from $71.00US (Target Hit Sept 12, 2007)
CNQ.TO Price day before: $70.31Finish day posting:$70.44Current:$41.90
CNQ Price day before:$63.25 Finish day of posting:$63.62 Current:$67.31US
------Dec 19, 2005-------
Downgraded
to SECTOR PERFORM from OUTPERFORM
Price Target raised to $66.00 from $57.50 Cdn (Target Hit Jan 20, 2006)
CNQ.TO Price day before: $59.35Finish day posting:$59.45Current:$41.90
CNQ Price day before:$51.12 Finish day of posting:$50.78 Current:$67.31US
--------Oct 10, 2005-------
Upgraded
to OUTPERFORM from SECTOR PERFORM
Price Target raised to $57.50 from $54.00 Cdn (Hit Target Nov 09, 2005)
CNQ.TO Price day before: $46.45Finish day posting:$48.66Current:$41.90
CNQ Price day before:$39.71 Finish day of posting:$39.16 Current:$67.31US
--------May 04, 2005-------
Maintained
SECTOR PERFORM
Price Target $34.50 Cdn (Hit Target May 09, 2005)
CNQ.TO Price day before: $31.10Finish day posting:$32.84Current:$41.90
CNQ Price day before:$25.63 Finish day of posting:$26.25 Current:$67.31US
----Nov 16, 2004---------
Maintained
SECTOR PERFORM
Price Target $25.00 Cdn (Hit Target Nov 22, 2004)
CNQ.TO Price day before: $23.65
CNQ Price day before:$19.69 US
****************************
Menno Hulshof......Blackmont Capital....Nov 28, 2007
Maintained HOLD
CNQ.TO Price day before: $65.61Finish day posting:$66.30Current:$41.90
CNQ Price day before: $66.12Finish day posting:$67.31Current:$67.31US
-------Apr 09, 2007-------
Maintained HOLD
Price Target raised to $63.00 from $60.00C (Target Hit)
CNQ.TO Price day before: $65.34Finish day posting:$65.28Current:$41.90
CNQ Price day before:$56.82 Finish day of posting:$56.49 Current:$67.31US
------Mar 08, 2007-----
Maintained HOLD
CNQ.TO Price day before: $59.84Finish day posting:$60.33Current:$41.90
CNQ Price day before:$50.75 Finish day of posting:$51.13 Current:$67.31US
--------Jan 11, 2006--------
Maintained HOLD
Price
Target reduced to $59.00 from $62.00C
(Target Hit Jan 30, 2007)
CNQ.TO Price day before: $53.35Finish day posting:$52.68Current:$41.90
CNQ Price day before:$45.37 Finish day of posting:$44.74 Current:$67.31US
-------Dec 04, 2006----
Downgraded
to HOLD from BUY
CNQ.TO Price day before: $62.50Finish day posting:$62.68Current:$41.90
CNQ Price day before:$54.62 Finish day of posting:$55.01 Current:$67.31US
--------Oct 24, 2006---------
New
BUY
CNQ.TO Price day before: $57.08Finish day posting:$57.65Current:$41.90
CNQ Price day before:$50.35 Finish day of posting:$51.05 Current:$67.31US
***************
....... Credit Suisse..........Oct 15, 2007
Downgraded
to NEUTRAL from OUTPERFORM
CNQ.TO Price day before: $71.94Finish day posting:$72.11Current:$41.90
CNQ Price day before: $73.90Finish day posting:$73.75Current:$67.31US
*********
Tom Driscoll .......... Lehman Brothers........May 16, 2007
Downgraded to EQUALWEIGHT from OVERWEIGHT
CNQ.TO Price day before: $69.13Finish day posting:$69.33Current:$41.90
CNQ Price day before:$62.87 Finish day of posting:$62.79 Current:$67.31US
-------Mar 08, 2007----------
Maintained OVERWEIGHT
Price Target raised to $72.00 from $71.00US (Target Hit Sept 12, 2007)
CNQ.TO Price day before: $59.84Finish day posting:$60.33Current:$41.90
CNQ Price day before:$50.75 Finish day of posting:$51.13 Current:$67.31US
-------Jan 19, 2007--------
Maintained OVERWEIGHT
Price Target reduced to $71.00 from $72.00US
CNQ.TO Price day before: $54.86Finish day posting:$55.90Current:$41.90
CNQ Price day before:$46.84 Finish day of posting:$47.70 Current:$67.31US
---------Nov 02, 2006--------
Maintained OVERWEIGHT
Price Target raised to $72.00 from $71.00US
CNQ.TO Price day before: $55.55Finish day posting:$55.07Current:$41.90
CNQ Price day before:$49.18 Finish day of posting:$48.57 Current:$67.31US
-------Aug 08, 2005---------
Downgraded to EQUAL WEIGHT from OVERWEIGHT
CNQ.TO Price day before: $55.70Finish day posting:$58.30Current:$41.90
CNQ Price day before:$45.85 Finish day of posting:$47.72 Current:$67.31US
-----May 09, 2003
Downgraded to UNDERWEIGHT from EQUAL WEIGHT
CNQ.TO Price day before: $12.34
CNQ Price day before:$8.87
*****************
Robert Plexman ............CIBC World Markets .May 04, 2007
Price Target raised to $83.00 from $75.00C
CNQ.TO Price day before: $70.31Finish day posting:$70.44Current:$41.90
CNQ Price day before:$63.25 Finish day of posting:$63.62 Current:$67.31US
--------Apr 17, 2007-----
Price Target raised to $75.00 from $65.00C (Target Hit Sept 12, 2007)
CNQ.TO Price day before: $67.79Finish day posting:$67.27Current:$41.90
CNQ Price day before:$59.89 Finish day of posting:$59.50 Current:$67.31US
--------Nov 02, 2006--------
Downgraded to SECTOR PERFORM from OUTPERFORM
Price Target $65.00US (Target Hit May 07, 2007)
CNQ.TO Price day before: $55.55Finish day posting:$55.07Current:$41.90
CNQ Price day before:$49.18 Finish day of posting:$48.57 Current:$67.31US
***************
......Salman Partners....May 04, 2007
Downgraded
to HOLD from BUY
CNQ.TO Price day before: $70.31Finish day posting:$70.44Current:$41.90
CNQ Price day before:$63.25 Finish day of posting:$63.62 Current:$67.31US
***************
Nick Rontogiannis ....... TD Newcrest..........Apr 02, 2007
Upgraded
to BUY from HOLD
Price Target raised to $73.00 from $58.00Cdn (Target Hit Sept 04, 2007)
CNQ.TO Price day before: $63.75Finish day posting:$64.89Current:$41.90
CNQ Price day before:$55.19 Finish day of posting:$56.20 Current:$67.31US
------Mar 08, 2007------
Maintained
HOLD
Price Target $58.00Cdn
CNQ.TO Price day before: $59.84Finish day posting:$60.33Current:$41.90
CNQ Price day before:$50.75 Finish day of posting:$51.13 Current:$67.31US
-------Jan 30, 2007--------
Upgraded
to HOLD from REDUCE
Price Target $58.00Cdn (Target Hit)
CNQ.TO Price day before: $56.80Finish day posting:$59.02Current:$41.90
CNQ Price day before:$47.97 Finish day of posting:$49.95 Current:$67.31US
------Sept 18, 2006--
Maintained
REDUCE
Price Target $60.00Cdn (Target Hit Oct 25, 2006)
CNQ.TO Price day before: $49.45Finish day posting:$50.90Current:$41.90
CNQ Price day before:$43.93 Finish day of posting:$45.49 Current:$67.31US
--------Feb 24, 2006-------
Maintained
REDUCE
Price Target reduced to $58.00 from $60.00Cdn (Target Hit May 18, 2006)
CNQ.TO Price day before: $63.10Finish day posting:$64.59Current:$41.90
CNQ Price day before:$54.68 Finish day of posting:$56.12 Current:$67.31US
-------Aug 04, 2005---------
Maintained
REDUCE
Price Target raised to $40.00 from $32.00Cdn
CNQ.TO Price day before: $53.46Finish day posting:$55.00Current:$41.90
CNQ Price day before:$44.02 Finish day of posting:$45.06 Current:$67.31US
------May 05, 2005---------
Maintained
REDUCE
Price Target $32.00Cdn
CNQ.TO Price day before: $32.84Finish day posting:$33.75Current:$41.90
CNQ Price day before:$26.25 Finish day of posting:$27.10 Current:$67.31US
-----Feb 25, 2005----------
Downgraded
to REDUCE from HOLD
Price Target raised to $28.00 from $24.50Cdn
CNQ.TO Price day before: $34.53
CNQ Price day before:$28.05 US
-----Nov 04, 2004------
Maintained
HOLD
Price Target $26.00 Cdn (Hit Target Nov 26, 2004))
CNQ.TO Price day before: $24.75
CNQ Price day before:$20.48 US
-------Aug 05, 2004-------
Maintained
HOLD
Price Target $22.50 Cdn (Hit Target Sept 15, 2004)
CNQ.TO Price day before: $21.02
CNQ Price day before:$15.98 US
--------Jan 26, 2004-------
Upgraded
to HOLD from
REDUCE
Price Target raised to $17.00 from $13.25Cdn (Hit Target Jan 29, 2004)
CNQ.TO Price day before: $17.75
CNQ Price day before:$13.54 US
----------Nov 06, 2003---------
Maintained
REDUCE
Price Target $13.25Cdn
CNQ.TO Price day before: $13.57
CNQ Price day before:$10.19 US
------August 07, 2003---------
Maintained
REDUCE
Price Target $12.75Cdn(Hit Target)
CNQ.TO Price day before: $12.55
CNQ Price day before:$8.96 US
****************************
......GMP Securities....May 03, 2007
Downgraded
to HOLD from BUY
CNQ.TO Price day before: $67.35Finish day posting:$70.31Current:$41.90
CNQ Price day before:$60.83 Finish day of posting:$63.25 Current:$67.31US
------Apr 25, 2007------
Upgraded
to BUY from HOLD
CNQ.TO Price day before: $66.60Finish day posting:$67.23Current:$41.90
CNQ Price day before:$59.35 Finish day of posting:$60.42 Current:$67.31US
****************************
Robert Morris......Banc of America....Apr 26, 2007
Maintained BUY
Price
Target Raised to $64.00 from $58.00US
(Target Hit May 04, 2007)
CNQ.TO Price day before: $67.23Finish day posting:$66.76Current:$41.90
CNQ Price day before:$60.42 Finish day of posting:$59.58 Current:$67.31US
--------Mar 02, 2004--------
Maintained
BUY
Price Target raised to $17.00 from $15.50.00US (Hit Target Aug 02, 2004)
CNQ.TO Price day before: $18.69
CNQ Price day before:$13.94 US
------------March 18, 2003--------
New
BUY
Price Target $10.50US (Hit Target Oct 02, 2003)
CNQ.TO Price day before: $22.35
CNQ Price day before:$8.33 US
****************************
......Tristone Capital....Apr 18, 2007
Price
Target Raised to $75.00 from $68.00C (Target Hit July 19,
2007)
CNQ.TO Price day before: $67.27Finish day posting:$66.75.31Current:$41.90
CNQ Price day before:$59.50 Finish day of posting:$59.22 Current:$67.31US
****************************
Adam Zive ............. Desjardins Securities Mar 07, 2007
Maintained SELL
Price Target $49.00C
CNQ.TO Price day before: $58.82Finish day posting:$59.84Current:$41.90
CNQ Price day before: $49.91Finish day posting:$50.75Current:$67.31US
------Aug 08, 2006------
New SELL
Price Target $51.00C (Target Hit Sept 11, 2006)
CNQ.TO Price day before: $58.90Finish day posting:$61.30Current:$41.90
CNQ Price day before: $53.29Finish day posting:$54.55Current:$67.31US
***********
?........... National Bank......Jan 09, 2006
New OUTPERFORM
Price Target $70.00C (Target hit May 03, 2007)
CNQ.TO Price day before: $55.20Finish day posting:$54.65Current:$41.90
CNQ Price day before: $46.41Finish day posting:$45.39Current:$67.31US
***************
Phil Skolnick ............ Genuity Capital Markets......Jan 09, 2006
Maintained HOLD
Price Target raised to $66.00 from $62.00C (Target Hit Apr 04, 2007)
CNQ.TO Price day before: $55.20Finish day posting:$54.65Current:$41.90
CNQ Price day before: $46.41Finish day posting:$45.39Current:$67.31US
-----Oct 11, 2006------
Price Target reduced to $65.00 from $72.00C (Target Hit Mar 29, 2007)
CNQ.TO Price day before: $51.00Finish day posting:$50.13Current:$41.90
CNQ Price day before: $44.91Finish day posting:$44.06Current:$67.31US
***************
Manolis Liodakis PhD ............Citigroup Smith Barney .Nov 17, 2006
Downgraded to ATTRACTIVE 9 from ATTRACTIVE 7
CNQ.TO Price day before: $57.53Finish day posting:$57.64Current:$41.90
CNQ Price day before:$50.35 Finish day of posting:$50.29 Current:$67.31US
***************
Arjun N. Murti ............ Goldman Sachs......Oct 24, 2006
Downgraded to NEUTRAL from BUY
Price Target $55.00US (Target Hit Dec 04, 2006)
CNQ.TO Price day before: $57.08Finish day posting:$57.65Current:$41.90
CNQ Price day before:$50.35 Finish day of posting:$51.05 Current:$67.31US
****************************
? ............ Raymond James......Oct 16, 2006
New OUTPERFORM
Price Target $63.00C (Target Hit Mar 26, 2007)
CNQ.TO Price day before: $53.17Finish day posting:$55.85Current:$41.90
CNQ Price day before: $46.72Finish day posting:$49.12Current:$67.31US
****************************
Jenny Mikhareva........... Orion Securities............May 23, 2006
New OVERWEIGHT
Price Target $75.00C (Target Hit July 19, 2007)
CNQ.TO Price day before: $58.00Finish day posting:$57.08Current:$41.90
CNQ Price day before: $51.05Finish day posting:$50.99Current:$67.31US
***************
Robert M. Feick........... Bank National...........Feb 07, 2006
Maintained
SECTOR PERFORM
Price Target reduced to $69.00 from $61.00 Cdn (Target Hit)
CNQ.TO Price day before: $73.91Finish day posting:$70.10Current:$41.90
CNQ Price day before:$64.34 Finish day of posting:$60.76 Current:$67.31US
-------Dec 06, 2005------
Maintained
SECTOR PERFORM
Price Target reduced to $61.00 from $62.00 Cdn (Target hit Dec 13, 2005)
CNQ.TO Price day before: $56.17Finish day posting:$56.40Current:$41.90
CNQ Price day before:$48.66 Finish day of posting:$48.87 Current:$67.31US
-----Feb 26, 2004------
Maintained SECTOR PERFORM
Price Target $16.88Cdn
CNQ.TO Price day before: $19.24
CNQ Price day before:$12.87 US
-----------Nov 06, 2003--------
Maintained SECTOR PERFORM
Price Target $14.75Cdn (Hit Target Dec 03, 2003)
CNQ.TO Price day before: $13.56
CNQ Price day before:$10.19 US
--------August 07, 2003-------
Maintained BUY
Price Target raised to $14.25 from $14.00Cdn (Hit Target August 12, 2003)
CNQ.TO Price day before: $13.55
CNQ Price day before:$9.71 US
****************************
Brian Dutton.......... UBS.......Jan 03, 2006
Downgraded to NEUTRAL from BUY
CNQ.TO Price day before: $57.63Finish day posting:$58.80Current:$41.90
CNQ Price day before:$49.62 Finish day of posting:$50.96 Current:$67.31US
------May 04, 2005-----
Maintained NEUTRAL
Price Target raised to $38.50 from $32.50C (Hit Target June 06, 2005)
CNQ.TO Price day before: $31.10Finish day posting:$32.84Current:$41.90
CNQ Price day before:$25.63 Finish day of posting:$26.25 Current:$67.31US
-------Feb 16, 2005-------
Downgraded to NEUTRAL from BUY
Price Target $32.50C
CNQ.TO Price day before: $32.73
CNQ Price day before:$26.53 US
------Jan 28, 2005------
Upgraded to BUY from NEUTRAL
Price Target $32.50C (Hit Target Feb 11, 2005)
CNQ.TO Price day before: $27.66
CNQ Price day before:$22.40 US
----Nov 16, 2004-----
Maintained NEUTRAL
Price Target $26.00Cdn (Hit Target Nov 26, 2004)
CNQ.TO Price day before: $23.65
CNQ Price day before:$19.69 US
----Aug 05, 2004-----
Maintained NEUTRAL
Price Target raised to $22.50 from $22.00Cdn (Hit Target Sept 15, 2004)
CNQ.TO Price day before: $21.02
CNQ Price day before:$15.98 US
****************
John P. Herrlin ....... Merrill Lynch..........Nov 09, 2005
Maintain
NEUTRAL
CNQ.TO Price day before: $55.75Finish day posting:$56.75Current:$41.90
CNQ Price day before:$47.00 Finish day of posting:$47.82 Current:$67.31US
****************************
John Mawdsley .......... Raymond James.........Sept 12, 2005
Maintained STRONG BUY
Price Target raised to $80.00 from $72.00Cdn
CNQ.TO Price day before: $56.85Finish day posting:$55.00Current:$41.90
CNQ Price day before:$48.30 Finish day of posting:$46.44 Current:$67.31US
*********************
Alistair Toward........... Research Capital............Aug 05, 2004
Maintained ACCUMULATE
Price Target raised to $24.00 from $22.50Cdn (Hit Target Sept 21, 2004)
CNQ.TO Price day before: $21.02
CNQ Price day before:$15.98 US
------May 06, 2004----
Maintained ACCUMULATE
Price Target raised to $22.50 from $21.25Cdn (Hit Target Aug 03, 2004)
CNQ.TO Price day before: $20.19
CNQ Price day before:$14.68 US
-------Apr 15, 2004---------
Maintained ACCUMULATE
Price Target raised to $21.25 from $18.75Cdn (Hit Target July 19, 2004)
CNQ.TO Price day before: $17.16
CNQ Price day before:$14.28US
--------Feb 26, 2004---------
Maintained ACCUMULATE
Price Target $18.75Cdn (Hit Target Mar 02, 2004)
CNQ.TO Price day before: $19.24
CNQ Price day before:$12.87 US
-------Jan 14, 2004------
Downgraded to ACCUMULATE from BUY
Price Target raised to $18.75 from $16.25Cdn (Hit Target Mar 02, 2004)
CNQ.TO Price day before: $17.22
CNQ Price day before:$13.54 US
------Nov 06, 2003-------
Maintained BUY
Price Target $16.25Cdn(Hit Target Dec 18, 2003)
CNQ.TO Price day before: $13.57
CNQ Price day before:$10.19 US
---------May 08, 2003--------
New BUY
Price Target $15.00Cdn (Hit Target Dec 04, 2003)
CNQ.TO Price day before: $13.55
CNQ Price day before:$9.71 US
**********************
David Fawcett ....... Deutsche Securities..........Jan 26, 2004
Downgraded
to HOLD from BUY
CNQ.TO Price day before: $17.75
CNQ Price day before:$13.54US
****************************
Greg Pardy........... Scotia Capital.............August 07, 2003
Maintained SECTOR PERFORM
Price Target $29.50Cdn (Hit Target Oct 14, 2003)
CNQ.TO Price day before: $13.55
CNQ Price day before:$9.71 US
****************************
Canadian Natural Resources
Short Positions TSX
Date Outstanding Price Range
Jan 01 to 15, 2011 5.69 million $44.98 to $40.05
Dec 16 to 31, 2010 5,599,871 $45.00 to $42.13
Dec 01 to 15, 2010 4,608,001 $43.66 to $39.95
Nov 16 to 30, 2010 4.71million $40.55 to $38.27
Nov 01 to 15, 2010 5,627,203 $40.73 to $37.01
Oct 16 to 31, 2010 5,806,996 $37.90 to $35.80
Oct 01 to 15, 2010 6,934,051 $38.07 to $35.90
Sept 16 to 30, 2010 5,064,603 $35.83 to $32.90
Sept 01 to 15, 2010 4,345,145 $36.13 to $33.77
Aug 16 to 31, 2010 5,140,305 $35.03 to $31.97