10 Best Canadian Stocks to Buy According to Billionaires

4. Canadian Natural Resources Limited (NYSE:CNQ)

Number of Billionaires: 14

Canadian Natural Resources Limited (NYSE:CNQ) is a Canadian energy company engaged in the exploration, development, and production of crude oil, natural gas, and natural gas liquids. With a diverse portfolio that includes oil sands mining, conventional oil and gas operations, and offshore ventures, the company serves markets across North America and internationally.

In October 2024, Canadian Natural Resources Limited (NYSE:CNQ) announced the acquisition of Chevron’s assets in the Athabasca oil sands and Duvernay shale formations for $6.5 billion. This strategic move increased the company’s stake in the Athabasca project to 90% and is expected to enhance its production capacity by approximately 62,500 barrels per day.

In 2024 Canadian Natural Resources Limited (NYSE:CNQ) faced challenges of softened demand from China and extended output cuts by the OPEC+ group. Nevertheless, the company’s oil and gas output rose to 1.47 million barrels of oil equivalent per day during the quarter, reflecting its operational resilience. Despite a challenging market environment with weaker oil prices, the company achieved an annual adjusted net earnings of approximately $7.4 billion and adjusted funds flow of $14.9 billion, including Q4/24 adjusted net earnings of approximately $2.0 billion and adjusted funds flow of $4.2 billion.

Canadian Natural Resources Limited (NYSE:CNQ) announced a 4% increase to its quarterly cash dividend on its common shares. The Company has a leading track record of dividend increases, growth rate (“CAGR”) of 21%.