12 Best Energy Stocks to Buy According to Billionaire Ken Fisher

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5. Canadian Natural Resources Limited (NYSE:CNQ)

Fisher Asset Management’s Stake: $1.36 billion

Number of Hedge Fund Holders: 54

Canadian Natural Resources Limited (NYSE:CNQ) is a Canadian energy company focused on the exploration, development, and production of crude oil, natural gas, and natural gas liquids. The company operates in markets across North America and abroad through its varied portfolio, which includes oil sands mining, conventional oil and gas activities, and offshore initiatives.

On March 7, Evercore ISI analyst Stephen Richardson upgraded Canadian Natural Resources Limited (NYSE:CNQ) from In Line to Outperform, maintaining a price target of C$58. Richardson pointed to the company’s consistent management strategy and diverse portfolio as notable benefits. According to Evercore ISI, Canadian Natural Resources might meet its debt objective of C$15 billion by early 2028, with shareholders possibly receiving 75% of free cash flow. Based on its commodities prediction, the firm projects a 13% free cash flow return for the company, with a 9.2% shareholder yield in 2025.

Canadian Natural Resources Limited (NYSE:CNQ) reported outstanding financial and operational performance in the fourth quarter of 2024. The company hit record production levels, producing more than one million barrels of liquids per day, and recorded an annual adjusted funds flow of $14.9 billion. The fourth quarter alone generated an adjusted funds flow of $4.2 billion. Additionally, Canadian Natural Resources intends to develop its Jack Pine mine, potentially boosting output by 100,000 barrels per day.

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