7 Most Profitable Canadian Stocks To Invest In

4. Canadian Natural Resources (NYSE:CNQ)  

TTM Net Income: $5.66 Billion  

5-Year Net Income CAGR: 9.75%  

Number of Hedge Fund Holders: 46  

Canadian Natural Resources (NYSE:CNQ) is an independent oil and gas producer in Canada and operates a diverse portfolio of assets spanning Western Canada, the United Kingdom, the North Sea, offshore Africa, and some other international locations.

Canadian Natural Resources (NYSE:CNQ) is expected to increase its natural gas production as gas prices rise. Notably, the company’s unit economics have shown a significant improvement, with netbacks increasing from $20.64/bbl to $28.68/bbl in Q2 compared to the same quarter last year. This trend is expected to continue driven by operational improvements and higher natural gas prices with netbacks potentially reaching $30-35/bbl,.

The US Energy Information Administration’s (EIA) energy outlook forecast suggests that natural gas prices will increase next year, driven by increase in liquefied natural gas (LNG) exports. Canadian Natural Resources (NYSE:CNQ) has intentionally held back on natural gas production and is well-positioned to benefit from rising gas prices. Approximately 20% of its remaining 2024 planned natural gas wells have been drilled, but production has been curtailed.

Canadian Natural Resources (NYSE:CNQ) is well-positioned to capitalize on the expected price increase and drive long-term growth and profitability. The company’s net income has increased by a CAGR of 9.75% over the last 5 years. For the twelve months ending June 30, Canadian Natural Resources’ (NYSE:CNQ) net income stood at $5.66 billion.