01:30 PM EST, 02/29/2024 (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 of USD72, up USD2, reflects a 6.5x multiple of EV to projected 2024 EBITDA, in line with CNQ's historical average. We cut our 2024 EPS estimate by CAD0.91 to CAD7.74 and start 2025's at CAD7.88. Q4 EPS of CAD2.34 vs. CAD1.96, beat consensus by CAD0.18. Q4 production (1.4 mboe/d) grew 10% Y/Y and 2% sequentially, driven by its natural gas volumes (+3.7%). In Q4, CNQ announced its 2024 guidance, with production expected to grow by ~2% at the midpoint (~1.4 mboe/d vs. 1.3 mboe/d in 2023), and capex to rise by 10% at the midpoint (CAD5.4B vs. CAD4.9B). CNQ ended 2023 with CAD9.9B in net debt (vs. CAD10.5B in 2022), meeting its net debt goal of under CAD10 a quarter earlier than expected. As a result, CNQ noted it plans to shift its FCF allocation to shareholders to 100% in 2024 (vs. prior 50%) through dividends and buybacks, which we view as positive, assuming energy prices hold. Today, CNQ announced it had increased its quarterly dividend by 5% to a revised CAD1.05/share, yielding 4.5%.