Is Canadian Natural Resources Stock a Good Buy?
Is Canadian Natural Resources Stock a Good Buy?
Canadian Natural Resources (TSX:CNQ) is down about 7% in the past six months. Investors who missed the big rally early in the year are wondering if CNQ stock is now undervalued and good to buy for a self-directed Tax-Free Savings Account (TFSA) or Registered Retirement Savings Plan (RRSP) focused on dividends and total returns.
加拿大自然資源(CNQ)在過去六個月中下跌了約7%。錯過了今年年初的大漲的投資者們現在紛紛考慮CNQ股票是否被低估,是否適合在以分紅和總回報爲重點的自管理免稅儲蓄賬戶(TFSA)或註冊退休儲蓄計劃(RRSP)中買入。
CNQ stock price
CNQ股價
CNRL trades near $48 per share at the time of writing. The stock was as high as $56 in April but has trended lower on weaker energy prices in recent months.
加拿大自然資源股票目前交易價格約爲48美元。股價在4月份曾高達56美元,但受近幾個月能源價格疲軟的影響,股價呈下降趨勢。
The company is Canada's largest energy producer on the TSX, with a current market capitalization near $100 billion.
該公司是加拿大最大的能源生產商,在tsx上的市值接近1000億。
Operations
操作
CNRL is somewhat unique in the Canadian energy sector due to the diversified nature of its production operations. The company is best known for its oil sands production, but CNRL also has conventional heavy oil, light oil, offshore oil, natural gas, and natural gas liquids assets. In most cases, CNRL is the sole owner of the assets. This gives management the flexibility to move capital around the portfolio relatively quickly to take advantage of the best opportunities in the market.
由於生產經營的多樣化,CNRL在加拿大能源板塊略顯獨特。該公司以油砂生產而聞名,但同時也擁有常規重油、輕油、近海原油、天然氣和天然氣液體資產。在大多數情況下,CNRL是這些資產的唯一所有者。這使得管理層相對快速地調動資本以充分利用市場上的最佳機會。
CNRL has a long track record of driving growth through strategic acquisitions. The company recently announced a deal to buy assets from Chevron Canada for US$6.5 billion in cash. The assets include a 20% interest in the Athabasca Oil Sands Project (AOSP), bringing CNRL's stake in AOSP to 90%. The other assets include Chevron's 70% working interest in light crude oil assets in the Duvernay play located in Alberta.
CNRL通過戰略併購實現增長的長期記錄。該公司最近宣佈了一項以65億美元現金購買雪佛龍加拿大資產的交易。這些資產包括對阿瓦斯卡油砂項目(AOSP)20%的持股,使CNRL在AOSP的持股比例達到90%。其他資產包括雪佛龍在阿爾伯塔杜維爾納斯亞浸蝕層輕質原油資產中的70%工作權益。
Opportunities
機會
The completion of the Trans Mountain pipeline expansion earlier this year is giving CNRL, and its peers added capacity to move oil to international markets via British Columbia. This should help narrow the price differential between Western Canadian Select and West Texas International, which has hurt Canadian producers in the past due to pipeline bottlenecks.
今年早些時候完成的Trans Mountain管道擴建爲加拿大自然資源公司cnrl及其同行提供了通過英屬哥倫比亞將石油出口到國際市場的增加產能。這有助於縮小西部加拿大選擇和德克薩斯國際之間的價格差距,由於管道瓶頸過去曾使加拿大生產商受到傷害。
At the same time, the opening of the Coastal GasLink natural gas pipeline in 2025 will give producers access to international markets through a new liquified natural gas (LNG) facility being built on the coast of British Columbia.
同時,2025年開通的Coastal GasLink天然氣管道將使生產商通過在英屬哥倫比亞海岸建設的新液化天然氣(LNG)設施進入國際市場。
Dividends
股息
The addition of the newly acquired assets will boost cash flow and is part of the reason CNRL has announced a 7% dividend increase for 2025. This marks the 25th consecutive year of dividend hikes for the company. That's an impressive track record in a sector that relies on the fluctuations of commodity prices. CNRL's diversified assets and its ability to make strategic acquisitions at opportune times have provided the support needed to raise the dividend steadily, even during difficult times in the oil and gas markets.
新收購資產的增加將提高現金流並是加拿大自然資源公司因此宣佈2025年分紅增長7%的原因之一。這標誌着該公司連續第25年增加股息。在依賴商品價格波動的行業中,這是一個令人印象深刻的業績記錄。加拿大自然資源公司的多元化資產以及其能夠在適當時機進行戰略收購的能力爲提高股息提供了支持,即使在石油和天然氣市場的困難時期也能穩步提高。
At the time of writing, CNRL stock provides a dividend yield of 4.7%.
目前,加拿大自然資源公司股票的股息率爲4.7%。
Risks
風險
Weak oil demand from China and rising production in countries like Canada and the United States are expected to result in supply surpluses in the coming year. This could extend the recent pressure on oil prices for some time. A wave of new LNG supplies on the global market could also impact prices, even as demand is expected to remain robust as countries look to secure reliable supplies of natural gas to fuel power-generation stations being built to meet growth in electricity demand.
中國對石油的需求疲弱,而加拿大和美國等國家的生產增加預計會導致未來一年供應過剩。這可能會延長最近對石油價格的壓力。全球市場上新的液化天然氣供應浪潮也可能影響價格,儘管預計需求將保持旺盛,因爲各國尋求確保可靠的天然氣供應以支撐正在建設的用於滿足電力需求增長的發電站。
Should you buy CNQ now?
現在應該買進加拿大自然資源公司的股票嗎?
Near-term headwinds might persist for energy prices. That being said, CNRL pays an attractive dividend that should continue to grow, even during times of lower margins. If you are an energy bull and have some cash to put to work, this stock deserves to be on your radar for a buy-and-hold dividend portfolio.
短期能源價格可能仍會面臨一些阻力。話雖如此,加拿大自然資源支付的吸引人的分紅派息應該會繼續增長,即使在利潤較低時期也是如此。如果您是一個能源多頭,並且有一些資金可用,那麼這隻股票值得列入您的買入並持有分紅投資組合的雷達。
譯文內容由第三人軟體翻譯。