Goldman Sachs refreshes estimates for CNQ, Imperial Oil, and Kosmos following 1Q26 results, highlighting Canadian Natural as a top 'Buy' while remaining cautious on Imperial and Kosmos.
Key Takeaways
- 1.Goldman Sachs reiterates its Buy rating on Canadian Natural (CNQ), citing a 4% dividend yield and ~11% total return potential.
- 2.The analysts maintain a Sell rating on Imperial Oil (IMO.TO) due to its valuation trading at a lower free cash flow yield relative to peers.
- 3.Kosmos Energy (KOS) remains Sell-rated due to execution risks at joint venture projects and a high debt profile.
Table of Contents
- Canadian Natural (CNQ, Buy)
- Imperial Oil (IMO.TO, Sell)
- Kosmos Energy (KOS, Sell)
- Disclosure Appendix
- Distribution of ratings/investment banking relationships
- Price target and rating history chart(s)
- Target price history table(s)
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Authors
Neil MehtaAlexa PetrickLydia GouldJosiah Knight
Securities
CNQIMO.TOKOSSUCVE
Themes
Shareholder Return AccelerationCost Structure and Break-even AnalysisBalance Sheet Deleveraging
Regions
North AmericaCanadaUnited States