Canadian Natural Gains on Rising Crude Prices: Calgary Mover
Canadian Natural Resources Ltd. (CNQ), the third-largest oil producer in Canada by market value, rose the most since November as crude reached its highest level in more than two months.
Canadian Natural, based in Calgary, gained 7.3 percent to C$29.99 at the close in Toronto, after earlier rising as much as 7.5 percent, the biggest intraday price increase since Nov 3.
Canadian Natural, which operates the Horizon oil-sands plant in northern Alberta, is among undervalued energy exploration companies, Morgan Stanley research analyst Evan Calio said in a note to clients today. Calio, based in New York, said many energy shares are trading “near liquidation value.”
Crude oil for September delivery increased $1.47 to $93.67 on the New York Mercantile Exchange, the highest settlement since May 15. Prices are up 6.4 percent this month.
The Canadian company produces oil and natural gas from fields in North America, the North Sea and offshore West Africa.
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