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STOCK COMPARISON

Canadian Natural Resources vs ConocoPhillips: Fair Value & Quality

Both stocks run through our valuation models. Here is how Canadian Natural Resources (CNQ) and ConocoPhillips (COP) compare, as of Sep 4, 2026.

As of Sep 4, 2026, Fair Value Calculator sees ConocoPhillips as the less overvalued of the two: Canadian Natural Resources trades at $51.14 versus a fair value of $31.66 (-38%), while ConocoPhillips trades at $136 versus $90.15 (-34%).
Canadian Natural Resources
CNQ · USD · Energy
-38%
upside to fair value
overvalued
Price$51.14
Fair Value$31.66
Quality72/100
ConocoPhillips
COP · USD · Energy
-34%
upside to fair value
overvalued
Price$136
Fair Value$90.15
Quality58/100
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Head-to-head numbers

Green value = the better side for that row (for valuation multiples: lower = cheaper).

Canadian Natural ResourcesConocoPhillips
Valuation
13.2×P/E (TTM)18.2×
2.29×P/S (TTM)2.22×
2.31×P/B2.04×
6.2×EV/EBITDA6.3×
3.42×PEG0.94×
−38.1%Fair value upside−33.6%
4.7%Dividend yield2.4%
$2.39Dividend per share$3.24
Profitability
43%Operating margin22%
27%Return on equity11%
8%Return on assets6%
Growth
70%Revenue growth (YoY)-5%
-3.7%Avg. growth/yr (3Y)-9.3%
20.4%Avg. growth/yr (5Y)25.6%
+18.1%Value creation/yr+3.6%
Balance & size
7.9×Interest coverage (EBIT/interest)9.3×
0.37×Debt / equity0.34×
$102BMarket cap$132B
mixedGrowth qualityweak

Canadian Natural Resources leads: 8 to 7 metric wins.

Dash = not meaningfully computable, for example with negative equity.

Quality in detail

The quality score, broken down into the same factor families as on the stock page, 0 to 100 per family.

Canadian Natural Resourcesof which business quality 68 · market factors 77 ConocoPhillipsof which business quality 61 · market factors 77
ProfitabilityMargins and returns on capital today
61
42
Quality GrowthAre margins and returns improving?
73
31
CashflowEarnings quality: real cash, not paper profit
69
96
Fin. StrengthBalance sheet, leverage, solvency risk
62
69
InvestmentDisciplined investing over empire-building
57
62
Low VolatilityCalm price path (market factor)
68
83
MomentumPrice trend over the last 3–12 months (market factor)
71
64
52W MomentumDistance to the 52-week high (market factor)
99
93
Net IssuanceBuybacks instead of dilution
92
54

What the models say

How far the median fair value (base case) per model family sits from the current price, in percent. The amount in the currency of the trading venue is shown underneath.

above the price, more than 15% above close to the price, 85% to 115% of the price below the price, more than 15% below

Model familyCanadian Natural ResourcesPrice $51.14ConocoPhillipsPrice $136
DCF Models+50%above the price$76.78+1%close to the price$137
Earnings-Based+37%above the price$69.86-69%below the price$42.34
Dividend Discount-19%below the price$41.54-59%below the price$54.97
Multiples-30%below the price$35.55-36%below the price$86.74
Asset-Based-72%below the price$14.41-74%below the price$35.46
Growth DCF+26%above the price$64.39+13%close to the price$153
Economic Profit-31%below the price$35.29-60%below the price$54.19
Growth Earnings+71%above the price$87.51-40%below the price$81.65
Minimum-72%below the price$14.41-74%below the price$35.46
Maximum+71%above the price$87.51+13%close to the price$153
Median+4%close to the price$52.97-50%below the price$68.31
Geometric mean-9%close to the price$46.72-48%below the price$71.22

Minimum, maximum, median and geometric mean refer to the family values in this table. Geometric because deviations are ratios: half the price and twice the price average to 100%, not 125%.

Canadian Natural Resources: 14 of 26 models see the stock below the current price.

ConocoPhillips: 21 of 26 models see the stock below the current price.

Scenario ranges

From our cautious bear case to the optimistic bull case. The white tick is the current price: left of fair value means room to run.

Canadian Natural Resources
Bear $24.53Fair Value $31.66Bull $81.95
$51.14 = current price (white tick)
ConocoPhillips
Bear $67.61Fair Value $90.15Bull $113
$136 = current price (white tick)

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Ranked within their sector

Where each stock sits within its sector peer group. Band = middle 50% of peers, tick = median, dot = this stock.

Canadian Natural Resources · Energy

Quality score72 · Top 25%
Fair value upside-38% · below median

ConocoPhillips · Energy

Quality score58 · above median
Fair value upside-34% · below median

Bottom line

As of Sep 4, 2026, Fair Value Calculator sees ConocoPhillips as the less overvalued of the two: Canadian Natural Resources trades at $51.14 versus a fair value of $31.66 (-38%), while ConocoPhillips trades at $136 versus $90.15 (-34%).

Canadian Natural Resources has the higher quality score (72/100).

See the full analysis →
Canadian Natural Resources · ConocoPhillips

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A model-based valuation snapshot from 26 models. Values change with price and fundamentals; the date shown above applies.