The stock is up 180 per cent since the beginning of 2021, propelling the company’s market value past Suncor Energy Inc., which was the most valuable Canadian oil producer, as well as major American competitors like Pioneer Natural Resources Co., even after adjusting for U.S.
Shares of Canadian Natural, which pumps more than 1.2 million barrels of oil and gas per day, have been on a tear since March 2020 when the company surprised investors with a dividend boost.
“In a cyclical business, when others have zigged, they’ve zagged,” said Bob Robotti, founder and chief investment officer of Robotti & Co.
The next catalysts for the shares could include a stock split, Stifel FirstEnergy analyst Robert Fitzmartyn said, noting the company has previously split its shares twice in 18 months in the past.
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