Canadian Natural Resources Ltd (CNQ) is undervalued and EOG Resources Inc (EOG) is undervalued.
Against our estimates of intrinsic value, EOG trades at the wider discount: a margin of safety of +42%, against +40% for CNQ.
Values as of the 22 Sept 2026 close.
Discounting its cash flows at 8.0% (average of 3 methods) values the shares at $79.80; the price of $47.77 is 40% below that value, and 80% of that value comes from beyond year five.
Leak Score 100/100 on 3 of 12 signals
Discounting its cash flows at 7.5% (average of 3 methods) values the shares at $241.48; the price of $139.52 is 42% below that value, and 81% of that value comes from beyond year five.
Leak Score 89/100 on 10 of 12 signals
| Metric | CNQ | EOG |
|---|---|---|
| Verdict | Undervalued | Undervalued |
| Price | $47.77 | $139.52 |
| Intrinsic value | $79.80 | $241.48 |
| Margin of safety | +40% | +42% |
| Leak Score | 100/100 (3/12) | 89/100 (10/12) |
| Market cap | $98.5B | $73.2B |
| Revenue growth, 5 years | 17.1% | 17.9% |
| Operating margin | 26.6% | 35.1% |
| Net margin | 26.2% | 25.8% |
| Return on equity | 26.8% | 22.5% |
| Debt to equity | 0.43 | 0.26 |
| P/E | 11.8x | 10.8x |
| Forward P/E | 12.9x | 9.5x |
| P/B | 3.0x | 2.3x |
| Dividend yield | 3.7% | 3.0% |