Q: From a look at the CNQ price history graph, roughly between 2006 to covid, CNQ cycled between $15 to $25. For some 3 years post covid, it climbed from $15 to as high as $55. It is now about $42 which is still quite a lot above the 2006-2020 trend. I would be grateful if you can comment on what was holding back CNQ in the first period and what drove it during the second period, such as change in earnings, P/E, etc. I would like to understand if it is currently overpriced and if it dropped back to the $20-$30 range would the dividend be much at risk.
5i Research Answer:
Being in a cyclical industry, P/E valuations have been all over the map. P/E averaged 9.0X in...