The Globe and Mail reports in its Friday, Aug. 4, edition that National Bank Financial analyst Travis Wood has cut his rating for Canadian Natural Resources to "sector perform" from "outperform." The Globe's David Leeder writes in the Eye On Equities column that Mr. Wood gave his share target a $3 nudge down to $90, matching the consensus. The Globe says that Mr. Wood has "valuation" concerns after the company posted in-line second quarter results. He says in a note: "Overall, Q2 was as expected operationally, with the planned turnarounds at Horizon and Scotford having the largest impact on comparative results. Average production of 1,194 mboe/d [thousand barrels of oil equivalent per day] was in line with expectations, and down 9 per cent sequentially on account of turnaround activities, third-party pipeline outages and wildfire impacts. ... CNQ generated FCF of $190-million during the quarter after capex of $1.6-billion and dividends of $1-billion, which was allocated towards $500-million in share buybacks and debt reduction. We are forecasting cumulative FCF of $12-billion for the balance of the year through 2024 with net debt likely to hit the net debt target of $10-billion later this year."