9. Canadian Natural Resources Limited (NYSE:CNQ)
Canadian Natural Resources Limited (NYSE: CNQ) is another cheap stock to buy for the next 10 years, especially for investors who want exposure to a large, established crude oil and natural gas producer with a long history of shareholder returns. Trading at $47.20, CNQ stands out because it is not a speculative energy play trying to prove itself. It is already a senior producer with operations across Western Canada, the U.K. portion of the North Sea, and Offshore Africa. That global operating base gives the company scale, diversification, and multiple ways to benefit from long-term demand for energy.
On May 7, Canadian Natural Resources reported first-quarter 2026 earnings that showed why the company remains popular among long-term value investors. CNQ generated $2.4 billion in adjusted net earnings and $4.4 billion in adjusted funds flow. Total production reached approximately 1,643,000 barrels of oil equivalent per day, representing a 4% year-over-year increase. For a company of this size, even modest percentage growth can be meaningful because the production base is already massive. The growth was helped by record conventional production in North America, which adds another layer to the company’s long-term investment case.
One of the most important details from the quarter was cost discipline. Canadian Natural Resources achieved industry-leading operating costs of $23.73 per barrel in its Oil Sands Mining and Upgrading segment. That matters because in the energy business, low-cost operators usually have better staying power. When oil prices are strong, they can generate significant cash flow. When oil prices weaken, they are better positioned to survive downturns than higher-cost competitors. For investors looking for undervalued stocks with long-term growth potential, cost efficiency is not just a nice detail. It can be the difference between a value stock and a value trap.
CNQ also continued doing what income-focused investors love: returning capital. The company distributed $1.5 billion to shareholders during the quarter, including $1.2 billion in dividends and $0.3 billion in share repurchases. Even more impressive, Canadian Natural Resources has now increased its dividend for 26 consecutive years, with the annualized dividend reaching $2.50 per share. That kind of dividend history is not accidental. It reflects a management culture that prioritizes shareholder returns, capital discipline, and long-term balance sheet strength.
The company’s debt reduction is also worth noting. Robust commodity prices and efficient operations helped bring net debt below $16 billion. In a market where investors are paying close attention to leverage, refinancing risk, and balance sheet quality, CNQ’s progress gives the stock a stronger long-term profile. The company is also pushing ahead with medium-term growth projects, including the Jackfish and Pike 2 expansions. While long-term oil sands mining expansions remain on hold pending regulatory and fiscal certainty, CNQ continues to create value through multilateral drilling and solvent-enhanced recovery technologies.
For investors screening for cheap stocks to buy and hold, Canadian Natural Resources offers a practical mix of production growth, dividend strength, operating efficiency, and long-term energy exposure. It may not carry the excitement of an AI stock or a high-growth software company, but it has the kind of business durability that can matter over a 10-year holding period. In a market that still needs oil and natural gas, CNQ remains one of the more serious long-term value stocks to watch.
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