CANADIAN NAT RES LTD CNQ
COM · Common Stock · CUSIP 136385101 · ISIN CA1363851017
- SectorEnergy
- IndustryCrude Petroleum & Natural Gas
- FilingsSEC EDGAR
* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once ($484.9m this quarter). Holder counts are more reliable. Shares outstanding: 2.1bn as of 2024-12-31, from the company's own SEC filing; the percentage can still exceed 100%: lent-out shares are counted by the lender and the buyer, and some reports overlap without saying so. Implied quarter-end price ≈ $33.29. Options: 28 managers hold calls ($278.8m notional), 28 hold puts ($370.5m).
Trends to Q3 2024
Institutional holders
Managers reporting a position, each quarter
Numbers
| Quarter | Holders |
|---|---|
| Q3 2022 | 455 |
| Q4 2022 | 502 |
| Q1 2023 | 510 |
| Q2 2023 | 504 |
| Q3 2023 | 537 |
| Q4 2023 | 565 |
| Q1 2024 | 601 |
| Q2 2024 | 616 |
| Q3 2024 | 625 |
Buyers vs sellers
Managers adding to or starting a position, vs cutting or selling out
Numbers
| Quarter | Bought or added | Cut or sold out |
|---|---|---|
| Q4 2022 | 223 | 223 |
| Q1 2023 | 258 | 223 |
| Q2 2023 | 219 | 237 |
| Q3 2023 | 252 | 223 |
| Q4 2023 | 269 | 239 |
| Q1 2024 | 319 | 236 |
| Q2 2024 | 295 | 274 |
| Q3 2024 | 341 | 246 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q4 2023 | $382.2m | $2.2bn | 5.67 |
| Q1 2024 | $412.2m | $544.3m | 1.32 |
| Q2 2024 | $314.8m | $408.6m | 1.30 |
| Q3 2024 | $278.8m | $370.5m | 1.33 |
Biggest buyers
| BANK OF AMERICA CORP /DE/ | Added | +20.0m |
| MORGAN STANLEY | Added | +4.3m |
| BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp | Added | +3.3m |
| NATIONAL BANK OF CANADA /FI/ | Added | +3.2m |
| CIBC WORLD MARKET INC. | Added | +3.1m |
| Alyeska Investment Group, L.P. | New | +2.5m |
| TWO SIGMA INVESTMENTS, LP | Added | +2.5m |
| 1832 Asset Management L.P. | Added | +2.1m |
| CRAWFORD INVESTMENT COUNSEL INC | New | +1.9m |
| VANGUARD GROUP INC | Added | +1.7m |
Biggest sellers
| GQG Partners LLC | Sold out | -19.5m |
| T. Rowe Price Investment Management, Inc. | Reduced | -14.0m |
| Capital World Investors | Reduced | -11.7m |
| Capital Research Global Investors | Reduced | -9.9m |
| HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND | Sold out | -8.9m |
| ROYAL BANK OF CANADA | Reduced | -6.9m |
| CANADA PENSION PLAN INVESTMENT BOARD | Reduced | -6.3m |
| TORONTO DOMINION BANK | Reduced | -6.0m |
| BANK OF NOVA SCOTIA | Reduced | -3.9m |
| FIL Ltd | Reduced | -3.3m |
Biggest calls
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | $36.1m1.1m shares |
| JANE STREET GROUP, LLC | Reduced | $36.1m1.1m shares |
| CITADEL ADVISORS LLC | Reduced | $26.6m801.6k shares |
| D. E. Shaw & Co., Inc. | Added | $17.3m521.0k shares |
| ROYAL BANK OF CANADA | Added | $17.0m510.6k shares |
| SIG North Trading, ULC | Added | $15.7m471.7k shares |
| SIMPLEX TRADING, LLC | Added | $13.8m416.2k shares |
| BANK OF MONTREAL /CAN/ | Added | $13.5m407.8k shares |
| Walleye Trading LLC | Added | $12.6m380.1k shares |
| CAPITAL FUND MANAGEMENT S.A. | Added | $11.9m358.2k shares |
Biggest puts
| ROYAL BANK OF CANADA | Added | $102.4m3.1m shares |
| JANE STREET GROUP, LLC | Added | $67.2m2.0m shares |
| SIG North Trading, ULC | Added | $37.2m1.1m shares |
| CITADEL ADVISORS LLC | Added | $28.0m842.1k shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | $27.8m835.7k shares |
| UBS Group AG | Unchanged | $20.2m607.4k shares |
| MILLENNIUM MANAGEMENT LLC | Reduced | $10.4m243.0k shares |
| SIMPLEX TRADING, LLC | Reduced | $8.0m241.5k shares |
| D. E. Shaw & Co., Inc. | Added | $7.3m221.0k shares |
| BANK OF MONTREAL /CAN/ | Reduced | $6.8m205.2k shares |
Options at notional value: the value of the shares the contracts control, as filers report them, not what the options cost. Not included in the holders, shares or buying above.
Major shareholders (over 5%)
Anyone who owns more than 5% of a class of the company's shares has to say so: on Schedule 13D if they may try to influence or control the company, on 13G if they're a passive investor, and update it as the stake changes. Each holder's latest filing, from 19 Dec 2024 on; percentages are of the share class, as the holder worked them out.
| Holder | Stake |
|---|---|
| Capital World Investors 13G · institution filed 2025-05-13 | 10.0% |
| BlackRock, Inc. 13G · institution new · filed 2026-07-27 | 5.7% |
| Capital Research Global Investors 13G · institution -1.4 pts · filed 2026-08-12 | 5.6% |
Insider purchases and sales in Q3 2024
Shares bought or sold by the company's own officers, directors and 10% owners, in the open market or privately, as they reported to the SEC on Form 4 (due within two business days of the trade). Grants, option exercises, shares withheld for tax and gifts aren't included.
None reported in Q3 2024.
Holders, Q3 2024
| Manager | Shares | Change |
|---|---|---|
| Capital World Investors 1.44% of their portfolio | 278.9m $9.3bn | Reduced -11.7m |
| ROYAL BANK OF CANADA 0.80% of their portfolio | 107.9m $3.6bn | Reduced -6.9m |
| Capital Research Global Investors 0.70% of their portfolio | 101.8m $3.4bn | Reduced -9.9m |
| VANGUARD GROUP INC 0.05% of their portfolio | 89.5m $3.0bn | Added +1.7m |
| FMR LLC 0.17% of their portfolio | 85.2m $2.8bn | Reduced -625.1k |
| BANK OF MONTREAL /CAN/ 0.95% of their portfolio | 61.7m $2.0bn | Added +1.7m |
| FIL Ltd 1.49% of their portfolio | 49.5m $1.6bn | Reduced -3.3m |
| Fisher Asset Management, LLC 0.59% of their portfolio | 43.6m $1.4bn | Added +1.7m |
| TD Asset Management Inc 1.25% of their portfolio | 42.4m $1.4bn | Reduced -103.8k |
| CANADA PENSION PLAN INVESTMENT BOARD 1.11% of their portfolio | 35.1m $1.2bn | Reduced -6.3m |
| 1832 Asset Management L.P. 1.88% of their portfolio | 33.8m $1.1bn | Added +2.1m |
| T. Rowe Price Investment Management, Inc. 0.64% of their portfolio | 31.7m $1.1bn | Reduced -14.0m |
| MACKENZIE FINANCIAL CORP 1.39% of their portfolio | 30.1m $1.0bn | Added +98.5k |
| CIBC WORLD MARKET INC. 2.22% of their portfolio | 29.6m $984.3m | Added +3.1m |
| YACKTMAN ASSET MANAGEMENT LP 9.88% of their portfolio | 29.0m $963.3m | Reduced -449.8k |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.83% of their portfolio | 28.5m $946.0m | Added +1.4m |
| JPMORGAN CHASE & CO 0.04% of their portfolio | 26.6m $882.8m | Reduced -1.3m |
| BANK OF AMERICA CORP /DE/ 0.08% of their portfolio | 25.9m $861.1m | Added +20.0m |
| BANK OF NOVA SCOTIA 1.54% of their portfolio | 23.0m $764.1m | Reduced -3.9m |
| CIBC Asset Management Inc 2.47% of their portfolio | 22.8m $761.2m | Reduced -77.5k |
| MORGAN STANLEY 0.04% of their portfolio | 15.7m $522.2m | Added +4.3m |
| TORONTO DOMINION BANK 0.74% of their portfolio | 12.5m $416.4m | Reduced -6.0m |
| WELLINGTON MANAGEMENT GROUP LLP 0.06% of their portfolio | 10.9m $362.9m | Reduced -2.9m |
| Connor, Clark & Lunn Investment Management Ltd. 1.64% of their portfolio | 10.2m $339.0m | Reduced -1.9m |
| GEODE CAPITAL MANAGEMENT, LLC 0.03% of their portfolio | 9.8m $328.8m | Added +727.8k |
| JANUS HENDERSON GROUP PLC 0.15% of their portfolio | 9.0m $300.6m | Reduced -69.5k |
| Boston Partners 0.36% of their portfolio | 9.0m $301.5m | Added +746.7k |
| NATIONAL BANK OF CANADA /FI/ 0.36% of their portfolio | 8.2m $273.4m | Added +3.2m |
| Legal & General Group Plc 0.07% of their portfolio | 8.1m $268.0m | Added +31.6k |
| BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp 1.56% of their portfolio | 7.8m $260.1m | Added +3.3m |
| AGF MANAGEMENT LTD 1.23% of their portfolio | 7.1m $243.7m | Added +1.1m |
| PRICE T ROWE ASSOCIATES INC /MD/ 0.03% of their portfolio | 7.1m $234.9m | Reduced -286.1k |
| Amundi 0.09% of their portfolio | 7.0m $253.5m | Added +7.2k |
| DIMENSIONAL FUND ADVISORS LP 0.05% of their portfolio | 6.8m $226.0m | Reduced -298.9k |
| AMERIPRISE FINANCIAL INC 0.06% of their portfolio | 6.7m $221.4m | Reduced -2.0m |
| Swiss National Bank 0.14% of their portfolio | 6.4m $214.0m | Added +1.3k |
| Invesco Ltd. 0.04% of their portfolio | 6.1m $202.1m | Added +66.4k |
| TD Waterhouse Canada Inc. 1.66% of their portfolio | 5.8m $204.3m | Added +150.9k |
| Alberta Investment Management Corp 1.65% of their portfolio | 5.7m $190.9m | Reduced -1.0m |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.04% of their portfolio | 5.7m $188.7m | Added +301.3k |
| SCOTIA CAPITAL INC. 1.00% of their portfolio | 5.6m $187.1m | Added +460.9k |
| MASSACHUSETTS FINANCIAL SERVICES CO /MA/ 0.05% of their portfolio | 4.6m $152.2m | Reduced -85.6k |
| Federation des caisses Desjardins du Quebec 0.74% of their portfolio | 4.5m $149.4m | Added +536.7k |
| WCM INVESTMENT MANAGEMENT, LLC 0.33% of their portfolio | 4.4m $146.3m | Reduced -47.7k |
| PRINCIPAL FINANCIAL GROUP INC 0.08% of their portfolio | 4.2m $139.1m | Reduced -860.1k |
| VOLORIDGE INVESTMENT MANAGEMENT, LLC 0.46% of their portfolio | 3.8m $125.5m | Added +833.6k |
| Balyasny Asset Management L.P. 0.32% of their portfolio | 3.7m $124.1m | Added +1.6m |
| Ninepoint Partners LP 15.71% of their portfolio | 3.6m $119.7m | Added +496.8k |
| Capital International Investors 0.02% of their portfolio | 3.4m $114.6m | Added +2.6k |
| TWO SIGMA INVESTMENTS, LP 0.25% of their portfolio | 3.3m $110.6m | Added +2.5m |
| FRANKLIN RESOURCES INC 0.04% of their portfolio | 3.3m $124.7m | Reduced -76.4k |
| OMERS ADMINISTRATION Corp 0.95% of their portfolio | 3.1m $103.7m | Reduced -545.4k |
| DEUTSCHE BANK AG\ 0.04% of their portfolio | 3.1m $103.4m | Added +1.4m |
| Fiera Capital Corp 0.31% of their portfolio | 3.1m $102.8m | Reduced -4.9k |
| GUARDIAN CAPITAL LP 3.55% of their portfolio | 2.9m $96.8m | Reduced -515.3k |
| Aviso Financial Inc. 4.55% of their portfolio | 2.8m $91.9m | Added +62.7k |
| INGALLS & SNYDER LLC 3.54% of their portfolio | 2.7m $90.3m | Added +33.5k |
| GOLDMAN SACHS GROUP INC 0.02% of their portfolio | 2.7m $88.8m | Reduced -1.2m |
| NORTHERN TRUST CORP 0.01% of their portfolio | 2.5m $83.8m | Added +4.8k |
| Alyeska Investment Group, L.P. 0.42% of their portfolio | 2.5m $82.4m | New |
| Addenda Capital Inc. 3.91% of their portfolio | 2.4m $109.6m | Added +100.7k |
| Bank of New York Mellon Corp 0.01% of their portfolio | 2.4m $78.8m | Reduced -76.0k |
| Nuveen Asset Management, LLC 0.02% of their portfolio | 2.3m $77.6m | Reduced -26.2k |
| Waratah Capital Advisors Ltd. 4.49% of their portfolio | 2.3m $75.3m | Reduced -207.8k |
| Point72 Asset Management, L.P. 0.26% of their portfolio | 2.2m $74.5m | Added +896.7k |
| Marathon Asset Management Ltd 1.92% of their portfolio | 2.1m $69.6m | Reduced -22.4k |
| Korea Investment CORP 0.16% of their portfolio | 2.0m $67.2m | Added +600.9k |
| CRAWFORD INVESTMENT COUNSEL INC 1.09% of their portfolio | 1.9m $63.9m | New |
| Dixon Mitchell Investment Counsel Inc. 2.94% of their portfolio | 1.9m $64.6m | Added +88.6k |
| MUFG SECURITIES (CANADA), LTD. 2.81% of their portfolio | 1.9m $62.8m | Added +753.6k |
| Corient Private Wealth LP 0.10% of their portfolio | 1.9m $62.2m | Added +298.5k |
| State of Tennessee, Department of Treasury 0.21% of their portfolio | 1.8m $59.9m | Reduced -32.9k |
| Russell Investments Group, Ltd. 0.09% of their portfolio | 1.8m $59.7m | Added +57.5k |
| BlackRock, Inc. 0.00% of their portfolio | 1.8m $59.0m | First filing |
| GW&K Investment Management, LLC 0.48% of their portfolio | 1.7m $56.5m | Reduced -19.9k |
| Brandywine Global Investment Management, LLC 0.43% of their portfolio | 1.7m $64.0m | Added +93.3k |
| ENVESTNET ASSET MANAGEMENT INC 0.02% of their portfolio | 1.7m $55.2m | Added +86.0k |
| MILLER HOWARD INVESTMENTS INC /NY 1.69% of their portfolio | 1.7m $54.9m | Reduced -69.0k |
| Canoe Financial LP 1.24% of their portfolio | 1.5m $51.5m | Added +1.1m |
| CITADEL ADVISORS LLC 0.05% of their portfolio | 1.5m $50.9m | Added +548.5k |
| RENAISSANCE TECHNOLOGIES LLC 0.08% of their portfolio | 1.5m $50.5m | Added +82.2k |
| Quadrature Capital Ltd 1.13% of their portfolio | 1.5m $49.8m | Reduced -33.8k |
| FIRST MANHATTAN CO. LLC. 0.14% of their portfolio | 1.4m $48.6m | Reduced -37.4k |
| DekaBank Deutsche Girozentrale 0.09% of their portfolio | 1.4m $47.4m | Reduced -2.2m |
| BOWEN HANES & CO INC 1.22% of their portfolio | 1.4m $46.4m | Reduced -11.2k |
| D. E. Shaw & Co., Inc. 0.06% of their portfolio | 1.4m $45.8m | Added +1.2m |
| UBS Group AG 0.01% of their portfolio | 1.3m $44.0m | Added +108.8k |
| Merewether Investment Management, LP 2.01% of their portfolio | 1.3m $43.6m | Added +608.8k |
| Point72 Europe (London) LLP 3.65% of their portfolio | 1.3m $43.3m | Added +793.2k |
| SIR Capital Management, L.P. 4.20% of their portfolio | 1.3m $43.2m | New |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.01% of their portfolio | 1.2m $38.6m | Reduced -270.6k |
| Clearbridge Investments, LLC 0.03% of their portfolio | 1.2m $38.4m | Reduced -30.9k |
| MONTRUSCO BOLTON INVESTMENTS INC. 0.35% of their portfolio | 1.0m $33.6m | Reduced -1.4m |
| Baskin Financial Services Inc. 2.68% of their portfolio | 985.3k $32.7m | Added +14.8k |
| TWO SIGMA ADVISERS, LP 0.08% of their portfolio | 968.0k $32.1m | Added +449.3k |
| UNITED SERVICES AUTOMOBILE ASSOCIATION 0.81% of their portfolio | 952.8k $31.6m | Reduced -308.9k |
| HSBC HOLDINGS PLC 0.02% of their portfolio | 949.5k $31.5m | Added +938.0k |
| Pacer Advisors, Inc. 0.06% of their portfolio | 915.5k $30.4m | Added +18.0k |
| CITIGROUP INC 0.03% of their portfolio | 897.6k $29.8m | Added +187.3k |
| Scheer, Rowlett & Associates Investment Management Ltd. 2.03% of their portfolio | 878.3k $29.2m | Reduced -11.1k |