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 ($443.2m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $31.46. Options: 32 managers hold calls ($648.1m notional), 30 hold puts ($954.7m).
Trends to Q2 2025
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 |
| Q4 2024 | 632 |
| Q1 2025 | 627 |
| Q2 2025 | 623 |
Buyers vs sellers
Managers adding to or starting a position, vs cutting or selling out
Numbers
| Quarter | Bought or added | Cut or sold out |
|---|---|---|
| Q3 2023 | 252 | 223 |
| Q4 2023 | 269 | 239 |
| Q1 2024 | 319 | 236 |
| Q2 2024 | 295 | 274 |
| Q3 2024 | 341 | 246 |
| Q4 2024 | 279 | 298 |
| Q1 2025 | 325 | 282 |
| Q2 2025 | 321 | 251 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q3 2024 | $278.8m | $370.5m | 1.33 |
| Q4 2024 | $452.7m | $588.7m | 1.30 |
| Q1 2025 | $399.2m | $453.0m | 1.13 |
| Q2 2025 | $648.1m | $954.7m | 1.47 |
Biggest buyers
| ROYAL BANK OF CANADA | Added | +91.8m |
| BANK OF MONTREAL /CAN/ | Added | +16.7m |
| Capital Research Global Investors | Added | +11.3m |
| GOLDMAN SACHS GROUP INC | Added | +7.4m |
| FMR LLC | Added | +6.6m |
| PICTON MAHONEY ASSET MANAGEMENT | New | +5.2m |
| T. Rowe Price Investment Management, Inc. | Added | +5.0m |
| HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND | Added | +3.9m |
| UBS Group AG | Added | +3.4m |
| NATIONAL BANK OF CANADA /FI/ | Added | +3.1m |
Biggest sellers
| BANK OF NOVA SCOTIA | Reduced | -19.2m |
| TORONTO DOMINION BANK | Reduced | -8.8m |
| BANK OF AMERICA CORP /DE/ | Reduced | -7.8m |
| Point72 Asset Management, L.P. | Reduced | -6.5m |
| D. E. Shaw & Co., Inc. | Reduced | -5.9m |
| YACKTMAN ASSET MANAGEMENT LP | Reduced | -5.1m |
| CANADA PENSION PLAN INVESTMENT BOARD | Reduced | -4.0m |
| MORGAN STANLEY | Reduced | -3.8m |
| Quadrature Capital Ltd | Reduced | -3.6m |
| CITADEL ADVISORS LLC | Reduced | -3.1m |
Biggest calls
| ROYAL BANK OF CANADA | Added | $152.4m4.9m shares |
| SIG North Trading, ULC | Added | $47.5m1.5m shares |
| CITADEL ADVISORS LLC | Added | $47.2m1.5m shares |
| JANE STREET GROUP, LLC | Added | $46.3m1.5m shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | $39.4m1.3m shares |
| PEAK6 LLC | Added | $35.5m1.1m shares |
| NATIONAL BANK OF CANADA /FI/ | Added | $29.4m9.4k shares |
| GROUP ONE TRADING LLC | Added | $28.3m901.7k shares |
| D. E. Shaw & Co., Inc. | Added | $27.4m870.0k shares |
| Walleye Trading LLC | Added | $25.9m824.4k shares |
Biggest puts
| ROYAL BANK OF CANADA | Added | $521.7m16.6m shares |
| SIG North Trading, ULC | Added | $104.2m3.3m shares |
| TORONTO DOMINION BANK | Added | $54.3m1.7m shares |
| JANE STREET GROUP, LLC | Added | $37.3m1.2m shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | $28.4m903.9k shares |
| CITADEL ADVISORS LLC | Reduced | $28.4m903.4k shares |
| BARCLAYS PLC | Added | $23.6m750.0k shares |
| D. E. Shaw & Co., Inc. | Added | $22.3m708.9k shares |
| MILLENNIUM MANAGEMENT LLC | Unchanged | $18.2m425.0k shares |
| NATIONAL BANK OF CANADA /FI/ | Added | $18.1m5.7k 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 Q2 2025
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 Q2 2025.
Holders, Q2 2025
| Manager | Shares | Change |
|---|---|---|
| ROYAL BANK OF CANADA 0.74% of their portfolio | 242.5m $7.6bn | Added +91.8m |
| Capital World Investors 0.95% of their portfolio | 208.9m $6.6bn | Added +22.2k |
| Capital Research Global Investors 0.70% of their portfolio | 111.3m $3.5bn | Added +11.3m |
| BANK OF MONTREAL /CAN/ 1.47% of their portfolio | 92.7m $2.9bn | Added +16.7m |
| VANGUARD GROUP INC 0.05% of their portfolio | 90.7m $2.9bn | Added +3.0m |
| FMR LLC 0.13% of their portfolio | 73.4m $2.3bn | Added +6.6m |
| T. Rowe Price Investment Management, Inc. 0.97% of their portfolio | 48.9m $1.5bn | Added +5.0m |
| Fisher Asset Management, LLC 0.60% of their portfolio | 47.9m $1.5bn | Added +2.1m |
| TD Asset Management Inc 1.11% of their portfolio | 41.6m $1.3bn | Added +316.9k |
| CANADA PENSION PLAN INVESTMENT BOARD 1.02% of their portfolio | 37.8m $1.2bn | Reduced -4.0m |
| MACKENZIE FINANCIAL CORP 1.30% of their portfolio | 31.8m $1.0bn | Reduced -1.3m |
| 1832 Asset Management L.P. 1.71% of their portfolio | 31.3m $983.3m | Reduced -508.2k |
| CIBC WORLD MARKET INC. 2.10% of their portfolio | 30.2m $949.8m | Reduced -2.7m |
| GOLDMAN SACHS GROUP INC 0.15% of their portfolio | 29.8m $935.2m | Added +7.4m |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.77% of their portfolio | 27.4m $855.4m | Added +2.5m |
| YACKTMAN ASSET MANAGEMENT LP 9.33% of their portfolio | 22.1m $694.8m | Reduced -5.1m |
| FIL Ltd 0.58% of their portfolio | 21.5m $677.3m | Reduced -1.8m |
| CIBC Asset Management Inc 2.12% of their portfolio | 21.4m $673.0m | Reduced -1.5m |
| NATIONAL BANK OF CANADA /FI/ 0.68% of their portfolio | 20.0m $626.9m | Added +3.1m |
| GEODE CAPITAL MANAGEMENT, LLC 0.04% of their portfolio | 17.1m $548.2m | Added +2.8m |
| HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND 0.94% of their portfolio | 14.9m $468.6m | Added +3.9m |
| TORONTO DOMINION BANK 0.95% of their portfolio | 14.1m $444.1m | Reduced -8.8m |
| JPMORGAN CHASE & CO 0.03% of their portfolio | 14.1m $442.5m | Added +399.9k |
| MORGAN STANLEY 0.02% of their portfolio | 10.8m $338.4m | Reduced -3.8m |
| WELLINGTON MANAGEMENT GROUP LLP 0.06% of their portfolio | 10.4m $327.4m | Reduced -509.4k |
| Connor, Clark & Lunn Investment Management Ltd. 0.96% of their portfolio | 8.6m $271.4m | Reduced -2.1m |
| DIMENSIONAL FUND ADVISORS LP 0.06% of their portfolio | 8.4m $262.8m | Added +87.1k |
| JANUS HENDERSON GROUP PLC 0.13% of their portfolio | 8.2m $257.9m | Reduced -149.5k |
| Legal & General Group Plc 0.06% of their portfolio | 7.9m $248.2m | Added +156.3k |
| BANK OF AMERICA CORP /DE/ 0.02% of their portfolio | 7.8m $245.0m | Reduced -7.8m |
| Amundi 0.08% of their portfolio | 7.5m $244.0m | Added +197.7k |
| SCOTIA CAPITAL INC. 1.06% of their portfolio | 7.1m $223.9m | Added +918.3k |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP 0.15% of their portfolio | 6.9m $217.6m | Reduced -2.9m |
| PRICE T ROWE ASSOCIATES INC /MD/ 0.02% of their portfolio | 6.8m $214.0m | Reduced -132.3k |
| TD Waterhouse Canada Inc. 1.51% of their portfolio | 6.7m $210.7m | Added +750.2k |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.04% of their portfolio | 6.6m $206.6m | Added +411.9k |
| Swiss National Bank 0.12% of their portfolio | 6.4m $199.7m | Added +374.7k |
| Canoe Financial LP 2.74% of their portfolio | 6.1m $192.3m | Added +1.4m |
| Boston Partners 0.21% of their portfolio | 5.9m $184.9m | Reduced -1.5m |
| FRANKLIN RESOURCES INC 0.05% of their portfolio | 5.7m $178.7m | Added +182.9k |
| Invesco Ltd. 0.03% of their portfolio | 5.7m $178.2m | Reduced -245.0k |
| UBS Group AG 0.04% of their portfolio | 5.4m $170.6m | Added +3.4m |
| PICTON MAHONEY ASSET MANAGEMENT 2.29% of their portfolio | 5.2m $162.6m | New |
| BANK OF NOVA SCOTIA 0.33% of their portfolio | 5.1m $160.0m | Reduced -19.2m |
| AGF MANAGEMENT LTD 0.74% of their portfolio | 5.0m $163.4m | Reduced -744.1k |
| Federation des caisses Desjardins du Quebec 0.68% of their portfolio | 5.0m $155.6m | Added +313.7k |
| WCM INVESTMENT MANAGEMENT, LLC 0.33% of their portfolio | 4.6m $145.7m | Added +169.6k |
| MASSACHUSETTS FINANCIAL SERVICES CO /MA/ 0.05% of their portfolio | 4.6m $144.4m | Reduced -157.6k |
| BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp 0.83% of their portfolio | 4.5m $143.0m | Reduced -256.3k |
| Bank of New York Mellon Corp 0.02% of their portfolio | 4.2m $131.4m | Reduced -532.3k |
| Alberta Investment Management Corp 0.98% of their portfolio | 4.0m $125.2m | Reduced -1.3m |
| DEUTSCHE BANK AG\ 0.04% of their portfolio | 3.8m $120.5m | Added +245.7k |
| MUFG SECURITIES (CANADA), LTD. 3.39% of their portfolio | 3.6m $111.4m | Added +344.1k |
| TWO SIGMA INVESTMENTS, LP 0.20% of their portfolio | 3.5m $110.2m | Added +298.4k |
| NORTHERN TRUST CORP 0.01% of their portfolio | 3.1m $97.6m | Reduced -183.0k |
| INGALLS & SNYDER LLC 2.91% of their portfolio | 2.6m $81.6m | Added +23.4k |
| Aviso Financial Inc. 3.68% of their portfolio | 2.6m $81.6m | Reduced -335.0k |
| Alyeska Investment Group, L.P. 0.28% of their portfolio | 2.5m $79.1m | Added +1.9m |
| VOLORIDGE INVESTMENT MANAGEMENT, LLC 0.29% of their portfolio | 2.5m $79.0m | Reduced -1.7m |
| Addenda Capital Inc. 3.69% of their portfolio | 2.4m $102.7m | Added +235.2k |
| GUARDIAN CAPITAL LP 2.60% of their portfolio | 2.3m $73.5m | Reduced -202.6k |
| CRAWFORD INVESTMENT COUNSEL INC 1.28% of their portfolio | 2.3m $73.2m | Added +38.4k |
| Brandywine Global Investment Management, LLC 0.51% of their portfolio | 2.3m $72.8m | Added +129.7k |
| Nuveen, LLC 0.02% of their portfolio | 2.2m $69.4m | Reduced -9.3k |
| Dixon Mitchell Investment Counsel Inc. 2.69% of their portfolio | 2.2m $69.1m | Added +97.8k |
| Clearbridge Investments, LLC 0.06% of their portfolio | 2.2m $67.8m | Added +203.1k |
| TWO SIGMA ADVISERS, LP 0.14% of their portfolio | 2.1m $66.7m | Added +637.4k |
| Russell Investments Group, Ltd. 0.08% of their portfolio | 2.1m $64.4m | Added +146.5k |
| Fiera Capital Corp 0.21% of their portfolio | 2.0m $62.3m | Reduced -272.4k |
| State of Tennessee, Department of Treasury 0.21% of their portfolio | 1.8m $57.8m | Added +29.8k |
| Merewether Investment Management, LP 1.64% of their portfolio | 1.8m $57.0m | Reduced -77.9k |
| Marathon Asset Management Ltd 1.83% of their portfolio | 1.8m $56.9m | Reduced -150.9k |
| BlackRock, Inc. 0.00% of their portfolio | 1.8m $55.6m | Added +114.2k |
| PRINCIPAL FINANCIAL GROUP INC 0.03% of their portfolio | 1.7m $52.8m | Added +44.8k |
| Qube Research & Technologies Ltd 0.07% of their portfolio | 1.6m $50.9m | Added +362.3k |
| INTACT INVESTMENT MANAGEMENT INC. 1.67% of their portfolio | 1.6m $49.5m | Reduced -243.9k |
| ENVESTNET ASSET MANAGEMENT INC 0.01% of their portfolio | 1.6m $49.4m | Added +111.0k |
| MILLER HOWARD INVESTMENTS INC /NY 1.45% of their portfolio | 1.5m $45.6m | Added +12.0k |
| DekaBank Deutsche Girozentrale 0.08% of their portfolio | 1.4m $45.3m | Added +27.1k |
| FIRST MANHATTAN CO. LLC. 0.13% of their portfolio | 1.4m $44.7m | Added +9.3k |
| Waratah Capital Advisors Ltd. 2.99% of their portfolio | 1.4m $43.9m | Reduced -238.2k |
| GW&K Investment Management, LLC 0.37% of their portfolio | 1.3m $41.8m | Reduced -30.0k |
| RAYMOND JAMES FINANCIAL INC 0.01% of their portfolio | 1.3m $41.3m | Added +229.0k |
| WELLS FARGO & COMPANY/MN 0.01% of their portfolio | 1.3m $39.6m | Added +514.4k |
| BARCLAYS PLC 0.02% of their portfolio | 1.2m $38.9m | Added +129.6k |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.01% of their portfolio | 1.2m $36.3m | Added +30.0k |
| CITADEL ADVISORS LLC 0.03% of their portfolio | 1.1m $35.5m | Reduced -3.1m |
| Balyasny Asset Management L.P. 0.08% of their portfolio | 1.1m $33.3m | Reduced -1.1m |
| D. E. Shaw & Co., Inc. 0.03% of their portfolio | 1.1m $33.0m | Reduced -5.9m |
| Baskin Financial Services Inc. 2.41% of their portfolio | 1.0m $31.9m | Added +9.5k |
| NewEdge Wealth, LLC 0.48% of their portfolio | 1.0m $30.8m | Added +67.7k |
| Capital International Investors 0.01% of their portfolio | 977.6k $30.7m | Added +3.5k |
| HSBC HOLDINGS PLC 0.02% of their portfolio | 973.8k $30.6m | Reduced -22.1k |
| CITIGROUP INC 0.02% of their portfolio | 949.6k $29.8m | Added +23.8k |
| Holocene Advisors, LP 0.07% of their portfolio | 948.2k $29.8m | Reduced -291.5k |
| SIG North Trading, ULC 6.47% of their portfolio | 939.3k $29.5m | Added +224.4k |
| Scheer, Rowlett & Associates Investment Management Ltd. 1.91% of their portfolio | 938.4k $29.5m | Added +21.2k |
| Zurcher Kantonalbank (Zurich Cantonalbank) 0.07% of their portfolio | 902.8k $28.3m | Added +83.4k |
| RENAISSANCE TECHNOLOGIES LLC 0.04% of their portfolio | 894.2k $28.1m | Reduced -734.4k |
| ROYAL LONDON ASSET MANAGEMENT LTD 0.06% of their portfolio | 868.5k $27.3m | Reduced -6.5k |