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 ($953.9m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $39.92. Options: 28 managers hold calls ($484.6m notional), 25 hold puts ($637.2m).
Trends to Q2 2026
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 |
| Q3 2025 | 639 |
| Q4 2025 | 676 |
| Q1 2026 | 745 |
| Q2 2026 | 746 |
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 2024 | 341 | 246 |
| Q4 2024 | 279 | 298 |
| Q1 2025 | 325 | 282 |
| Q2 2025 | 321 | 251 |
| Q3 2025 | 314 | 268 |
| Q4 2025 | 331 | 280 |
| Q1 2026 | 393 | 287 |
| Q2 2026 | 379 | 324 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q3 2025 | $646.1m | $790.6m | 1.22 |
| Q4 2025 | $614.5m | $784.7m | 1.28 |
| Q1 2026 | $582.1m | $988.2m | 1.70 |
| Q2 2026 | $484.6m | $637.2m | 1.31 |
Biggest buyers
| GOLDMAN SACHS GROUP INC | Added | +24.7m |
| Capital World Investors | Added | +20.3m |
| ROYAL BANK OF CANADA | Added | +12.8m |
| T. Rowe Price Investment Management, Inc. | Added | +8.8m |
| JANE STREET GROUP, LLC | Added | +8.2m |
| NATIONAL BANK OF CANADA /FI/ | Added | +7.0m |
| OMERS ADMINISTRATION Corp | Added | +7.0m |
| MORGAN STANLEY | Added | +4.8m |
| TWO SIGMA INVESTMENTS, LP | Added | +4.7m |
| Blue Sparrow, LLC /DE | Added | +4.4m |
Biggest sellers
| Capital Research Global Investors | Reduced | -48.4m |
| Fisher Asset Management, LLC | Reduced | -43.4m |
| FMR LLC | Reduced | -21.0m |
| TORONTO DOMINION BANK | Reduced | -19.5m |
| GQG Partners LLC | Reduced | -17.3m |
| CIBC WORLD MARKET INC. | Reduced | -14.5m |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | Reduced | -13.0m |
| TD Asset Management Inc | Reduced | -8.8m |
| FIL Ltd | Reduced | -8.0m |
| HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND | Reduced | -6.7m |
Biggest calls
| ROYAL BANK OF CANADA | Added | $112.0m2.8m shares |
| MILLENNIUM MANAGEMENT LLC | Added | $42.0m863.4k shares |
| SIG North Trading, ULC | Reduced | $39.7m1.0m shares |
| JANE STREET GROUP, LLC | Added | $38.3m969.6k shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | $38.0m962.4k shares |
| CITADEL ADVISORS LLC | Reduced | $29.3m742.6k shares |
| D. E. Shaw & Co., Inc. | Added | $27.4m693.9k shares |
| BANK OF MONTREAL /CAN/ | Added | $26.6m672.1k shares |
| NATIONAL BANK OF CANADA /FI/ | Reduced | $25.0m6.3k shares |
| IMC-Chicago, LLC | Added | $15.1m383.5k shares |
Biggest puts
| ROYAL BANK OF CANADA | Reduced | $331.4m8.4m shares |
| SIG North Trading, ULC | Reduced | $99.4m2.5m shares |
| TORONTO DOMINION BANK | Reduced | $51.0m1.3m shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | $33.4m845.4k shares |
| CITADEL ADVISORS LLC | Added | $25.5m645.8k shares |
| NATIONAL BANK OF CANADA /FI/ | Reduced | $20.3m5.1k shares |
| JANE STREET GROUP, LLC | Added | $19.1m482.4k shares |
| MILLENNIUM MANAGEMENT LLC | Added | $10.1m204.1k shares |
| IMC-Chicago, LLC | Reduced | $6.9m174.3k shares |
| SIMPLEX TRADING, LLC | Reduced | $6.5m165.5k 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 since 1 Apr 2026
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 since 1 Apr 2026.
Holders, Q2 2026
| Manager | Shares | Change |
|---|---|---|
| Capital World Investors 1.02% of their portfolio | 218.0m $8.6bn | Added +20.3m |
| ROYAL BANK OF CANADA 0.92% of their portfolio | 137.6m $5.4bn | Added +12.8m |
| Capital Research Global Investors 0.64% of their portfolio | 116.1m $4.6bn | Reduced -48.4m |
| BANK OF MONTREAL /CAN/ 0.93% of their portfolio | 64.8m $2.6bn | Added +886.9k |
| FMR LLC 0.11% of their portfolio | 64.2m $2.5bn | Reduced -21.0m |
| VANGUARD CAPITAL MANAGEMENT LLC 0.05% of their portfolio | 58.8m $2.3bn | Added +742.9k |
| GOLDMAN SACHS GROUP INC 0.21% of their portfolio | 50.8m $2.0bn | Added +24.7m |
| CANADA PENSION PLAN INVESTMENT BOARD 0.84% of their portfolio | 38.6m $1.5bn | Reduced -1.6m |
| TD Asset Management Inc 1.07% of their portfolio | 31.2m $1.2bn | Reduced -8.8m |
| HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND 1.74% of their portfolio | 30.8m $1.2bn | Reduced -6.7m |
| CIBC WORLD MARKET INC. 2.02% of their portfolio | 30.4m $1.2bn | Reduced -14.5m |
| 1832 Asset Management L.P. 1.36% of their portfolio | 28.1m $1.1bn | Added +197.6k |
| MACKENZIE FINANCIAL CORP 1.51% of their portfolio | 27.2m $1.5bn | Reduced -234.6k |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.82% of their portfolio | 26.5m $1.0bn | Reduced -203.2k |
| PRICE T ROWE ASSOCIATES INC /MD/ 0.10% of their portfolio | 26.1m $1.0bn | Added +3.1m |
| GEODE CAPITAL MANAGEMENT, LLC 0.05% of their portfolio | 24.1m $983.1m | Added +2.8m |
| T. Rowe Price Investment Management, Inc. 0.54% of their portfolio | 21.0m $830.6m | Added +8.8m |
| NATIONAL BANK OF CANADA /FI/ 0.66% of their portfolio | 19.0m $748.7m | Added +7.0m |
| VANGUARD FIDUCIARY TRUST CO 0.16% of their portfolio | 18.1m $716.4m | Added +129.0k |
| CIBC Asset Management Inc 1.45% of their portfolio | 16.7m $662.9m | Added +1.0m |
| YACKTMAN ASSET MANAGEMENT LP 8.04% of their portfolio | 16.5m $650.3m | Reduced -79.1k |
| JPMORGAN CHASE & CO 0.04% of their portfolio | 16.5m $646.9m | Added +375.8k |
| TD Waterhouse Canada Inc. 1.67% of their portfolio | 16.2m $634.5m | Added +89.0k |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP 0.28% of their portfolio | 15.9m $629.4m | Reduced -13.0m |
| Vanguard Global Advisers, LLC 0.29% of their portfolio | 15.9m $629.0m | Added +1.4m |
| MORGAN STANLEY 0.03% of their portfolio | 15.0m $592.6m | Added +4.8m |
| TORONTO DOMINION BANK 0.90% of their portfolio | 13.7m $539.7m | Reduced -19.5m |
| JANE STREET GROUP, LLC 0.26% of their portfolio | 10.3m $406.3m | Added +8.2m |
| BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp 2.48% of their portfolio | 10.0m $396.7m | Added +2.2m |
| WELLINGTON MANAGEMENT GROUP LLP 0.07% of their portfolio | 9.8m $389.1m | Added +1.5m |
| SCOTIA CAPITAL INC. 1.45% of their portfolio | 9.8m $388.2m | Added +330.9k |
| BANK OF NOVA SCOTIA 0.59% of their portfolio | 9.8m $387.7m | Added +3.2m |
| DIMENSIONAL FUND ADVISORS LP 0.07% of their portfolio | 9.7m $383.5m | Added +297.8k |
| Blue Sparrow, LLC /DE 3.45% of their portfolio | 9.0m $355.5m | Added +4.4m |
| Amundi 0.08% of their portfolio | 8.2m $325.4m | Added +244.2k |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.04% of their portfolio | 7.7m $303.0m | Added +370.0k |
| FRANKLIN RESOURCES INC 0.07% of their portfolio | 7.6m $301.0m | Reduced -386.9k |
| Capital International Investors 0.06% of their portfolio | 7.4m $292.4m | Reduced -1.7m |
| OMERS ADMINISTRATION Corp 1.67% of their portfolio | 7.1m $279.0m | Added +7.0m |
| Beutel, Goodman & Co Ltd. 2.01% of their portfolio | 6.9m $272.7m | Added +2.9m |
| Swiss National Bank 0.14% of their portfolio | 6.7m $266.0m | Reduced -270.0k |
| MUFG SECURITIES (CANADA), LTD. 6.76% of their portfolio | 6.4m $250.9m | Added +3.3m |
| Legal & General Group Plc 0.05% of their portfolio | 6.0m $239.0m | Reduced -1.3m |
| WCM INVESTMENT MANAGEMENT, LLC 0.42% of their portfolio | 5.9m $230.1m | Added +730.3k |
| AQR CAPITAL MANAGEMENT LLC 0.08% of their portfolio | 5.6m $221.9m | Added +904.7k |
| Fiera Capital Corp 0.72% of their portfolio | 5.0m $199.3m | Added +607.8k |
| TWO SIGMA INVESTMENTS, LP 0.15% of their portfolio | 4.9m $193.2m | Added +4.7m |
| Jupiter Topco LLC 0.08% of their portfolio | 4.7m $185.8m | First filing |
| Connor, Clark & Lunn Investment Management Ltd. 0.34% of their portfolio | 4.6m $180.5m | Reduced -2.2m |
| VANGUARD ASSET MANAGEMENT, Ltd 0.12% of their portfolio | 4.4m $175.1m | Added +575.8k |
| AGF MANAGEMENT LTD 0.72% of their portfolio | 4.4m $184.3m | Reduced -59.5k |
| PICTON MAHONEY ASSET MANAGEMENT 1.55% of their portfolio | 4.3m $168.6m | Reduced -1.1m |
| BANK OF AMERICA CORP /DE/ 0.01% of their portfolio | 4.1m $161.5m | Reduced -1.5m |
| GUARDIAN CAPITAL LP 3.76% of their portfolio | 3.9m $154.6m | Added +455.8k |
| FIL Ltd 0.11% of their portfolio | 3.8m $150.3m | Reduced -8.0m |
| DEUTSCHE BANK AG\ 0.04% of their portfolio | 3.7m $145.5m | Reduced -186.0k |
| WILLIAM BLAIR INVESTMENT MANAGEMENT, LLC 0.43% of their portfolio | 3.6m $143.7m | New |
| Invesco Ltd. 0.01% of their portfolio | 3.5m $137.4m | Reduced -978.5k |
| UBS Group AG 0.02% of their portfolio | 3.4m $134.2m | Added +898 |
| NORTHERN TRUST CORP 0.01% of their portfolio | 3.1m $123.1m | Reduced -192.7k |
| CITADEL ADVISORS LLC 0.07% of their portfolio | 3.1m $122.4m | Added +2.5m |
| Goehring & Rozencwajg Associates, LLC 6.92% of their portfolio | 3.0m $120.3m | Added +215.4k |
| Bank of New York Mellon Corp 0.02% of their portfolio | 3.0m $117.2m | Added +852.4k |
| RENAISSANCE TECHNOLOGIES LLC 0.16% of their portfolio | 2.9m $113.0m | New |
| Federation des caisses Desjardins du Quebec 0.34% of their portfolio | 2.8m $112.1m | Reduced -29.0k |
| Alberta Investment Management Corp 0.62% of their portfolio | 2.7m $106.8m | Reduced -6.2m |
| BlackRock, Inc. 0.00% of their portfolio | 2.6m $104.6m | Added +296.2k |
| Aviso Financial Inc. 3.54% of their portfolio | 2.6m $101.9m | Reduced -101.7k |
| Clearbridge Investments, LLC 0.08% of their portfolio | 2.4m $96.6m | Added +142.2k |
| Canoe Financial LP 1.19% of their portfolio | 2.4m $96.4m | Reduced -996.2k |
| VAN ECK ASSOCIATES CORP 0.06% of their portfolio | 2.4m $94.5m | Added +1.5m |
| Purpose Unlimited Inc. 3.45% of their portfolio | 2.3m $90.3m | Reduced -56.1k |
| Nuveen, LLC 0.02% of their portfolio | 2.3m $90.0m | Added +62.1k |
| INGALLS & SNYDER LLC 2.42% of their portfolio | 2.2m $88.5m | Reduced -96.7k |
| Public Sector Pension Investment Board 0.23% of their portfolio | 2.2m $86.9m | Added +2.0m |
| Russell Investments Group, Ltd. 0.07% of their portfolio | 2.1m $82.8m | Added +668.0k |
| AMERICAN CENTURY COMPANIES INC 0.03% of their portfolio | 2.0m $78.6m | Added +483.0k |
| MASSACHUSETTS FINANCIAL SERVICES CO /MA/ 0.04% of their portfolio | 2.0m $111.3m | Reduced -396.8k |
| MILLENNIUM MANAGEMENT LLC 0.05% of their portfolio | 2.0m $77.9m | Added +1.6m |
| Hillsdale Investment Management Inc. 1.75% of their portfolio | 1.9m $76.6m | Added +1.2m |
| Dixon Mitchell Investment Counsel Inc. 2.41% of their portfolio | 1.9m $74.2m | Added +151.6k |
| Addenda Capital Inc. 2.81% of their portfolio | 1.8m $103.5m | Added +11.5k |
| State of Tennessee, Department of Treasury 0.21% of their portfolio | 1.8m $71.8m | Reduced -30.5k |
| BCV Asset Management Inc. 2.02% of their portfolio | 1.7m $66.7m | Added +4.0k |
| Fisher Asset Management, LLC 0.02% of their portfolio | 1.7m $65.8m | Reduced -43.4m |
| NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 0.03% of their portfolio | 1.5m $60.6m | Added +622.7k |
| ENVESTNET ASSET MANAGEMENT INC 0.01% of their portfolio | 1.5m $58.6m | Reduced -111.8k |
| MILLER HOWARD INVESTMENTS INC /NY 1.50% of their portfolio | 1.4m $56.6m | Reduced -6.3k |
| DekaBank Deutsche Girozentrale 0.12% of their portfolio | 1.4m $70.3m | Unchanged |
| Marathon Asset Management Ltd 2.29% of their portfolio | 1.4m $56.3m | Reduced -204.0k |
| RAYMOND JAMES FINANCIAL INC 0.01% of their portfolio | 1.4m $54.4m | Reduced -152.5k |
| WELLS FARGO & COMPANY/MN 0.01% of their portfolio | 1.4m $54.0m | Reduced -68.4k |
| NewEdge Wealth, LLC 0.49% of their portfolio | 1.2m $48.2m | Added +86.3k |
| Delaney Capital Management Ltd. 7.18% of their portfolio | 1.1m $45.4m | Reduced -2.6k |
| BARCLAYS PLC 0.01% of their portfolio | 1.1m $45.3m | Added +348.2k |
| PRINCIPAL FINANCIAL GROUP INC 0.02% of their portfolio | 1.1m $45.4m | Reduced -269.1k |
| Qube Research & Technologies Ltd 0.05% of their portfolio | 1.1m $45.0m | Added +836.3k |
| FIRST MANHATTAN CO. LLC. 0.11% of their portfolio | 1.1m $44.9m | Reduced -34.4k |
| SUSQUEHANNA FUNDAMENTAL INVESTMENTS, LLC 0.83% of their portfolio | 1.1m $44.1m | Added +648.0k |
| Korea Investment CORP 0.08% of their portfolio | 1.0m $39.8m | Reduced -297.0k |