Canadian Natural Resources

CNQ • NYSE

Canadian Natural Resources is a oil & gas exploration & production company in the energy sector on NYSE, led by Tim S. McKay, with a market cap of $71.8B. As of Q3 2025, 70% of shares are held by 615 institutional investors, with Capital World Investors as the largest holder at 9.77%.

CEOTim S. McKay

Market Cap$71.8B

Oil & Gas Exploration & Production

Energy

Employees10.3K

Websitecnrl.com

Overview

Overview of institutional ownership in CNQ as of Q3 2025 with a market cap of $66.5B

All Institutions

Institutions: 615
Value Held: $46.8B
Shares Held: 1.46B
Avg Position: $76.1M
Median Position: $1.1M

Hedge Funds

Hedge Funds: 53
Value Held: $719.2M
Shares Held: 22.4M
Avg Position: $13.6M
Median Position: $1.8M

Ownership Breakdown

Institutional (non-HF)

69.28%

$46.1B

Hedge Funds

1.08%

$719.2M

Retail & Other

29.64%

$19.7B

Based on market cap of $66.5B as of Q3 2025. Institutional (non-HF) excludes hedge funds to avoid double counting.

Biggest Investors

Institutions with the largest positions in CNQ as of Q3 2025

Institution	Key People	Position Value	Ownership	Owned Since	Total AUM (Long)
C Capital World Investors Institution	-	$6.5B 0.89% of portfolio	9.77% 203.3M shares	≤ Q2 2013 Held for 12y 5m+	$730.00B
R ROYAL BANK OF CANADA Institution	-	$4.3B 0.79% of portfolio	6.43% 133.7M shares	≤ Q2 2013 Held for 12y 5m+	$542.04B
Capital Research Global Investors RIA/Wealth	Sardar Sheraz Iftikhar CEO	$3.6B 0.67% of portfolio	5.35% 111.3M shares	≤ Q2 2013 Held for 12y 5m+	$532.36B
VANGUARD GROUP INC Institution	Salim Ramji CEO	$3.0B 0.04% of portfolio	4.45% 92.5M shares	Q1 2015 Held for 10y 8m	$6.69T
BANK OF MONTREAL /CAN/ Institution	Darryl White CEO	$2.6B 1.09% of portfolio	3.86% 80.3M shares	≤ Q2 2013 Held for 12y 5m+	$235.55B
FMR LLC Institution	-	$2.5B 0.13% of portfolio	3.70% 76.9M shares	≤ Q2 2013 Held for 12y 5m+	$1.92T
F Fisher Asset Management, LLC Institution	-	$1.3B 0.48% of portfolio	1.99% 41.4M shares	Q1 2024 Held for 1y 8m	$276.29B
T T. Rowe Price Investment Management, Inc. Insurance Manager	John Edward Robison President	$1.3B 0.82% of portfolio	1.99% 41.4M shares	Q2 2023 Held for 2y 5m	$161.58B
C CANADA PENSION PLAN INVESTMENT BOARD Institution	-	$1.3B 0.92% of portfolio	1.98% 41.2M shares	Q1 2013 Held for 12y 8m	$142.43B
T TD ASSET MANAGEMENT INC Institution	-	$1.2B 1.01% of portfolio	1.87% 38.9M shares	≤ Q2 2013 Held for 12y 5m+	$123.47B

Net Capital Flow

Institutional buying and selling activity for CNQ in Q3 2025

Net Flow: −$35.4B
Buyers: 243
Sellers: 261
Total Bought: +$2.6B
Total Sold: −$38.0B
Avg Position: $76.3M

Biggest Buyers

Institution	Net Bought	Current Position
H HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND Institution	+$620.8M +19.4M shares	$1.1B 34.3M shares
TORONTO DOMINION BANK Institution	+$559.3M +17.5M shares	$1.0B 31.6M shares
R ROYAL BANK OF CANADA Institution	+$397.7M +12.4M shares	$4.3B 133.7M shares
FMR LLC Institution	+$112.0M +3.5M shares	$2.5B 76.9M shares
C CANADA PENSION PLAN INVESTMENT BOARD Institution	+$107.6M +3.4M shares	$1.3B 41.2M shares
M MANUFACTURERES LIFE INSURANCE CO Institution	+$95.0M +3.0M shares	$970.0M 30.3M shares
GEODE CAPITAL MANAGEMENT LLC ETF Provider	+$65.9M +2.0M shares	$624.3M 19.2M shares
VANGUARD GROUP INC Institution	+$55.8M +1.7M shares	$3.0B 92.5M shares
BANK OF AMERICA CORP /DE/ Institution	+$43.8M +1.4M shares	$293.2M 9.2M shares
S SCOTIA CAPITAL INC. Institution	+$39.7M +1.2M shares	$267.7M 8.4M shares

Biggest Sellers

Institution	Net Sold	Current Position
Peterson Wealth Services RIA/Wealth	−$34.7B −185.8K shares	$6.0M 32.0 shares
BANK OF MONTREAL /CAN/ Institution	−$396.7M −12.4M shares	$2.6B 80.3M shares
GOLDMAN SACHS GROUP INC Institution	−$335.5M −10.5M shares	$616.4M 19.3M shares
T T. Rowe Price Investment Management, Inc. Insurance Manager	−$242.1M −7.6M shares	$1.3B 41.4M shares
C CIBC World Markets Inc. Institution	−$237.8M −7.4M shares	$729.2M 22.8M shares
N NATIONAL BANK OF CANADA /FI/ Institution	−$229.6M −7.2M shares	$408.2M 12.8M shares
F FIL Ltd Institution	−$213.1M −6.7M shares	$475.9M 14.9M shares
F Fisher Asset Management, LLC Institution	−$208.9M −6.5M shares	$1.3B 41.4M shares
C Capital World Investors Institution	−$179.1M −5.6M shares	$6.5B 203.3M shares
UBS Group AG Institution	−$89.8M −2.8M shares	$83.8M 2.6M shares

Entry and Exit Activity

Institutions that initiated new positions or completely exited CNQ in Q3 2025

New Positions: 34
New Value: $83.1M
Exited Positions: 63
Exited Value: $246.2M

New Positions

Institution	Position Value
N Nearwater Capital Markets, Ltd Institution	$65.5M 2.0M shares
S Strategic Wealth Partners, Ltd. RIA/Wealth	$4.5M 140.6K shares
Voleon Capital Management LP Hedge Fund•Quant	$2.4M 73.6K shares
JOHNSON INVESTMENT COUNSEL INC RIA/Wealth	$1.6M 49.9K shares
1 111 Capital Institution	$1.3M 39.2K shares
L Leo Wealth, LLC Institution	$1.2M 37.5K shares
Arcus Capital Partners, LLC RIA/Wealth	$834.4K 26.1K shares
Clear Harbor Asset Management, LLC RIA/Wealth	$772.8K 24.2K shares
C CANTOR FITZGERALD, L. P. Institution	$703.1K 22.0K shares
T Timelo Investment Management Inc. Institution	$639.2K 20.0K shares

Exited Positions

Institution	Previous Position
A Alyeska Investment Group, L.P. Hedge Fund•Multi-Strategy	$79.1M 2.5M shares
UBS GLOBAL ASSET MANAGEMENT AMERICAS INC Long Only Manager	$36.3M 1.2M shares
Holocene Advisors, LP Hedge Fund•Long/Short	$29.8M 948.2K shares
Point72 Europe LLP Digital Asset Manager	$24.0M 762.4K shares
Point72 Asset Management, L.P. Hedge Fund•Multi-Strategy	$17.8M 566.1K shares
ExodusPoint Capital Management, LP Hedge Fund•Multi-Strategy	$7.7M 245.9K shares
S SG Americas Securities, LLC Institution	$6.8M 215.7K shares
Capital Wealth Planning, LLC RIA/Wealth	$5.8M 184.7K shares
BAROMETER CAPITAL MANAGEMENT INC. Long Only Manager	$4.7M 150.0K shares
Trexquant Investment LP Hedge Fund•Quant	$4.5M 142.1K shares

Options Activity

Institutions with the largest Call and Put options positions in CNQ as of Q3 2025

Call Positions: 27
Call Value: $542.9M
Put Positions: 24
Put Value: $742.1M

Call Positions

Institution	Position Value
R ROYAL BANK OF CANADA Institution	$134.2M 42.0K contracts
S SIG North Trading, ULC Institution	$52.1M 16.3K contracts
J JANE STREET GROUP, LLC Institution	$45.4M 14.2K contracts
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$43.7M 13.7K contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$42.4M 13.3K contracts
MILLENNIUM MANAGEMENT LLC Hedge Fund•Multi-Strategy	$36.7M 8.3K contracts
Walleye Trading LLC RIA/Wealth	$27.4M 8.6K contracts
D D. E. Shaw & Co., Inc. Institution	$25.6M 8.0K contracts
BARCLAYS PLC Institution	$24.0M 7.5K contracts
TORONTO DOMINION BANK Institution	$21.7M 6.8K contracts

Put Positions

Institution	Position Value
R ROYAL BANK OF CANADA Institution	$315.3M 98.7K contracts
S SIG North Trading, ULC Institution	$140.9M 44.1K contracts
TORONTO DOMINION BANK Institution	$61.1M 19.1K contracts
J JANE STREET GROUP, LLC Institution	$38.2M 12.0K contracts
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$35.8M 11.2K contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$27.4M 8.6K contracts
BARCLAYS PLC Institution	$24.0M 7.5K contracts
MILLENNIUM MANAGEMENT LLC Hedge Fund•Multi-Strategy	$18.9M 4.3K contracts
D D. E. Shaw & Co., Inc. Institution	$17.7M 5.5K contracts
Walleye Trading LLC RIA/Wealth	$11.9M 3.7K contracts

Most Committed Institutions

Institutions with CNQ as the highest % of their portfolio as of Q3 2025

Institution	Key People	Portfolio Weight	Ownership	Owned Since	Total AUM (Long)
YACKTMAN ASSET MANAGEMENT LP Long Only Manager	Molly Mcfarland Pieroni President	9.21% $668.2M	1.00% 20.9M shares	Q1 2021 Held for 4y 8m	$7.3B
G Galibier Capital Management Ltd. Institution	-	6.75% $20.3M	0.03% 633.5K shares	Q3 2022 Held for 3y 2m	$300.1M
S SIG North Trading, ULC Institution	-	6.56% $42.6M	0.06% 1.3M shares	Q1 2024 Held for 1y 8m	$648.8M
Mudita Advisors LLP Hedge Fund•Multi-Strategy	Thomas Luke Rimington Hardy Founder	5.89% $20.4M	0.03% 637.0K shares	Q4 2021 Held for 3y 11m	$345.8M
E EPACRIA CAPITAL PARTNERS, LLC Institution	-	5.85% $7.2M	0.01% 225.5K shares	Q4 2022 Held for 2y 11m	$123.2M
L LONGFELLOW INVESTMENT MANAGEMENT CO LLC Long Only Manager	Richard Mark Fell President	5.09% $21.5M	0.03% 671.7K shares	Q2 2025 Held for 5 months	$421.7M
H Heronetta Management, L.P. Hedge Fund•Sector	Henry Reynolds Breck Managing Partner	4.61% $8.6M	0.01% 193.6K shares	Q3 2014 Held for 11y 2m	$187.0M
H Heathbridge Capital Management Ltd. Institution	-	4.20% $10.9M	0.02% 342.3K shares	Q3 2022 Held for 3y 2m	$260.5M
Goehring & Rozencwajg Associates, LLC Long Only Manager	Leigh Richard Goehring Managing Partner	3.87% $32.2M	0.05% 1.0M shares	Q4 2024 Held for 11 months	$830.9M
M Meixler Investment Management, Ltd. RIA/Wealth	Michael Charles Meixler CCO	3.75% $6.1M	0.01% 191.5K shares	Q4 2021 Held for 3y 11m	$163.0M

Hedge Fund Spotlight

Discover hedge funds investing in CNQ

TWO SIGMA INVESTMENTS LLC

Hedge Fund • Multi-Strategy

Portfolio ManagerCarter Mayberry Lyons

Portfolio Value: $62.0B
Positions: 3,252
Last Reported: Q3 2025

Sector Allocation

Position in Canadian Natural Resources

Market Value: $107.2M
Shares Held: 3.4M
Portfolio Weight: 0.17%
Owned Since: 2023-Q3

Top Holding	Sector	Market Value	Weight
1 SPDR S&P 500 ETF Trust SPY	ETF ETF	$680.4M	1.10%
2 Financial Select Sector SPDR Fund XLF	ETF ETF	$582.6M	0.94%
3 Consumer Staples Select Sector SPDR Fund XLP	ETF ETF	$489.6M	0.79%