Canadian Natural Resources slides as crude weakens and shares trade ex-dividend

Canadian Natural Resources Limited (CNQ) is down 3.9% today. Here is some analysis on what might have caused this price movement.

Analysis: The most likely driver is a broad selloff in oil-linked equities as crude prices fell sharply on June 24, with the market reacting to improved tanker movement through the Strait of Hormuz and easing supply fears. The move may also have been amplified by dividend-related trading, as CNQ’s shares recently traded ex-dividend, which can mechanically pressure the stock around the payout cutoff.

Details:

Oil prices extended a multiday decline and hovered near recent lows, reducing near-term sentiment for producers whose cash flow is closely tied to crude benchmarks.

Broader market coverage on June 24 highlighted weaker oil and commodity prices as a headwind for Canadian energy shares at the open.

Canadian Natural Resources lists June 23, 2026 as the record date for its quarterly dividend of $0.625, and market data services show the stock trading ex-dividend around this window.

The company’s most recent quarterly report showed strong operations and shareholder returns, so today’s drop appears more connected to macro commodity pricing than to a new company-specific deterioration.

Sources:

Canadian Natural Resources, AP News, The Motley Fool Canada, Investing.com

Disclaimer: This price movement analysis was generated with the help of AI. Please double-check the information provided for mistakes.

$CNQ Hedge Fund Activity

We have seen 399 institutional investors add shares of $CNQ stock to their portfolio, and 324 decrease their positions in their most recent quarter.

Here are some of the largest recent moves:

ARROWSTREET CAPITAL, LIMITED PARTNERSHIP added 28,956,345 shares (+inf%) to their portfolio in Q1 2026, for an estimated $1,411,042,691
GOLDMAN SACHS GROUP INC added 22,332,005 shares (+583.6%) to their portfolio in Q1 2026, for an estimated $1,088,238,603
CAPITAL RESEARCH GLOBAL INVESTORS added 18,101,323 shares (+12.4%) to their portfolio in Q1 2026, for an estimated $882,077,469
T. ROWE PRICE INVESTMENT MANAGEMENT, INC. removed 17,000,625 shares (-41.1%) from their portfolio in Q4 2025, for an estimated $575,471,156
PRICE T ROWE ASSOCIATES INC /MD/ added 16,256,620 shares (+240.8%) to their portfolio in Q1 2026, for an estimated $792,185,092
TORONTO DOMINION BANK added 14,643,823 shares (+79.1%) to their portfolio in Q1 2026, for an estimated $713,593,494
ROYAL BANK OF CANADA added 12,030,750 shares (+10.7%) to their portfolio in Q1 2026, for an estimated $586,258,447

To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard. You can access data on hedge funds moves and 13F filings through the Quiver Quantitative API 13F endpoint.

$CNQ Price Targets

Multiple analysts have issued price targets for $CNQ recently. We have seen 5 analysts offer price targets for $CNQ in the last 6 months, with a median target of $64.0.

Here are some recent targets:

Kevin Fisk from Scotiabank set a target price of $74.0 on 05/20/2026
Sam Margolin from Wells Fargo set a target price of $61.0 on 04/09/2026
Neil Mehta from Goldman Sachs set a target price of $49.0 on 03/12/2026
Menno Hulshof from TD Cowen set a target price of $64.0 on 03/06/2026
Greg Pardy from RBC Capital set a target price of $65.0 on 03/06/2026

This article is not financial advice. See Quiver Quantitative's disclaimers for more information. Note that there may be inaccuracies due to mistakes in ticker-mapping, and other anomalies.