Canadian Natural Resources slips as lower crude prices weigh on energy shares

Canadian Natural Resources (CNQ) is down 3.1% today. Here is some analysis on what might have caused this price movement.

Analysis: The move appears to be driven mainly by a broad pullback in oil prices rather than a fresh company-specific setback. Crude prices fell sharply on September 21 as supply worries eased and traders focused on possible diplomatic progress around Iran, which pressured energy names across Canadian markets. ([marketscreener.com](https://www.marketscreener.com/news/tsx-muted-as-oil-slide-weighs-on-energy-shares-macklem-speech-eyed-ce785adbdf8bf120?utm_source=openai))

Details:

Canada’s main stock index was described as subdued on September 21 because a drop of more than 3% in oil prices weighed on the energy group, which would directly affect large producers such as CNQ. ([marketscreener.com](https://www.marketscreener.com/news/tsx-muted-as-oil-slide-weighs-on-energy-shares-macklem-speech-eyed-ce785adbdf8bf120?utm_source=openai))

Brent and WTI both moved to their lowest levels in about 11 days as the market reacted to hopes for U.S.-Iran diplomacy at the UN meeting and signs of recovering Saudi crude flows. ([uk.marketscreener.com](https://uk.marketscreener.com/news/oil-hits-over-1-week-low-on-hopes-of-boost-to-diplomacy-in-iran-war-ce785adad08df727?utm_source=openai))

Canadian Natural does not appear to have issued a new negative corporate announcement today; its investor relations page still highlights the August quarterly results and dividend updates as the latest major items. ([cnrl.com](https://www.cnrl.com/investors/news-releases/))

The company’s most recent quarterly release had pointed to record production, raised 2026 guidance, and strong cash generation, which suggests today’s decline could be because investors were reacting to commodity prices more than to operating fundamentals. ([sec.gov](https://www.sec.gov/Archives/edgar/data/1017413/000101741326000043/a06302026q2pressrelease.htm))

Sources:

Canadian Natural Resources, SEC, MarketScreener

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

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$CNQ Hedge Fund Activity

We have seen 385 institutional investors add shares of $CNQ stock to their portfolio, and 379 decrease their positions in their most recent quarter.

Here are some of the largest recent moves:

CAPITAL RESEARCH GLOBAL INVESTORS removed 48,364,929 shares (-29.4%) from their portfolio in Q2 2026, for an estimated $1,910,414,695
FISHER ASSET MANAGEMENT, LLC removed 43,359,229 shares (-96.3%) from their portfolio in Q2 2026, for an estimated $1,712,689,545
GOLDMAN SACHS GROUP INC added 24,652,519 shares (+94.2%) to their portfolio in Q2 2026, for an estimated $973,774,500
FMR LLC removed 20,960,566 shares (-24.6%) from their portfolio in Q2 2026, for an estimated $827,942,357
CAPITAL WORLD INVESTORS added 20,281,072 shares (+10.3%) to their portfolio in Q2 2026, for an estimated $801,102,344
TORONTO DOMINION BANK removed 19,505,681 shares (-58.8%) from their portfolio in Q2 2026, for an estimated $770,474,399
GQG PARTNERS LLC removed 17,280,611 shares (-98.4%) from their portfolio in Q2 2026, for an estimated $682,584,134

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 2 analysts offer price targets for $CNQ in the last 6 months, with a median target of $66.5.

Here are some recent targets:

Kevin Fisk from Scotiabank set a target price of $72.0 on 06/26/2026
Sam Margolin from Wells Fargo set a target price of $61.0 on 04/09/2026

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.