PEMBINA PIPELINE CORP PBA
COM · Common Stock · CUSIP 706327103 · ISIN CA7063271034
Transportation, midstream and gas service provider
- SectorEnergy
- IndustryOil & Gas Field Exploration Services
- HeadquartersCalgary, Canada
- Founded1954
- Websitepembina.com
- 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 ($208.3m this quarter). Holder counts are more reliable. Shares outstanding: 581.1m as of 2025-12-31, from the company's own SEC filing; the percentage can still exceed 100%: lent-out shares are counted by the lender and the buyer, and some reports overlap without saying so. Implied quarter-end price ≈ $40.53. Options: 15 managers hold calls ($146.7m notional), 11 hold puts ($339.5m).
Trends to Q3 2025
Institutional holders
Managers reporting a position, each quarter
Numbers
| Quarter | Holders |
|---|---|
| Q3 2022 | 364 |
| Q4 2022 | 373 |
| Q1 2023 | 372 |
| Q2 2023 | 370 |
| Q3 2023 | 352 |
| Q4 2023 | 369 |
| Q1 2024 | 393 |
| Q2 2024 | 384 |
| Q3 2024 | 393 |
| Q4 2024 | 397 |
| Q1 2025 | 420 |
| Q2 2025 | 407 |
| Q3 2025 | 401 |
Buyers vs sellers
Managers adding to or starting a position, vs cutting or selling out
Numbers
| Quarter | Bought or added | Cut or sold out |
|---|---|---|
| Q4 2023 | 165 | 158 |
| Q1 2024 | 187 | 155 |
| Q2 2024 | 171 | 159 |
| Q3 2024 | 174 | 167 |
| Q4 2024 | 166 | 168 |
| Q1 2025 | 206 | 162 |
| Q2 2025 | 188 | 183 |
| Q3 2025 | 182 | 167 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q4 2024 | $89.9m | $471.1m | 5.24 |
| Q1 2025 | $146.0m | $266.1m | 1.82 |
| Q2 2025 | $134.4m | $330.0m | 2.46 |
| Q3 2025 | $146.7m | $339.5m | 2.31 |
Biggest buyers
| JARISLOWSKY, FRASER Ltd | Added | +8.4m |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE | Added | +4.6m |
| BANK OF MONTREAL /CAN/ | Added | +4.4m |
| CANADA PENSION PLAN INVESTMENT BOARD | Added | +3.9m |
| JPMORGAN CHASE & CO | Added | +3.4m |
| JANUS HENDERSON GROUP PLC | Added | +2.6m |
| BANK OF AMERICA CORP /DE/ | Added | +1.3m |
| DIMENSIONAL FUND ADVISORS LP | Added | +887.4k |
| SCOTIA CAPITAL INC. | Added | +717.8k |
| VANGUARD GROUP INC | Added | +576.8k |
Biggest sellers
| ROYAL BANK OF CANADA | Reduced | -53.6m |
| GOLDMAN SACHS GROUP INC | Reduced | -7.1m |
| DEUTSCHE BANK AG\ | Reduced | -4.0m |
| FIL Ltd | Reduced | -3.4m |
| NATIONAL BANK OF CANADA /FI/ | Reduced | -2.9m |
| HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND | Reduced | -2.8m |
| BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp | Reduced | -1.9m |
| Connor, Clark & Lunn Investment Management Ltd. | Reduced | -1.8m |
| CIBC WORLD MARKET INC. | Reduced | -1.6m |
| Pictet Asset Management Holding SA | Reduced | -1.4m |
Biggest calls
| ROYAL BANK OF CANADA | Reduced | $30.1m744.6k shares |
| TORONTO DOMINION BANK | Added | $27.6m683.5k shares |
| SIG North Trading, ULC | Added | $26.0m642.4k shares |
| D. E. Shaw & Co., Inc. | Added | $20.0m495.7k shares |
| NATIONAL BANK OF CANADA /FI/ | Reduced | $16.2m4.0k shares |
| BANK OF AMERICA CORP /DE/ | Unchanged | $10.1m250.0k shares |
| MILLENNIUM MANAGEMENT LLC | Unchanged | $5.6m100.0k shares |
| GROUP ONE TRADING LLC | Added | $5.4m132.7k shares |
| CITADEL ADVISORS LLC | Added | $2.6m65.3k shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | $1.6m38.9k shares |
Biggest puts
| TORONTO DOMINION BANK | Added | $108.4m2.7m shares |
| SIG North Trading, ULC | Added | $95.0m2.3m shares |
| ROYAL BANK OF CANADA | Reduced | $93.5m2.3m shares |
| MILLENNIUM MANAGEMENT LLC | Unchanged | $13.1m232.0k shares |
| D. E. Shaw & Co., Inc. | Unchanged | $12.8m316.4k shares |
| BANK OF AMERICA CORP /DE/ | Unchanged | $9.3m230.0k shares |
| NATIONAL BANK OF CANADA /FI/ | Reduced | $6.4m1.6k shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | $509.8k12.6k shares |
| GROUP ONE TRADING LLC | Added | $275.1k6.8k shares |
| CITADEL ADVISORS LLC | New | $230.6k5.7k 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.
Insider purchases and sales in Q3 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 Q3 2025.
Holders, Q3 2025
| Manager | Shares | Change |
|---|---|---|
| ROYAL BANK OF CANADA 0.40% of their portfolio | 55.8m $2.3bn | Reduced -53.6m |
| VANGUARD GROUP INC 0.02% of their portfolio | 26.7m $1.1bn | Added +576.8k |
| BANK OF MONTREAL /CAN/ 0.40% of their portfolio | 23.6m $955.4m | Added +4.4m |
| FIL Ltd 0.43% of their portfolio | 13.6m $550.7m | Reduced -3.4m |
| MACKENZIE FINANCIAL CORP 0.58% of their portfolio | 11.8m $477.0m | Reduced -988.0k |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.32% of their portfolio | 9.7m $393.7m | Added +4.6m |
| CIBC WORLD MARKET INC. 0.79% of their portfolio | 9.5m $382.7m | Reduced -1.6m |
| JARISLOWSKY, FRASER Ltd 1.96% of their portfolio | 8.8m $356.5m | Added +8.4m |
| TD Asset Management Inc 0.25% of their portfolio | 7.6m $306.6m | Added +283.5k |
| BANK OF AMERICA CORP /DE/ 0.02% of their portfolio | 7.4m $297.5m | Added +1.3m |
| CIBC Asset Management Inc 0.86% of their portfolio | 7.3m $296.1m | Reduced -231.5k |
| DEUTSCHE BANK AG\ 0.10% of their portfolio | 7.1m $287.8m | Reduced -4.0m |
| JPMORGAN CHASE & CO 0.01% of their portfolio | 6.7m $272.3m | Added +3.4m |
| CANADA PENSION PLAN INVESTMENT BOARD 0.18% of their portfolio | 6.4m $260.2m | Added +3.9m |
| SCOTIA CAPITAL INC. 1.10% of their portfolio | 6.4m $258.7m | Added +717.8k |
| GOLDMAN SACHS GROUP INC 0.04% of their portfolio | 6.3m $254.5m | Reduced -7.1m |
| GEODE CAPITAL MANAGEMENT, LLC 0.01% of their portfolio | 5.4m $222.1m | Added +549.8k |
| Legal & General Group Plc 0.04% of their portfolio | 4.4m $177.1m | Added +64.2k |
| TORONTO DOMINION BANK 0.32% of their portfolio | 4.1m $165.5m | Added +304.0k |
| TORTOISE CAPITAL ADVISORS, L.L.C. 2.08% of their portfolio | 4.0m $160.9m | Added +108.0k |
| BANK OF NOVA SCOTIA 0.25% of their portfolio | 3.5m $139.9m | Reduced -1.2m |
| NATIONAL BANK OF CANADA /FI/ 0.15% of their portfolio | 3.3m $131.8m | Reduced -2.9m |
| MORGAN STANLEY 0.01% of their portfolio | 3.2m $131.4m | Reduced -960.4k |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. 0.20% of their portfolio | 3.1m $126.4m | Added +18.2k |
| Cardinal Capital Management, Inc. 3.48% of their portfolio | 3.0m $120.4m | Added +39.3k |
| Invesco Ltd. 0.02% of their portfolio | 2.6m $106.4m | Reduced -161.2k |
| JANUS HENDERSON GROUP PLC 0.05% of their portfolio | 2.6m $106.3m | Added +2.6m |
| Amundi 0.03% of their portfolio | 2.6m $105.1m | Reduced -9.1k |
| HSBC HOLDINGS PLC 0.06% of their portfolio | 2.4m $95.4m | Added +225.9k |
| DIMENSIONAL FUND ADVISORS LP 0.02% of their portfolio | 2.3m $94.2m | Added +887.4k |
| Connor, Clark & Lunn Investment Management Ltd. 0.29% of their portfolio | 2.3m $91.0m | Reduced -1.8m |
| DekaBank Deutsche Girozentrale 0.15% of their portfolio | 2.2m $87.1m | Unchanged |
| INTACT INVESTMENT MANAGEMENT INC. 2.53% of their portfolio | 2.1m $83.6m | Reduced -16.2k |
| AGF MANAGEMENT LTD 0.35% of their portfolio | 1.9m $78.5m | Reduced -218.8k |
| KAYNE ANDERSON CAPITAL ADVISORS LP 1.58% of their portfolio | 1.8m $71.5m | Reduced -1.4m |
| 1832 Asset Management L.P. 0.12% of their portfolio | 1.7m $68.8m | Added +442.9k |
| Recurrent Investment Advisors LLC 5.29% of their portfolio | 1.7m $69.0m | Reduced -152.1k |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.01% of their portfolio | 1.7m $68.3m | Added +18.6k |
| Clearbridge Investments, LLC 0.05% of their portfolio | 1.7m $68.1m | Reduced -30.6k |
| Federation des caisses Desjardins du Quebec 0.27% of their portfolio | 1.7m $67.4m | Added +236.5k |
| Swiss National Bank 0.04% of their portfolio | 1.7m $67.6m | Reduced -93.2k |
| TD Waterhouse Canada Inc. 0.43% of their portfolio | 1.7m $66.0m | Added +189.8k |
| Nuveen, LLC 0.02% of their portfolio | 1.6m $64.5m | Reduced -491.5k |
| CUSHING ASSET MANAGEMENT, LP dba NXG INVESTMENT MANAGEMENT 3.60% of their portfolio | 1.6m $63.3m | Reduced -121.4k |
| WESTWOOD HOLDINGS GROUP INC 0.44% of their portfolio | 1.5m $61.0m | Reduced -122.6k |
| FIRST TRUST ADVISORS LP 0.03% of their portfolio | 1.1m $46.0m | Reduced -110.0k |
| UBS Group AG 0.01% of their portfolio | 1.1m $46.0m | Reduced -80.2k |
| NEUBERGER BERMAN GROUP LLC 0.03% of their portfolio | 1.1m $45.0m | Added +22.9k |
| FRANKLIN RESOURCES INC 0.01% of their portfolio | 1.1m $44.1m | Reduced -69.0k |
| Fiera Capital Corp 0.14% of their portfolio | 1.1m $43.4m | Added +120.3k |
| DUFF & PHELPS INVESTMENT MANAGEMENT CO 0.44% of their portfolio | 966.3k $39.1m | Reduced -461.7k |
| MUFG SECURITIES (CANADA), LTD. 1.09% of their portfolio | 961.3k $38.9m | Reduced -23.5k |
| Blackstone Inc. 0.17% of their portfolio | 955.3k $38.7m | Reduced -5.8k |
| MORGUARD LINCLUDEN GLOBAL INVESTMENTS Ltd 4.15% of their portfolio | 927.9k $37.3m | Added +68.0k |
| UniSuper Management Pty Ltd 0.30% of their portfolio | 876.3k $49.3m | Reduced -320.3k |
| D. E. Shaw & Co., Inc. 0.03% of their portfolio | 790.6k $32.0m | Added +115.1k |
| NICOLA WEALTH MANAGEMENT LTD. 2.78% of their portfolio | 771.5k $31.2m | Added +466.1k |
| MASSACHUSETTS FINANCIAL SERVICES CO /MA/ 0.01% of their portfolio | 766.8k $31.0m | Reduced -15.1k |
| CANADA LIFE ASSURANCE Co 0.04% of their portfolio | 714.0k $28.5m | Added +21.0k |
| Maryland State Retirement & Pension System 0.60% of their portfolio | 704.2k $28.5m | Reduced -3.2k |
| BlackRock, Inc. 0.00% of their portfolio | 676.4k $27.4m | Added +16.1k |
| SIG North Trading, ULC 4.21% of their portfolio | 675.4k $27.3m | Added +303.4k |
| Addenda Capital Inc. 1.04% of their portfolio | 625.3k $35.2m | Reduced -2.6k |
| BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp 0.13% of their portfolio | 548.5k $22.2m | Reduced -1.9m |
| Bank of New York Mellon Corp 0.00% of their portfolio | 523.1k $21.2m | Reduced -4.5k |
| MILLER HOWARD INVESTMENTS INC /NY 0.63% of their portfolio | 510.1k $20.6m | Added +1.2k |
| Russell Investments Group, Ltd. 0.02% of their portfolio | 507.0k $20.5m | Reduced -140.5k |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP 0.01% of their portfolio | 503.7k $20.4m | Reduced -638.0k |
| NORTHERN TRUST CORP 0.00% of their portfolio | 467.1k $18.9m | Added +20.1k |
| AVIVA PLC 0.03% of their portfolio | 461.4k $18.6m | Added +26.9k |
| WELLINGTON MANAGEMENT GROUP LLP 0.00% of their portfolio | 460.7k $18.6m | Reduced -300.9k |
| Alberta Investment Management Corp 0.13% of their portfolio | 454.5k $18.4m | Unchanged |
| GUARDIAN CAPITAL LP 0.59% of their portfolio | 451.1k $18.2m | Added +821 |
| Catalyst Capital Advisors LLC 0.36% of their portfolio | 445.1k $18.0m | Unchanged |
| Achmea Investment Management B.V. 0.22% of their portfolio | 429.4k $17.4m | Reduced -64.8k |
| BANK OF NOVA SCOTIA TRUST CO 1.58% of their portfolio | 420.1k $17.0m | Added +36.8k |
| Harvest Portfolios Group Inc. 0.29% of their portfolio | 386.7k $15.6m | Added +58.7k |
| JANE STREET GROUP, LLC 0.02% of their portfolio | 376.9k $15.2m | Added +56.0k |
| Sienna Gestion 0.87% of their portfolio | 339.0k $12.5m | Added +339.0k |
| State of Tennessee, Department of Treasury 0.04% of their portfolio | 327.5k $13.2m | Reduced -8.0k |
| Hillsdale Investment Management Inc. 0.39% of their portfolio | 319.2k $12.9m | Reduced -738.1k |
| ENVESTNET ASSET MANAGEMENT INC 0.00% of their portfolio | 318.5k $12.9m | Reduced -10.4k |
| Varma Mutual Pension Insurance Co 0.08% of their portfolio | 309.8k $12.5m | Added +24.4k |
| Korea Investment CORP 0.02% of their portfolio | 300.4k $12.1m | Added +96.5k |
| MONTRUSCO BOLTON INVESTMENTS INC. 0.13% of their portfolio | 279.3k $11.3m | Reduced -44.1k |
| VAN ECK ASSOCIATES CORP 0.01% of their portfolio | 275.9k $11.2m | Added +5.8k |
| DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main 0.01% of their portfolio | 272.0k $11.0m | Added +531 |
| CIBC Private Wealth Group LLC 0.02% of their portfolio | 267.7k $10.8m | Reduced -6.7k |
| Pictet Asset Management Holding SA 0.01% of their portfolio | 267.1k $10.8m | Reduced -1.4m |
| PJT Investments Corp. 5.88% of their portfolio | 257.8k $10.4m | Added +3.2k |
| FEDERATED HERMES, INC. 0.02% of their portfolio | 253.6k $10.3m | Reduced -1.2k |
| Guardian Partners Inc. 0.84% of their portfolio | 247.5k $9.9m | Added +5.7k |
| CIDEL ASSET MANAGEMENT INC 0.57% of their portfolio | 247.2k $10.0m | Added +747 |
| Beutel, Goodman & Co Ltd. 0.06% of their portfolio | 241.9k $9.8m | Reduced -2.6k |
| RENAISSANCE TECHNOLOGIES LLC 0.01% of their portfolio | 236.2k $9.6m | Added +4.9k |
| AMERICAN CENTURY COMPANIES INC 0.00% of their portfolio | 232.9k $9.4m | Added +45.9k |
| Northwest & Ethical Investments L.P. 0.22% of their portfolio | 230.6k $9.3m | Added +52.9k |
| WELLS FARGO & COMPANY/MN 0.00% of their portfolio | 225.5k $9.1m | Reduced -56.2k |
| CITIGROUP INC 0.01% of their portfolio | 217.0k $8.8m | Added +106.4k |
| TWO SIGMA ADVISERS, LP 0.02% of their portfolio | 216.5k $8.8m | Reduced -44.0k |