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 ($219.7m 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 ≈ $38.53. Options: 12 managers hold calls ($158.9m notional), 10 hold puts ($332.9m).
Trends to Q4 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 |
| Q4 2025 | 394 |
Buyers vs sellers
Managers adding to or starting a position, vs cutting or selling out
Numbers
| Quarter | Bought or added | Cut or sold out |
|---|---|---|
| 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 |
| Q4 2025 | 171 | 169 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q1 2025 | $146.0m | $266.1m | 1.82 |
| Q2 2025 | $134.4m | $330.0m | 2.46 |
| Q3 2025 | $146.7m | $339.5m | 2.31 |
| Q4 2025 | $158.9m | $332.9m | 2.09 |
Biggest buyers
| 1832 Asset Management L.P. | Added | +10.1m |
| FMR LLC | Added | +2.3m |
| BANK OF MONTREAL /CAN/ | Added | +2.0m |
| NATIONAL BANK OF CANADA /FI/ | Added | +1.9m |
| MORGAN STANLEY | Added | +1.5m |
| CIBC WORLD MARKET INC. | Added | +1.4m |
| CIBC Asset Management Inc | Added | +1.3m |
| UniSuper Management Pty Ltd | Added | +623.8k |
| BANK OF NOVA SCOTIA | Added | +603.4k |
| Hillsdale Investment Management Inc. | Added | +598.0k |
Biggest sellers
| ROYAL BANK OF CANADA | Reduced | -13.5m |
| DEUTSCHE BANK AG\ | Reduced | -4.2m |
| JPMORGAN CHASE & CO | Reduced | -3.8m |
| HSBC HOLDINGS PLC | Sold out | -2.4m |
| GOLDMAN SACHS GROUP INC | Reduced | -2.3m |
| Connor, Clark & Lunn Investment Management Ltd. | Reduced | -1.5m |
| TD Asset Management Inc | Reduced | -1.3m |
| BANK OF AMERICA CORP /DE/ | Reduced | -1.2m |
| MACKENZIE FINANCIAL CORP | Reduced | -885.8k |
| D. E. Shaw & Co., Inc. | Reduced | -780.7k |
Biggest calls
| NATIONAL BANK OF CANADA /FI/ | Added | $35.4m9.3k shares |
| ROYAL BANK OF CANADA | Added | $31.9m838.4k shares |
| Periscope Capital Inc. | New | $30.2m792.6k shares |
| TORONTO DOMINION BANK | Reduced | $20.0m524.3k shares |
| D. E. Shaw & Co., Inc. | Unchanged | $18.9m495.7k shares |
| SIG North Trading, ULC | Reduced | $11.7m307.0k shares |
| CITADEL ADVISORS LLC | Added | $5.6m146.3k shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | $3.0m79.7k shares |
| SIMPLEX TRADING, LLC | Added | $1.0m26.5k shares |
| GROUP ONE TRADING LLC | Reduced | $609.0k16.0k shares |
Biggest puts
| TORONTO DOMINION BANK | Added | $121.2m3.2m shares |
| ROYAL BANK OF CANADA | Added | $95.9m2.5m shares |
| SIG North Trading, ULC | Reduced | $78.4m2.1m shares |
| D. E. Shaw & Co., Inc. | Added | $13.0m339.9k shares |
| MILLENNIUM MANAGEMENT LLC | Unchanged | $12.1m232.0k shares |
| NATIONAL BANK OF CANADA /FI/ | Added | $9.9m2.6k shares |
| CIBC WORLD MARKET INC. | New | $1.9m50.0k shares |
| CITADEL ADVISORS LLC | Added | $388.2k10.2k shares |
| SIMPLEX TRADING, LLC | New | $53.3k1.4k shares |
| GROUP ONE TRADING LLC | Reduced | $7.6k200 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 Q4 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 Q4 2025.
Holders, Q4 2025
| Manager | Shares | Change |
|---|---|---|
| ROYAL BANK OF CANADA 0.28% of their portfolio | 42.3m $1.6bn | Reduced -13.5m |
| VANGUARD GROUP INC 0.02% of their portfolio | 27.2m $1.0bn | Added +541.6k |
| BANK OF MONTREAL /CAN/ 0.40% of their portfolio | 25.6m $975.6m | Added +2.0m |
| FIL Ltd 0.40% of their portfolio | 14.0m $532.5m | Added +359.1k |
| 1832 Asset Management L.P. 0.57% of their portfolio | 11.8m $447.9m | Added +10.1m |
| MACKENZIE FINANCIAL CORP 0.49% of their portfolio | 10.9m $416.0m | Reduced -885.8k |
| CIBC WORLD MARKET INC. 0.74% of their portfolio | 10.9m $415.1m | Added +1.4m |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.31% of their portfolio | 9.8m $375.2m | Added +94.7k |
| CIBC Asset Management Inc 0.79% of their portfolio | 8.6m $329.2m | Added +1.3m |
| SCOTIA CAPITAL INC. 1.05% of their portfolio | 6.9m $261.7m | Added +453.5k |
| TD Asset Management Inc 0.19% of their portfolio | 6.3m $239.9m | Reduced -1.3m |
| BANK OF AMERICA CORP /DE/ 0.02% of their portfolio | 6.2m $236.0m | Reduced -1.2m |
| CANADA PENSION PLAN INVESTMENT BOARD 0.15% of their portfolio | 6.0m $227.8m | Reduced -456.7k |
| GEODE CAPITAL MANAGEMENT, LLC 0.01% of their portfolio | 5.8m $224.8m | Added +385.2k |
| NORGES BANK 0.02% of their portfolio | 5.6m $213.7m | Not comparable |
| NATIONAL BANK OF CANADA /FI/ 0.20% of their portfolio | 5.2m $196.1m | Added +1.9m |
| MORGAN STANLEY 0.01% of their portfolio | 4.7m $179.8m | Added +1.5m |
| Legal & General Group Plc 0.04% of their portfolio | 4.5m $170.2m | Added +83.3k |
| BANK OF NOVA SCOTIA 0.23% of their portfolio | 4.1m $154.8m | Added +603.4k |
| GOLDMAN SACHS GROUP INC 0.02% of their portfolio | 4.0m $152.6m | Reduced -2.3m |
| TORTOISE CAPITAL ADVISORS, L.L.C. 1.87% of their portfolio | 3.9m $146.8m | Reduced -127.1k |
| TORONTO DOMINION BANK 0.23% of their portfolio | 3.4m $128.4m | Reduced -724.6k |
| Cardinal Capital Management, Inc. 3.84% of their portfolio | 3.3m $171.2m | Added +298.4k |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. 0.17% of their portfolio | 3.1m $116.3m | Reduced -66.8k |
| Amundi 0.03% of their portfolio | 2.9m $111.7m | Added +381.7k |
| DEUTSCHE BANK AG\ 0.04% of their portfolio | 2.9m $111.2m | Reduced -4.2m |
| JPMORGAN CHASE & CO 0.01% of their portfolio | 2.9m $111.1m | Reduced -3.8m |
| DIMENSIONAL FUND ADVISORS LP 0.02% of their portfolio | 2.9m $109.8m | Added +556.8k |
| JANUS HENDERSON GROUP PLC 0.04% of their portfolio | 2.6m $100.4m | Unchanged |
| Invesco Ltd. 0.01% of their portfolio | 2.4m $90.5m | Reduced -253.5k |
| FMR LLC 0.00% of their portfolio | 2.4m $90.0m | Added +2.3m |
| AGF MANAGEMENT LTD 0.37% of their portfolio | 2.3m $86.2m | Added +321.2k |
| DekaBank Deutsche Girozentrale 0.15% of their portfolio | 2.2m $86.3m | Unchanged |
| INTACT INVESTMENT MANAGEMENT INC. 2.38% of their portfolio | 2.2m $82.7m | Added +101.4k |
| KAYNE ANDERSON CAPITAL ADVISORS LP 1.53% of their portfolio | 1.8m $67.2m | Reduced -2.1k |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.01% of their portfolio | 1.8m $67.0m | Added +67.3k |
| Nuveen, LLC 0.02% of their portfolio | 1.7m $65.5m | Added +121.2k |
| TD Waterhouse Canada Inc. 0.40% of their portfolio | 1.7m $64.8m | Added +40.9k |
| Clearbridge Investments, LLC 0.05% of their portfolio | 1.6m $62.2m | Reduced -49.0k |
| BCV Asset Management Inc. 2.41% of their portfolio | 1.6m $95.3m | First filing |
| WESTWOOD HOLDINGS GROUP INC 0.48% of their portfolio | 1.6m $59.6m | Added +57.7k |
| Swiss National Bank 0.03% of their portfolio | 1.5m $58.8m | Reduced -131.5k |
| Federation des caisses Desjardins du Quebec 0.22% of their portfolio | 1.5m $57.7m | Reduced -156.4k |
| UniSuper Management Pty Ltd 0.47% of their portfolio | 1.5m $78.4m | Added +623.8k |
| Recurrent Investment Advisors LLC 4.21% of their portfolio | 1.5m $57.0m | Reduced -208.9k |
| CUSHING ASSET MANAGEMENT, LP dba NXG INVESTMENT MANAGEMENT 2.94% of their portfolio | 1.3m $51.3m | Reduced -218.6k |
| NEUBERGER BERMAN GROUP LLC 0.04% of their portfolio | 1.3m $51.3m | Added +233.4k |
| UBS Group AG 0.01% of their portfolio | 1.3m $50.7m | Added +194.1k |
| FRANKLIN RESOURCES INC 0.01% of their portfolio | 1.2m $45.2m | Added +95.6k |
| FIRST TRUST ADVISORS LP 0.03% of their portfolio | 1.2m $44.5m | Added +30.3k |
| NICOLA WEALTH MANAGEMENT LTD. 3.42% of their portfolio | 987.8k $37.6m | Added +216.3k |
| Blackstone Inc. 0.16% of their portfolio | 964.5k $36.7m | Added +9.2k |
| DUFF & PHELPS INVESTMENT MANAGEMENT CO 0.42% of their portfolio | 963.1k $36.7m | Reduced -3.2k |
| Fiera Capital Corp 0.12% of their portfolio | 957.3k $36.5m | Reduced -116.5k |
| Hillsdale Investment Management Inc. 0.97% of their portfolio | 917.1k $35.0m | Added +598.0k |
| MORGUARD LINCLUDEN GLOBAL INVESTMENTS Ltd 3.97% of their portfolio | 894.2k $46.8m | Reduced -33.7k |
| MUFG SECURITIES (CANADA), LTD. 0.94% of their portfolio | 884.7k $33.7m | Reduced -76.6k |
| Connor, Clark & Lunn Investment Management Ltd. 0.08% of their portfolio | 789.1k $30.1m | Reduced -1.5m |
| MASSACHUSETTS FINANCIAL SERVICES CO /MA/ 0.01% of their portfolio | 762.8k $29.0m | Reduced -4.0k |
| BlackRock, Inc. 0.00% of their portfolio | 711.1k $27.1m | Added +34.7k |
| SIG North Trading, ULC 4.70% of their portfolio | 705.4k $26.8m | Added +30.1k |
| CANADA LIFE ASSURANCE Co 0.05% of their portfolio | 687.0k $26.2m | Reduced -27.0k |
| Maryland State Retirement & Pension System 0.52% of their portfolio | 664.8k $25.4m | Reduced -39.4k |
| Addenda Capital Inc. 0.95% of their portfolio | 619.0k $32.4m | Reduced -6.3k |
| Purpose Unlimited Inc. 1.02% of their portfolio | 582.8k $22.2m | First filing |
| MILLER HOWARD INVESTMENTS INC /NY 0.60% of their portfolio | 522.1k $19.9m | Added +12.0k |
| BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp 0.10% of their portfolio | 521.0k $19.8m | Reduced -27.5k |
| Bank of New York Mellon Corp 0.00% of their portfolio | 510.1k $19.4m | Reduced -13.0k |
| Russell Investments Group, Ltd. 0.02% of their portfolio | 500.8k $19.1m | Reduced -6.2k |
| BANK OF NOVA SCOTIA TRUST CO 1.60% of their portfolio | 482.5k $18.4m | Added +62.4k |
| AVIVA PLC 0.03% of their portfolio | 473.7k $18.1m | Added +12.3k |
| NORTHERN TRUST CORP 0.00% of their portfolio | 471.6k $17.9m | Added +4.5k |
| Alberta Investment Management Corp 0.10% of their portfolio | 454.5k $17.3m | Unchanged |
| GUARDIAN CAPITAL LP 0.51% of their portfolio | 446.5k $17.0m | Reduced -4.6k |
| Catalyst Capital Advisors LLC 0.31% of their portfolio | 399.9k $15.2m | Reduced -45.2k |
| Harvest Portfolios Group Inc. 0.26% of their portfolio | 396.9k $15.1m | Added +10.2k |
| Quadrature Capital Ltd 0.15% of their portfolio | 381.3k $14.5m | New |
| Sienna Gestion 0.78% of their portfolio | 339.0k $12.9m | Unchanged |
| Korea Investment CORP 0.02% of their portfolio | 317.8k $12.1m | Added +17.4k |
| State of Tennessee, Department of Treasury 0.04% of their portfolio | 313.5k $13.1m | Reduced -14.0k |
| VAN ECK ASSOCIATES CORP 0.01% of their portfolio | 294.6k $11.2m | Added +18.6k |
| Northwest & Ethical Investments L.P. 0.24% of their portfolio | 275.6k $10.5m | Added +45.0k |
| AQR CAPITAL MANAGEMENT LLC 0.01% of their portfolio | 273.5k $10.4m | Added +250.5k |
| DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main 0.01% of their portfolio | 272.0k $10.4m | Unchanged |
| AMERICAN CENTURY COMPANIES INC 0.01% of their portfolio | 270.1k $10.3m | Added +37.2k |
| Guardian Partners Inc. 0.91% of their portfolio | 269.1k $11.3m | Added +21.7k |
| PJT Investments Corp. 5.83% of their portfolio | 261.3k $9.9m | Added +3.5k |
| Pictet Asset Management Holding SA 0.01% of their portfolio | 250.1k $9.5m | Reduced -17.0k |
| CIBC Private Wealth Group LLC 0.02% of their portfolio | 249.3k $9.5m | Reduced -18.4k |
| CIDEL ASSET MANAGEMENT INC 0.67% of their portfolio | 249.3k $9.5m | Added +2.0k |
| WELLS FARGO & COMPANY/MN 0.00% of their portfolio | 243.7k $9.3m | Added +18.2k |
| FEDERATED HERMES, INC. 0.02% of their portfolio | 243.6k $9.3m | Reduced -10.0k |
| Beutel, Goodman & Co Ltd. 0.06% of their portfolio | 238.7k $9.1m | Reduced -3.1k |
| MONTRUSCO BOLTON INVESTMENTS INC. 0.11% of their portfolio | 229.5k $8.8m | Reduced -49.8k |
| LOUISBOURG INVESTMENTS INC. 1.73% of their portfolio | 227.3k $8.7m | Added +46.6k |
| K.J. Harrison & Partners Inc 1.05% of their portfolio | 207.6k $7.9m | Added +44.5k |
| STATE OF WISCONSIN INVESTMENT BOARD 0.02% of their portfolio | 203.5k $7.8m | New |
| Heronetta Management, L.P. 5.83% of their portfolio | 197.7k $10.1m | Unchanged |
| COMMONWEALTH EQUITY SERVICES, LLC 0.01% of their portfolio | 194.6k $7.4m | Reduced -15.1k |
| Baskin Financial Services Inc. 0.55% of their portfolio | 190.6k $7.3m | Reduced -3.4k |