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 ($280.9m 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 ≈ $44.98. Options: 15 managers hold calls ($227.2m notional), 11 hold puts ($207.3m).
Trends to Q1 2026
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 |
| Q1 2026 | 432 |
Buyers vs sellers
Managers adding to or starting a position, vs cutting or selling out
Numbers
| Quarter | Bought or added | Cut or sold out |
|---|---|---|
| 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 |
| Q1 2026 | 204 | 157 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q2 2025 | $134.4m | $330.0m | 2.46 |
| Q3 2025 | $146.7m | $339.5m | 2.31 |
| Q4 2025 | $158.9m | $332.9m | 2.09 |
| Q1 2026 | $227.2m | $207.3m | 0.91 |
Biggest buyers
| Clearbridge Investments, LLC | Added | +6.8m |
| DEUTSCHE BANK AG\ | Added | +2.8m |
| Alberta Investment Management Corp | Added | +1.7m |
| CIBC WORLD MARKET INC. | Added | +1.4m |
| D. E. Shaw & Co., Inc. | Added | +1.3m |
| HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND | New | +1.2m |
| GOLDMAN SACHS GROUP INC | Added | +1.1m |
| TD Waterhouse Canada Inc. | Added | +766.1k |
| NEOS Investment Management LLC | New | +607.9k |
| NATIONAL BANK OF CANADA /FI/ | Added | +597.0k |
Biggest sellers
| FIL Ltd | Reduced | -6.2m |
| CANADA PENSION PLAN INVESTMENT BOARD | Reduced | -4.7m |
| BANK OF MONTREAL /CAN/ | Reduced | -4.5m |
| ROYAL BANK OF CANADA | Reduced | -3.5m |
| BANK OF AMERICA CORP /DE/ | Reduced | -3.3m |
| CIBC Asset Management Inc | Reduced | -3.0m |
| MACKENZIE FINANCIAL CORP | Reduced | -2.6m |
| JANUS HENDERSON GROUP PLC | Reduced | -2.4m |
| AGF MANAGEMENT LTD | Reduced | -2.0m |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE | Reduced | -904.3k |
Biggest calls
| Periscope Capital Inc. | Added | $69.0m1.5m shares |
| ROYAL BANK OF CANADA | Added | $37.7m842.9k shares |
| SIG North Trading, ULC | Added | $27.0m603.5k shares |
| NATIONAL BANK OF CANADA /FI/ | Reduced | $26.7m6.0k shares |
| BANK OF MONTREAL /CAN/ | Added | $16.5m368.5k shares |
| TORONTO DOMINION BANK | Reduced | $15.9m354.1k shares |
| D. E. Shaw & Co., Inc. | Reduced | $12.3m275.0k shares |
| PEAK6 LLC | New | $6.7m150.0k shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | $6.4m143.4k shares |
| JANE STREET GROUP, LLC | Added | $4.3m97.1k shares |
Biggest puts
| TORONTO DOMINION BANK | Reduced | $81.8m1.8m shares |
| ROYAL BANK OF CANADA | Reduced | $58.7m1.3m shares |
| SIG North Trading, ULC | Reduced | $41.3m922.3k shares |
| D. E. Shaw & Co., Inc. | Reduced | $9.0m200.0k shares |
| NATIONAL BANK OF CANADA /FI/ | Reduced | $8.0m1.8k shares |
| BANK OF MONTREAL /CAN/ | New | $6.5m145.6k shares |
| Twin Tree Management, LP | New | $1.5m34.5k shares |
| CITADEL ADVISORS LLC | Reduced | $317.8k7.1k shares |
| JANE STREET GROUP, LLC | New | $219.3k4.9k shares |
| SIMPLEX TRADING, LLC | Reduced | $22.4k500 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 Q1 2026
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 Q1 2026.
Holders, Q1 2026
| Manager | Shares | Change |
|---|---|---|
| ROYAL BANK OF CANADA 0.33% of their portfolio | 38.7m $1.7bn | Reduced -3.5m |
| BANK OF MONTREAL /CAN/ 0.39% of their portfolio | 21.1m $943.7m | Reduced -4.5m |
| VANGUARD CAPITAL MANAGEMENT LLC 0.02% of their portfolio | 16.5m $740.1m | First filing |
| CIBC WORLD MARKET INC. 0.97% of their portfolio | 12.3m $549.6m | Added +1.4m |
| 1832 Asset Management L.P. 0.69% of their portfolio | 11.7m $524.9m | Reduced -40.8k |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.34% of their portfolio | 8.9m $399.1m | Reduced -904.3k |
| Clearbridge Investments, LLC 0.33% of their portfolio | 8.4m $378.0m | Added +6.8m |
| MACKENZIE FINANCIAL CORP 0.44% of their portfolio | 8.3m $370.7m | Reduced -2.6m |
| FIL Ltd 0.27% of their portfolio | 7.8m $348.5m | Reduced -6.2m |
| SCOTIA CAPITAL INC. 1.23% of their portfolio | 6.7m $299.3m | Reduced -132.7k |
| TD Asset Management Inc 0.23% of their portfolio | 6.3m $282.6m | Added +43.0k |
| GEODE CAPITAL MANAGEMENT, LLC 0.02% of their portfolio | 5.9m $267.2m | Added +87.5k |
| NATIONAL BANK OF CANADA /FI/ 0.26% of their portfolio | 5.8m $256.2m | Added +597.0k |
| DEUTSCHE BANK AG\ 0.08% of their portfolio | 5.7m $256.3m | Added +2.8m |
| CIBC Asset Management Inc 0.62% of their portfolio | 5.7m $253.1m | Reduced -3.0m |
| GOLDMAN SACHS GROUP INC 0.03% of their portfolio | 5.2m $230.7m | Added +1.1m |
| VANGUARD FIDUCIARY TRUST CO 0.06% of their portfolio | 5.1m $229.1m | First filing |
| Legal & General Group Plc 0.05% of their portfolio | 4.4m $198.0m | Reduced -23.0k |
| Vanguard Global Advisers, LLC 0.10% of their portfolio | 4.1m $182.7m | First filing |
| TORTOISE CAPITAL ADVISORS, L.L.C. 1.85% of their portfolio | 4.0m $177.8m | Added +130.2k |
| MORGAN STANLEY 0.01% of their portfolio | 3.9m $175.2m | Reduced -808.1k |
| BANK OF NOVA SCOTIA 0.30% of their portfolio | 3.8m $168.6m | Reduced -298.0k |
| Cardinal Capital Management, Inc. 4.27% of their portfolio | 3.6m $158.6m | Added +280.7k |
| JPMORGAN CHASE & CO 0.01% of their portfolio | 3.5m $158.0m | Added +577.4k |
| Amundi 0.04% of their portfolio | 3.4m $151.2m | Added +442.2k |
| DIMENSIONAL FUND ADVISORS LP 0.03% of their portfolio | 3.3m $149.0m | Added +443.3k |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. 0.19% of their portfolio | 3.1m $140.0m | Added +71.2k |
| BANK OF AMERICA CORP /DE/ 0.01% of their portfolio | 2.9m $130.1m | Reduced -3.3m |
| TORONTO DOMINION BANK 0.23% of their portfolio | 2.7m $119.1m | Reduced -709.4k |
| TD Waterhouse Canada Inc. 0.32% of their portfolio | 2.5m $107.4m | Added +766.1k |
| Invesco Ltd. 0.01% of their portfolio | 2.3m $102.0m | Reduced -98.7k |
| DekaBank Deutsche Girozentrale 0.17% of their portfolio | 2.2m $100.4m | Unchanged |
| Alberta Investment Management Corp 0.59% of their portfolio | 2.2m $96.5m | Added +1.7m |
| Swiss National Bank 0.05% of their portfolio | 2.0m $87.4m | Added +416.1k |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.01% of their portfolio | 1.8m $81.5m | Added +70.4k |
| FMR LLC 0.00% of their portfolio | 1.7m $77.2m | Reduced -638.9k |
| INTACT INVESTMENT MANAGEMENT INC. 2.17% of their portfolio | 1.7m $76.1m | Reduced -468.6k |
| KAYNE ANDERSON CAPITAL ADVISORS LP 1.38% of their portfolio | 1.6m $71.9m | Reduced -159.2k |
| BCV Asset Management Inc. 2.44% of their portfolio | 1.6m $71.1m | Reduced -21.2k |
| Nuveen, LLC 0.02% of their portfolio | 1.6m $70.4m | Reduced -140.0k |
| UniSuper Management Pty Ltd 0.64% of their portfolio | 1.6m $97.5m | Added +66.0k |
| Recurrent Investment Advisors LLC 4.04% of their portfolio | 1.5m $67.2m | Added +4.1k |
| WESTWOOD HOLDINGS GROUP INC 0.48% of their portfolio | 1.5m $65.6m | Reduced -99.5k |
| CUSHING ASSET MANAGEMENT, LP dba NXG INVESTMENT MANAGEMENT 3.02% of their portfolio | 1.4m $60.7m | Added +10.0k |
| Federation des caisses Desjardins du Quebec 0.22% of their portfolio | 1.4m $59.8m | Reduced -166.3k |
| FRANKLIN RESOURCES INC 0.01% of their portfolio | 1.3m $58.4m | Added +118.7k |
| NEUBERGER BERMAN GROUP LLC 0.04% of their portfolio | 1.3m $58.5m | Reduced -44.4k |
| D. E. Shaw & Co., Inc. 0.04% of their portfolio | 1.3m $56.8m | Added +1.3m |
| CANADA PENSION PLAN INVESTMENT BOARD 0.04% of their portfolio | 1.3m $56.4m | Reduced -4.7m |
| HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND 0.09% of their portfolio | 1.2m $54.6m | New |
| VANGUARD ASSET MANAGEMENT, Ltd 0.04% of their portfolio | 1.1m $48.7m | First filing |
| MORGUARD LINCLUDEN GLOBAL INVESTMENTS Ltd 4.84% of their portfolio | 999.5k $45.4m | Added +105.4k |
| FIRST TRUST ADVISORS LP 0.03% of their portfolio | 982.9k $44.0m | Reduced -185.4k |
| Blackstone Inc. 0.17% of their portfolio | 952.9k $42.7m | Reduced -11.6k |
| Fiera Capital Corp 0.14% of their portfolio | 930.7k $41.6m | Reduced -26.6k |
| MUFG SECURITIES (CANADA), LTD. 1.11% of their portfolio | 861.9k $38.5m | Reduced -22.8k |
| DUFF & PHELPS INVESTMENT MANAGEMENT CO 0.55% of their portfolio | 859.6k $52.9m | Reduced -103.5k |
| BlackRock, Inc. 0.00% of their portfolio | 800.0k $35.8m | Added +88.9k |
| UBS Group AG 0.01% of their portfolio | 746.2k $33.4m | Reduced -584.8k |
| MASSACHUSETTS FINANCIAL SERVICES CO /MA/ 0.02% of their portfolio | 744.1k $46.3m | Reduced -18.6k |
| Maryland State Retirement & Pension System 0.65% of their portfolio | 712.8k $31.9m | Added +48.0k |
| BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp 0.18% of their portfolio | 689.4k $30.9m | Added +168.4k |
| NICOLA WEALTH MANAGEMENT LTD. 3.57% of their portfolio | 664.5k $29.7m | Reduced -323.3k |
| CANADA LIFE ASSURANCE Co 0.05% of their portfolio | 661.2k $29.4m | Reduced -25.9k |
| NEOS Investment Management LLC 0.14% of their portfolio | 607.9k $27.1m | New |
| Addenda Capital Inc. 1.06% of their portfolio | 605.5k $37.7m | Reduced -13.4k |
| Purpose Unlimited Inc. 1.10% of their portfolio | 592.5k $26.5m | Added +9.7k |
| MILLER HOWARD INVESTMENTS INC /NY 0.69% of their portfolio | 567.7k $25.4m | Added +45.6k |
| Vanguard Investments Australia, Ltd. 0.07% of their portfolio | 564.1k $25.3m | First filing |
| Russell Investments Group, Ltd. 0.03% of their portfolio | 536.8k $24.0m | Added +36.1k |
| BANK OF NOVA SCOTIA TRUST CO 2.04% of their portfolio | 530.8k $23.8m | Added +48.3k |
| CITADEL ADVISORS LLC 0.02% of their portfolio | 503.4k $22.5m | Added +496.2k |
| Bank of New York Mellon Corp 0.00% of their portfolio | 494.8k $22.1m | Reduced -15.4k |
| AVIVA PLC 0.04% of their portfolio | 487.5k $21.8m | Added +13.8k |
| NORTHERN TRUST CORP 0.00% of their portfolio | 473.4k $21.2m | Added +1.8k |
| VANGUARD PORTFOLIO MANAGEMENT LLC 0.00% of their portfolio | 464.6k $20.8m | First filing |
| GUARDIAN CAPITAL LP 0.53% of their portfolio | 445.9k $19.9m | Reduced -632 |
| RENAISSANCE TECHNOLOGIES LLC 0.03% of their portfolio | 445.8k $20.0m | Added +418.2k |
| Harvest Portfolios Group Inc. 0.32% of their portfolio | 437.4k $19.6m | Added +40.5k |
| MILLENNIUM MANAGEMENT LLC 0.01% of their portfolio | 415.1k $18.6m | Added +350.7k |
| Catalyst Capital Advisors LLC 0.31% of their portfolio | 370.1k $16.6m | Reduced -29.8k |
| AMERICAN CENTURY COMPANIES INC 0.01% of their portfolio | 361.7k $16.2m | Added +91.6k |
| VAN ECK ASSOCIATES CORP 0.01% of their portfolio | 358.0k $16.0m | Added +63.5k |
| Man Group plc 0.03% of their portfolio | 352.2k $15.7m | Added +346.5k |
| Hillsdale Investment Management Inc. 0.41% of their portfolio | 335.7k $15.0m | Reduced -581.5k |
| ENVESTNET ASSET MANAGEMENT INC 0.00% of their portfolio | 322.6k $14.4m | Added +183.3k |
| State of Tennessee, Department of Treasury 0.05% of their portfolio | 313.5k $14.0m | Unchanged |
| Connor, Clark & Lunn Investment Management Ltd. 0.03% of their portfolio | 300.0k $13.4m | Reduced -489.0k |
| AGF MANAGEMENT LTD 0.06% of their portfolio | 292.5k $13.2m | Reduced -2.0m |
| Korea Investment CORP 0.03% of their portfolio | 287.3k $12.8m | Reduced -30.4k |
| DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main 0.01% of their portfolio | 285.2k $12.7m | Added +13.2k |
| BARCLAYS PLC 0.00% of their portfolio | 268.3k $12.0m | Added +166.1k |
| Guardian Partners Inc. 1.00% of their portfolio | 266.9k $12.0m | Reduced -2.3k |
| PJT Investments Corp. 4.69% of their portfolio | 264.2k $11.8m | Added +2.9k |
| AQR CAPITAL MANAGEMENT LLC 0.01% of their portfolio | 263.8k $11.8m | Reduced -9.7k |
| WELLS FARGO & COMPANY/MN 0.00% of their portfolio | 260.4k $11.7m | Added +16.6k |
| Pictet Asset Management Holding SA 0.01% of their portfolio | 252.3k $11.3m | Added +2.1k |
| CIDEL ASSET MANAGEMENT INC 0.61% of their portfolio | 251.7k $11.2m | Added +2.4k |
| CIBC Bancorp USA Inc. 0.01% of their portfolio | 248.0k $11.1m | First filing |
| JANUS HENDERSON GROUP PLC 0.01% of their portfolio | 243.9k $10.9m | Reduced -2.4m |