PBA Pembina Pipeline Corp. Ordinary Shares (Canada)
NYSE · Energy · View on SEC EDGAR ↗ close Oct 2, 2026 10-K/10-Q Feb 27, 2026PBA Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
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About Pembina Pipeline Corp. Ordinary Shares (Canada) Company overview from Wikipedia
Pembina Pipeline is a Canadian corporation that operates transportation and storage infrastructure that delivers oil and natural gas to and from parts of Western Canada. Since 2003, this has included ethylene storage at one location. Western Canada is the source of all products transported by Pembina pipeline systems, which include the Syncrude pipeline, Horizon pipeline, and Cheecham oilsands pipelines.
Pembina Pipeline Corporation became an income fund (trust) in 1997, joining the Toronto Stock Exchange with an IPO of $600 million. On October 1, 2010, it converted to a public corporation and changed its official name from Pembina Pipeline Income Fund to Pembina Pipeline Corporation. As of 2023, the company had more than 2,837 employees.
History
The company can be traced back to 1954 when the Pembina pipeline system was built to serve the Pembina oil field in the Drayton Valley region. For the next 37 years, the company's main operations were centred on oil delivery to Edmonton using the Pembina pipeline.
The company made its first acquisition, Peace Pipe Line Ltd., in 1991. Five years later, it bought half of the Bonnie Glen System, a 250 km-long network serving oil fields in central Alberta. Inter Pipeline Fund, the leading transporter of oilsands bitumen, was also established in 1997.
Three years later in 2000, Pembina took over Federated Pipe Lines Ltd. in a $340 million deal from a group headed by Imperial Oil (Pembina needed to use a $420 million credit facility). After the takeover, Pembina's network in Western Canada was 7,000 km long and transported nearly 550,000 b/d of oil and natural gas.
In 2001, Pembina sold a salt cavern in Hardisty to Canadian Crude Separators Inc., and acquired 100 percent of the main Syncrude pipeline by taking over its operator, Alberta Oil Sands Pipeline Ltd. for $225 million. The buyout of Alberta Oil Sands Pipeline was instrumental in Pembina's growth by giving them access to a number of large oil and gas customers, including Imperial Oil, Conoco Oil, Nexen, and Petro-Canada.
On June 24, 2003, Pembina bought 50 percent of an ethylene storage facility in Fort Saskatchewan for $185 million from NOVA Chemicals Corp, the other 50 per cent owned by Dow Chemical Canada.
On June 2, 2009, Pembina acquired the Cutbank Complex from a Talisman Energy subsidiary for $300 million in cash (provided by a credit facility).
In 2012, Pembina purchased Provident Energy, a Canadian company, for $3.1 billion in stock. In 2017, it purchased rival energy infrastructure corporation Veresen, for $9.7 billion. At the time, Veresen was primarily a natural gas transportation company, while Pembina focused on transporting oil and other liquids.
In 2019, Pembina purchased Kinder Morgan Canada Limited, along with a portion of the Cochin pipeline, for $4.35 billion.
In 2024, Pembina purchased the remaining 50% of Alliance Pipeline from Enbridge along with an additional 42.7% of the Aux Sable gas processing facility.
Operations
Operations are segmented into three main areas: (1) infrastructure for transporting conventional oil, (2) infrastructure for transporting oil sands and heavy oil, and (3) services related to storage and logistics (terminals, hubs, and midstreams), as well as marketing.
Conventional oil infrastructure
These operations oversee pipelines in British Columbia and Alberta that transport crude oil and natural gas liquids. There are two main systems: the Alberta System and the BC System.
The Alberta System wholly owns and runs three systems (all in operation since the 1950s), the largest of which is the Peace System (2009), and owns 50% of another, the Glen System (shared with Keyera Energy), and has a 10% interest in the Wabasca Oil Field System. Equal Energy Ltd is one of many minor producers that use the peace pipeline. Equal's 16 wells near Grande Prairie, Alberta, deliver oil to the system.
BC System, 100% owned, has been in operation since 1960, and encompasses 3 storing facilities. The crude oil pipelines run in northeastern BC and connect Taylor to Kamloops. The total capacity is half of the smallest Alberta pipeline system (80,000 b/d in May 2009).
Oil sands and heavy oil infrastructure
These operations manage pipelines (and their associated facilities) used to transport synthetic crude from upgrading facilities. The division oversees the Syncrude pipeline, Cheechan pipeline (operating since 2006), and Horizon pipeline (operating 2008). All three have long-term contracts (over 20 years). Syncrude represents half of the total design capacity.
Horizon serves Canadian Natural Resources at their most important synthetic oil-producing area. (For the Horizon project, the contract is for 25 years).
Midstream and marketing
This consists of Pembina's storage and terminal business. 18% of revenue comes from storage and related services not connected with the Cutbank Complex and Ethylene storage.
Cutbank consists of three gas plants (Cutbank, Musreau, and Kakwa River), nine compressor stations, and a 300 km-long system that gathers and processes natural gas liquids. Kakwa is 50% owned by Pembina but operated by another company.
Ethylene Storage 50% is an underground operation. The contract runs until 2023 and is operated by Dow Chemicals. Dow Chemicals along with Nova Chemicals Corp (the company from which Pembina bought its interest in 2003) are the biggest customers.
== References ==
Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗
10-Year Performance Revenue, net income, margins and EPS trends
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
| Metric | 5Y trend | PBA | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| P/E | 14.35Y avg ≈13.3 | ≈13.3 | · | · |
Peer median is calculated on a standardized basis per metric and may not always match the TTM/MRQ basis shown for this stock.
Profitability Gross, operating and net margins; ROE, ROA, ROIC
| Metric | 5Y trend | PBA | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Gross Margin | 41.0%5Y avg ≈36.9% | ≈36.9% | · | · | |
| Operating Margin | 36.1%5Y avg ≈30.2% | ≈30.2% | · | · | |
| EBITDA Margin | 36.1%5Y avg ≈30.2% | ≈30.2% | · | · | |
| Pretax Margin | 28.4%5Y avg ≈23.7% | ≈23.7% | · | · | |
| Net Profit Margin | 21.8%5Y avg ≈20.2% | ≈20.2% | · | · | |
| ROA | 4.7%5Y avg ≈4.9% | ≈4.9% | · | · | |
| ROE | 9.9%5Y avg ≈10.2% | ≈10.2% | · | · | |
| ROIC | 12.9%5Y avg ≈12.9% | ≈12.9% | · | · |
Financial Health Debt, liquidity, solvency — balance sheet strength
| Metric | 5Y trend | PBA | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Current Ratio (MRQ) | 0.75Y avg ≈0.6 | ≈0.6 | · | · | |
| Quick Ratio | 0.55Y avg ≈0.4 | ≈0.4 | · | · | |
| Interest Coverage | 4.75Y avg ≈4.8 | ≈4.8 | · | · |
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Not enough fundamentals data to compute this ratio group yet.
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
| Metric | 5Y trend | PBA | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Asset Turnover | 0.25Y avg ≈0.2 | ≈0.2 | · | · | |
| Inventory Turnover | 16.45Y avg ≈18.2 | ≈18.2 | · | · | |
| Receivables Turnover | 8.45Y avg ≈9.6 | ≈9.6 | · | · | |
| Revenue / Employee | ≈$2.6M | · | · | · |
value · ≈ 5Y avg · industry median · verdict relative to median
Dividends Yield, payout ratio, dividend history, 5Y CAGR
| Ex-date | Amount | Currency | Yield |
|---|---|---|---|
| Sep 15, 2026 | $0.53 | USD | ≈3.3% |
| Jun 15, 2026 | $0.53 | USD | ≈2.2% |
| Mar 16, 2026 | $0.52 | USD | ≈2.3% |
| Jun 16, 2025 | $0.52 | USD | ≈5.3% |
| Mar 17, 2025 | $0.48 | USD | ≈5.1% |
| Dec 16, 2024 | $0.49 | USD | ≈5.3% |
| Sep 16, 2024 | $0.51 | USD | ≈4.9% |
| Jun 17, 2024 | $0.50 | USD | ≈5.5% |
| Mar 14, 2024 | $0.50 | USD | ≈5.7% |
| Dec 14, 2023 | $0.49 | USD | ≈5.9% |
| Sep 14, 2023 | $0.49 | USD | ≈6.3% |
| Jun 14, 2023 | $0.50 | USD | ≈6.8% |
| Mar 14, 2023 | $0.48 | USD | ≈6.6% |
| Dec 14, 2022 | $0.16 | USD | ≈6.2% |
| Nov 25, 2022 | $0.16 | USD | ≈5.6% |
| Oct 24, 2022 | $0.16 | USD | ≈6.2% |
| Sep 22, 2022 | $0.16 | USD | ≈5.9% |
| Aug 24, 2022 | $0.16 | USD | ≈5.2% |
| Jul 22, 2022 | $0.16 | USD | ≈5.5% |
| Jun 23, 2022 | $0.16 | USD | ≈6.0% |
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
| Period | Report | EPS Actual | EPS Est | Surprise |
|---|---|---|---|---|
| June 30, 2026 | $0.82 | $0.73 | 11.9% | |
| March 31, 2026 | $0.81 | $0.74 | 9.2% | |
| Dec. 31, 2025 | $0.78 | $0.74 | 5.7% | |
| Sept. 30, 2025 | $0.43 | $0.65 | -33.9% | |
| June 30, 2025 | $0.65 | $0.65 | -0.58% | |
| March 31, 2025 | $0.80 | $0.81 | -1.4% |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $7.78B | $7.38B | $6.33B | $11.61B | $8.63B | $5.95B | $6.37B | $7.35B | $5.40B | $4.26B | |
| Cost of Revenue | $4.79B | $4.40B | $3.81B | $8.88B | $6.13B | $3.88B | $4.33B | $5.46B | $3.97B | $3.19B | |
| Gross Profit | $3.19B | $3.32B | $2.84B | $3.12B | $2.65B | $2.01B | $2.44B | $2.33B | $1.47B | $1.00B | |
| SG&A Expense | $477M | $444M | $422M | $399M | $306M | $246M | $296M | $279M | $236M | $195M | |
| Operating Income | $2.81B | $2.28B | $2.65B | $3.71B | $2.12B | $4M | $1.83B | $2.02B | $1.21B | $808M | |
| Interest Expense | $602M | $561M | $466M | $486M | $450M | $420M | $289M | $279M | $185M | $153M | |
| Interest Income | $11M | $46M | $7M | · | · | · | · | · | · | · | |
| Pretax Income | $2.21B | $1.72B | $2.19B | $3.22B | $1.67B | $-416M | $1.54B | $1.74B | $1.02B | $655M | |
| Income Tax | $513M | $-154M | $413M | $248M | $423M | $-100M | $35M | $464M | $142M | $189M | |
| Net Income | $1.69B | $1.86B | $1.78B | $2.97B | $1.24B | $-316M | $1.51B | $411M | $116M | $466M | |
| EPS (Basic) | $2.67 | $3.00 | $3.00 | $5.14 | $2.00 | $-0.86 | $2.69 | $2.28 | $1.87 | $1.02 | |
| EPS (Diluted) | $2.66 | $3.00 | $2.99 | $5.12 | $1.99 | $-0.86 | $2.68 | $2.28 | $1.86 | $1.01 | |
| Shares (Basic) | 581,000,000 | 573,000,000 | 550,000,000 | 553,000,000 | 550,000,000 | 550,000,000 | 512,000,000 | 505,000,000 | 426,000,000 | 388,000,000 | |
| Shares (Diluted) | 582,000,000 | 574,000,000 | 551,000,000 | 554,000,000 | 551,000,000 | 550,000,000 | 514,000,000 | 509,000,000 | 432,000,000 | 389,000,000 | |
| EBITDA | $2.81B | $2.28B | $2.65B | · | $2.12B | $4M | $1.82B | $2.02B | $1.22B | · |
Balance Sheet
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $106M | $141M | $151M | $107M | $43M | $81M | $129M | $157M | $321M | $35M | |
| Receivables | $836M | $1.00B | $852M | $912M | $812M | $662M | $694M | $604M | $529M | $451M | |
| Inventory | $284M | $301M | $333M | $269M | $376M | $221M | $126M | $198M | $168M | $181M | |
| Current Assets | $1.26B | $1.57B | $2.63B | $1.36B | $1.25B | $989M | $989M | $1.01B | $1.02B | $676M | |
| PP&E (Net) | $22.55B | $22.74B | $15.80B | $15.52B | $18.19B | $18.55B | $18.36B | $14.73B | $13.55B | $11.33B | |
| Goodwill | $4.99B | $5.02B | $4.55B | $4.56B | $4.69B | $4.69B | $4.70B | $3.88B | $3.87B | $2.10B | |
| Intangibles | · | · | · | · | · | · | $1.75B | $531M | $843M | $737M | |
| Total Assets | $35.55B | $35.97B | $32.62B | $31.49B | $31.46B | $31.42B | $32.76B | $26.66B | $25.57B | $15.02B | |
| Accounts Payable | $1.32B | $1.20B | $1.15B | $1.27B | $1.06B | $780M | $1.00B | $803M | $677M | $638M | |
| Current Liabilities | $2.06B | $2.91B | $3.22B | $2.06B | $2.39B | $1.78B | $1.45B | $1.49B | $1.15B | $778M | |
| Total Liabilities | $18.78B | $18.46B | $16.80B | $15.70B | $17.09B | $16.40B | $15.89B | $12.26B | $11.72B | $6.72B | |
| Retained Earnings | · | · | · | · | · | · | $-1.78B | · | $-2.08B | $-2.01B | |
| Stockholders' Equity | $16.77B | $17.51B | $15.81B | $15.79B | $14.30B | $14.96B | $16.81B | $14.34B | $13.78B | $8.30B |
Cash Flow
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $3.30B | $3.21B | $2.63B | $2.93B | $2.65B | $2.25B | $2.53B | $2.26B | $1.51B | $1.08B | |
| Investing Cash Flow | $-1.09B | $-3.91B | $-789M | $-154M | $-1.04B | $-1.48B | $-3.91B | $-1.31B | $-3.33B | $-2.29B | |
| Dividends Paid | · | · | · | · | · | $1.53B | $1.32B | $1.25B | $781M | $351M | |
| Financing Cash Flow | $-2.24B | $678M | $-1.80B | $-2.72B | $-1.67B | $-809M | $1.35B | $-1.13B | $2.10B | $1.22B |
Profitability
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 41.0% | 44.9% | 31.1% | · | 30.7% | 33.7% | 33.7% | 31.7% | 27.4% | · | |
| Operating Margin | 36.1% | 30.9% | 29.1% | · | 24.5% | 0.07% | 25.2% | 27.5% | 22.5% | · | |
| Net Margin | 21.8% | 25.2% | 19.5% | · | 14.4% | -5.3% | 5.1% | 5.6% | 16.5% | · | |
| Pretax Margin | 28.4% | 23.3% | 24.0% | · | 19.3% | -7.0% | 21.1% | 23.7% | 19.1% | · | |
| EBITDA Margin | 36.1% | 30.9% | 29.1% | · | 24.5% | 0.07% | 25.2% | 27.5% | 22.5% | · | |
| ROA | 4.7% | 5.4% | 5.5% | · | 4.0% | -0.98% | 1.2% | · | · | · | |
| ROE | 9.9% | 11.2% | 11.2% | · | 8.5% | -2.0% | 2.4% | · | · | · | |
| ROIC | 12.9% | 14.2% | 13.6% | · | 11.0% | 0.02% | 10.7% | · | · | · |
Liquidity & Solvency
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.6 | 0.5 | 0.8 | · | 0.5 | 0.6 | 0.7 | · | · | · | |
| Quick Ratio | 0.5 | 0.4 | 0.3 | · | 0.4 | 0.4 | 0.6 | · | · | · | |
| Interest Coverage | 4.7 | 4.1 | 5.7 | · | 4.7 | 0.0 | 6.2 | 7.2 | 6.6 | · |
Efficiency
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.2 | 0.2 | 0.3 | · | 0.3 | 0.2 | 0.2 | · | · | · | |
| Inventory Turnover | 16.4 | 13.9 | 21.9 | · | 20.5 | 22.4 | 32.0 | · | · | · | |
| Receivables Turnover | 8.4 | 8.0 | 10.3 | · | 11.7 | 8.8 | 11.1 | · | · | · |
Per Share
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue / Share | $13.36 | $12.86 | $16.56 | · | $15.66 | $10.82 | $14.07 | $14.44 | $12.52 | · | |
| Cash Flow / Share | $5.67 | $5.60 | $4.78 | · | $4.81 | $4.09 | $4.93 | $4.43 | $3.50 | · | |
| EPS (TTM) | $2.66 | $3.00 | $2.99 | · | $1.99 | $-0.86 | $2.68 | $2.28 | $1.86 | · |
Valuation (TTM)
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $7.78B | $7.38B | $6.33B | · | $8.63B | $5.95B | $6.37B | $7.35B | $5.40B | · | |
| Net Income TTM | $1.69B | $1.86B | $1.78B | · | $1.24B | $-316M | $1.51B | $411M | $116M | · | |
| P/E | 14.3 | 12.3 | 11.5 | · | 15.2 | -27.5 | 13.8 | 13.0 | 19.5 | · | |
| Earnings Yield | 7.0% | 8.1% | 8.7% | · | 6.6% | -3.6% | 7.2% | 7.7% | 5.1% | · | |
| Payout Ratio | · | · | · | · | · | -484.2% | 357.6% | 303.4% | 87.6% | · | |
| Annual Payout | · | · | · | · | · | $1.53B | $1.32B | $1.25B | $781M | · |
Per Share
| Metric | Trend | Q4 2022 | Q4 2016 | Q4 2015 | Q4 2014 | Q4 2013 | Q4 2012 |
|---|---|---|---|---|---|---|---|
| EPS (TTM) | $5.12 | $1.01 | · | · | · | · |
Valuation (TTM)
| Metric | Trend | Q4 2022 | Q4 2016 | Q4 2015 | Q4 2014 | Q4 2013 | Q4 2012 |
|---|---|---|---|---|---|---|---|
| Revenue TTM | $11.61B | $4.26B | · | · | · | · | |
| Net Income TTM | $2.97B | $466M | · | · | · | · | |
| P/E | 6.6 | 31.0 | · | · | · | · | |
| Earnings Yield | 15.1% | 3.2% | · | · | · | · | |
| Annual Payout | · | $351M | · | · | · | · |
Most recent period on the left · null values shown as ·
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Revenue | $7.78B | $7.38B | $6.33B | $11.61B | $8.63B |
| Gross Margin % | 41.0% | 44.9% | 31.1% | · | 30.7% |
| Operating Margin % | 36.1% | 30.9% | 29.1% | · | 24.5% |
| Net Income | $1.69B | $1.86B | $1.78B | $2.97B | $1.24B |
| Diluted EPS | $2.66 | $3.00 | $2.99 | $5.12 | $1.99 |
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Current Ratio | 0.6 | 0.5 | 0.8 | · | 0.5 |
| Quick Ratio | 0.5 | 0.4 | 0.3 | · | 0.4 |
Not enough fundamentals data to build this statement yet.
Institutional owners (13F) 465 filers · $16.4B total · As of Sept. 30, 2026
Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 41 (-38 vs prior Q) | 36 (+11 vs prior Q) | 154 (+6 vs prior Q) | 154 (+19 vs prior Q) | +16.4M |
Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.
| Institution | Value | Shares | % of tracked 13F | Type |
|---|---|---|---|---|
| ROYAL BANK OF CANADA | $2,101,508,000 | 45,437,977 | 12.82% | Shares |
| VANGUARD GROUP INC | $1,037,512,440 | 27,233,442 | 6.33% | Shares |
| BANK OF MONTREAL /CAN/ | $998,926,384 | 21,611,518 | 6.09% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $774,434,941 | 16,738,025 | 4.72% | Shares |
| Clearbridge Investments, LLC | $615,849,790 | 13,315,671 | 3.76% | Shares |
| CIBC WORLD MARKET INC. | $599,157,752 | 12,961,055 | 3.66% | Shares |
| MACKENZIE FINANCIAL CORP | $468,146,138 | 7,134,199 | 2.86% | Shares |
| 1832 Asset Management L.P. | $460,349,236 | 9,953,497 | 2.81% | Shares |
| JARISLOWSKY, FRASER Ltd | $356,467,861 | 8,814,455 | 2.17% | Shares |
| GOLDMAN SACHS GROUP INC | $335,966,645 | 7,264,144 | 2.05% | Shares |
| FIL Ltd | $326,259,632 | 7,051,474 | 1.99% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $307,287,333 | 6,517,821 | 1.87% | Shares |
| SCOTIA CAPITAL INC. | $292,836,844 | 6,336,302 | 1.79% | Shares |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE | $285,737,568 | 6,187,904 | 1.74% | Shares |
| TD Asset Management Inc | $275,013,177 | 5,945,976 | 1.68% | Shares |
| NATIONAL BANK OF CANADA /FI/ | $268,386,624 | 5,810,105 | 1.64% | Shares |
| CANADA PENSION PLAN INVESTMENT BOARD | $264,907,438 | 5,731,205 | 1.62% | Shares |
| DEUTSCHE BANK AG\ | $262,232,968 | 5,669,902 | 1.60% | Shares |
| NORGES BANK | $252,224,136 | 5,456,805 | 1.54% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $238,607,962 | 5,157,084 | 1.46% | Shares |
| MORGAN STANLEY | $211,174,387 | 4,565,932 | 1.29% | Shares |
| Vanguard Global Advisers, LLC | $206,540,768 | 4,464,009 | 1.26% | Shares |
| Rare Infrastructure Ltd | $204,380,249 | 5,448,687 | 1.25% | Shares |
| Legal & General Group Plc | $199,230,388 | 4,307,512 | 1.22% | Shares |
| TORTOISE CAPITAL ADVISORS, L.L.C. | $181,333,120 | 3,919,787 | 1.11% | Shares |
| Amundi | $180,027,940 | 3,892,496 | 1.10% | Shares |
| BANK OF NOVA SCOTIA | $174,133,421 | 3,763,790 | 1.06% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $160,401,427 | 3,467,774 | 0.98% | Shares |
| Cardinal Capital Management, Inc. | $158,634,115 | 3,555,001 | 0.97% | Shares |
| CIBC Asset Management Inc | $156,533,335 | 3,381,439 | 0.95% | Shares |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. | $153,384,888 | 3,316,430 | 0.94% | Shares |
| JPMORGAN CHASE & CO | $149,766,386 | 3,206,989 | 0.91% | Shares |
| TORONTO DOMINION BANK | $127,248,242 | 2,753,013 | 0.78% | Shares |
| BANK OF AMERICA CORP /DE/ | $119,208,777 | 2,577,487 | 0.73% | Shares |
| UniSuper Management Pty Ltd | $113,359,469 | 1,727,514 | 0.69% | Shares |
| FMR LLC | $112,902,796 | 2,440,189 | 0.69% | Shares |
| TD Waterhouse Canada Inc. | $110,960,798 | 2,419,798 | 0.68% | Shares |
| ONTARIO TEACHERS PENSION PLAN BOARD | $105,984,006 | 2,292,937 | 0.65% | Shares |
| KAYNE ANDERSON CAPITAL ADVISORS LP | $97,703,727 | 2,112,513 | 0.60% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $89,911,449 | 1,943,948 | 0.55% | Shares |
| Swiss National Bank | $86,665,825 | 1,878,596 | 0.53% | Shares |
| INTACT INVESTMENT MANAGEMENT INC. | $83,400,297 | 1,802,664 | 0.51% | Shares |
| BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp | $79,148,886 | 1,712,366 | 0.48% | Shares |
| Invesco Ltd. | $73,693,503 | 1,593,373 | 0.45% | Shares |
| BCV Asset Management Inc. | $73,685,323 | 1,577,026 | 0.45% | Shares |
| TORONTO DOMINION BANK | $72,859,651 | 1,576,300 | 0.44% | Put option |
| NEUBERGER BERMAN GROUP LLC | $71,912,065 | 1,554,572 | 0.44% | Shares |
| Recurrent Investment Advisors LLC | $69,630,941 | 1,498,252 | 0.42% | Shares |
| ROYAL BANK OF CANADA | $68,704,000 | 1,485,500 | 0.42% | Put option |
| WESTWOOD HOLDINGS GROUP INC | $62,474,226 | 1,350,792 | 0.38% | Shares |
ETF ownership Held by 24 ETFs
Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.
| Fund | Weight | Units | As of | Source |
|---|---|---|---|---|
| USAI · Pacer Funds Trust | 3.49% | 94,752 NS | July 31, 2026 | N-PORT |
| GENW · Spinnaker ETF Series | 2.43% | 2,542 NS | July 31, 2026 | N-PORT |
| NBET · Neuberger Berman ETF Trust | 1.13% | 10,899 NS | July 31, 2026 | N-PORT |
| BBCA · J.P. Morgan Exchange-Traded Fund Tr… | 0.93% | 2,056,509 NS | July 31, 2026 | N-PORT |
| QLVD · FlexShares Trust | 0.82% | 9,216 NS | July 31, 2026 | N-PORT |
| IGE · iShares Trust | 0.68% | 113,559 SH | Sept. 11, 2026 | Daily |
| ESIM · Strategy Shares | 0.66% | 2,451 NS | July 31, 2026 | N-PORT |
| RFDI · First Trust Exchange-Traded Fund III | 0.58% | 19,722 NS | July 31, 2026 | N-PORT |
| FEDM · FlexShares Trust | 0.58% | 9,310 NS | July 31, 2026 | N-PORT |
| NFRA · FlexShares Trust | 0.44% | 272,616 NS | July 31, 2026 | N-PORT |
| IQRA · New York Life Investments Active ET… | 0.42% | 593 NS | July 31, 2026 | N-PORT |
| DFIV · Dimensional ETF Trust | 0.33% | 1,432,992 NS | July 31, 2026 | N-PORT |
| DFIC · Dimensional ETF Trust | 0.14% | 411,744 NS | July 31, 2026 | N-PORT |
| DXIV · Dimensional ETF Trust | 0.13% | 5,312 NS | July 31, 2026 | N-PORT |
| DFAI · Dimensional ETF Trust | 0.13% | 450,984 NS | July 31, 2026 | N-PORT |
| JFLI · J.P. Morgan Exchange-Traded Fund Tr… | 0.11% | 1,099 NS | July 31, 2026 | N-PORT |
| BKIE · BNY Mellon ETF Trust | 0.11% | 28,848 NS | July 31, 2026 | N-PORT |
| DFAX · Dimensional ETF Trust | 0.08% | 195,773 NS | July 31, 2026 | N-PORT |
| DIHP · Dimensional ETF Trust | 0.07% | 95,735 NS | July 31, 2026 | N-PORT |
| GLBL · Pacer Funds Trust | 0.07% | 15 NS | July 31, 2026 | N-PORT |
| TLTD · FlexShares Trust | 0.06% | 7,854 NS | July 31, 2026 | N-PORT |
| ESGG · FlexShares Trust | 0.05% | 1,102 NS | July 31, 2026 | N-PORT |
| VOXP · Advisors Series Trust | 0.03% | 36 NS | July 31, 2026 | N-PORT |
| FTLS · First Trust Exchange-Traded Fund III | -0.05% | -23,741 NS | July 31, 2026 | N-PORT |
PBA Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
12-Month Price Target
1 analysts · 2026-09-29Mean target $46.93 +2.3%
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