South Bow (SOBO)
Moves Canadian crude through Keystone to U.S. refining and demand markets.
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Operates the Keystone Pipeline System and related businesses that move Canadian crude to U.S. markets. Most revenue comes from long-term transportation commitments, while Marketing and Intra-Alberta & Other complement the core pipeline operation.
Runs the Keystone Pipeline System, a cross-border crude-oil transportation network spanning Canada and the United States. Marketing and Intra-Alberta & Other are its other reportable segments, alongside the core pipeline operation. It transports oil for shippers under transportation commitments, rather than producing or refining it.
Canadian supply is linked to refining and demand markets in the U.S. Midwest and Gulf Coast. Most revenue comes from long-term committed transportation arrangements that reserve capacity for monthly payments. Operations are governed by systems covering safety, environmental performance, and operational integrity across the asset lifecycle.
Company facts
Target rangeAs of Sep 22, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Aug 7, 2026 | Barclays | Reiterate | Rating: —Target: $34 | Target: $35 |
| Jul 21, 2026 | Scotiabank | Reiterate | Rating: —Target: $36 | Target: $39 |
| May 26, 2026 | CIBC | Reiterate | Rating: —Target: $25 | Target: $36 |
| May 21, 2026 | Barclays | Reiterate | Rating: —Target: $33 | Target: $34 |
| May 8, 2026 | Scotiabank | Reiterate | Rating: —Target: $30 | Target: $36 |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $726.0M · Total debt $5.73B · Total assets $11.38B · Shareholders' equity $2.67B
- Revenue
- $546.0M
- Operating income
- $239.0M
- Net income
- $134.0M
HistoryDividendAnnual yieldUpcoming
| Institutions | ≈ 61.81% | 128.73M ADS | |
|---|---|---|---|
| 317 holders · as of Jun 30, 2026 · largest filers plus last quarter's tail | |||
| Other | ≈ 38.19% | 79.52M ADS | |
| remainder | |||
208.25M ADS as of Sep 23, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
This quarter's institutional total failed a plausibility check; shown: the largest filers plus last quarter's remainder.
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
FMR LLCInstitution | 10.51% | 21.89M ADS | as of Jun 30, 2026 |
Royal Bank of CanadaInstitution | 7.00% | 14.57M ADS | as of Jun 30, 2026 |
Clearbridge Investments, LLCInstitution | 4.25% | 8.86M ADS | as of Jun 30, 2026 |
Vanguard Capital Management LLCInstitution | 2.90% | 6.05M ADS | as of Jun 30, 2026 |
Bank of Montreal /Can/Institution | 2.67% | 5.55M ADS | as of Jun 30, 2026 |
Insider tradesForm 4
Nothing filed in the last 12 months.
- Enbridge
Canadian crude routes to U.S. Midwest and Gulf Coast refiners
- Plains All American Pipeline
Crude transport, storage and market access across North America
- Pembina Pipeline
Western Canadian midstream pipelines and customer capacity services
- KeyCorp
Western Canadian midstream infrastructure and customer logistics
Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| South Bow | $34.58 | −0.06% | $7.22B | 16.6 | 19.0 | 4.4 | +4.2% |
| Enbridge | $47.89 | −0.02% | $104.60B | 23.4 | 23.1 | 1.6 | +89.7% |
| Plains All American Pipeline | $24.61 | +0.24% | $17.32B | 6.8 | 14.5 | 0.3 | +66.3% |
| Pembina Pipeline | $45.95 | +0.05% | $26.70B | 22.9 | 22.5 | 4.7 | +15.2% |
| KeyCorp | $20.44 | −0.22% | $22.11B | 11.9 | 10.5 | 2.1 | +7.3% |
| Median | 17.4 | 18.5 | 1.9 | +40.7% |