South Bow
Moves Canadian crude through Keystone to U.S. refining and demand markets.
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Profile
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
Categories
Key statistics
Year to date +34.2% · Average volume (30d) 474.9K
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Aug 7, 2026 | Barclays | Reiterate | Equal Weight | $34 | $35 | |
| Jul 21, 2026 | Scotiabank | Reiterate | Sector Perform | $36 | $39 | |
| May 26, 2026 | CIBC | Reiterate | Neutral | $25 | $36 | |
| May 21, 2026 | Barclays | Reiterate | Equal Weight | $33 | $34 | |
| May 8, 2026 | Scotiabank | Reiterate | Sector Perform | $30 | $36 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 5, 2026Q2 FY26 | $0.45 | $0.50 | +11.1% | $496.9M | $546.0M | +9.9% | −0.37% |
| May 7, 2026Q1 FY26 | $0.46 | $0.44 | −4.3% | $491.2M | $491.0M | 0.0% | −1.14% |
| Mar 5, 2026Q4 FY25 | $0.42 | $0.61 | +45.2% | $504.6M | $503.0M | −0.3% | +0.42% |
| Nov 13, 2025Q3 FY25 | $0.38 | $0.47 | +23.7% | $500.6M | $263.5M | −47.4% | +5.06% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $498.0M | $524.0M | $263.5M | $419.3M | $417.1M | $546.0M | |
| Gross profit | $414.0M | $382.0M | $39.5M | $102.6M | $91.7M | $420.0M | |
| Operating income | $178.0M | $186.0M | $38.1M | $115.8M | $91.7M | $239.0M | |
| Net income | $88.0M | $96.0M | $66.8M | $158.4M | $75.9M | $134.0M | |
| Diluted EPS | $0.42 | $0.46 | $0.32 | $0.76 | $0.36 | $0.64 | |
| Gross margin | 83.1% | 72.9% | 15.0% | 24.5% | 22.0% | 76.9% | |
| Operating margin | 35.7% | 35.5% | 14.4% | 27.6% | 22.0% | 43.8% |
Fiscal years (4-quarter sums)FY23 $2.46B · FY24 $2.21B · FY25 $1.70B
Balance sheet, Jun 30, 2026Cash & short-term investments $726.0M · Total debt $5.73B · Total assets $11.38B · Shareholders' equity $2.67B
Dividends
To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Jun 30, 2026 | Jun 30 | Jul 15 | $0.50 | |
| Mar 31, 2026 | Mar 31 | Apr 15 | $0.50 | |
| Dec 31, 2025 | Dec 31 | Jan 15 | $0.50 | |
| Sep 29, 2025 | Sep 29 | Oct 15 | $0.50 | |
| Jun 30, 2025 | Jun 30 | Jul 15 | $0.50 | |
| Mar 31, 2025 | Mar 31 | Apr 15 | $0.50 | |
| Dec 31, 2024 | Dec 31 | Jan 31 | $0.50 |
Ownership
Shares outstanding 208.58M · Float 208.19M · 99.8% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| FMR LLC | 21.85M | 10.50% | 13G | Jul 8, 2026 |
| Royal Bank of Canada | 14.57M | 6.98% | 13F | Aug 14, 2026 |
| Clearbridge Investments, LLC | 8.86M | 4.25% | 13F | Aug 13, 2026 |
| Vanguard Capital Management LLC | 6.05M | 2.90% | 13F | Aug 13, 2026 |
| Bank of Montreal /Can/ | 5.55M | 2.66% | 13F | Aug 12, 2026 |
Insider tradesForm 4
Nothing filed in the last 12 months.
View detailsPeers
- 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
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| South Bow | $37.80 | +0.99% | $7.81B | 18.0 | 20.5 | 4.1 | +4.2% |
| Enbridge | $50.26 | +0.12% | $109.62B | 24.2 | 23.4 | 1.6 | +41.2% |
| Plains All American Pipeline | $25.54 | +0.22% | $17.98B | 7.1 | 15.6 | 0.3 | +66.3% |
| Pembina Pipeline | $48.15 | +0.33% | $27.91B | 23.6 | 22.7 | 4.9 | −17.9% |
| KeyCorp | $21.91 | +0.07% | $23.65B | 12.7 | 11.2 | 2.3 | +7.3% |
| Median | 18.2 | 19.1 | 1.9 | +24.2% |