South Bow Corporation $SOBO Stock Position Decreased by Portland Investment Counsel Inc.

Portland Investment Counsel Inc. trimmed its position in shares of South Bow Corporation (NYSE:SOBO) by 24.4% in the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 751,044 shares of the company’s stock after selling 242,600 shares during the quarter. South Bow makes up approximately 5.8% of Portland Investment Counsel Inc.’s investment portfolio, making the stock its 6th largest position. Portland Investment Counsel Inc. owned about 0.36% of South Bow worth $21,252,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. EverSource Wealth Advisors LLC lifted its holdings in South Bow by 157.3% in the 3rd quarter. EverSource Wealth Advisors LLC now owns 1,055 shares of the company’s stock valued at $30,000 after purchasing an additional 645 shares in the last quarter. Northwestern Mutual Wealth Management Co. grew its holdings in shares of South Bow by 1,993.8% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 1,340 shares of the company’s stock worth $35,000 after buying an additional 1,276 shares in the last quarter. Cornerstone Planning Group LLC raised its position in shares of South Bow by 11,672.7% in the third quarter. Cornerstone Planning Group LLC now owns 2,590 shares of the company’s stock valued at $73,000 after buying an additional 2,568 shares during the last quarter. Cubist Systematic Strategies LLC acquired a new stake in shares of South Bow in the first quarter valued at about $85,000. Finally, Quadrant Capital Group LLC purchased a new position in shares of South Bow in the third quarter worth about $87,000.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on SOBO shares. Barclays boosted their price target on shares of South Bow from $27.00 to $33.00 and gave the stock an “equal weight” rating in a research report on Monday, March 9th. Wolfe Research downgraded shares of South Bow from a “peer perform” rating to an “underperform” rating and set a $24.00 price objective for the company. in a report on Wednesday, January 14th. Royal Bank Of Canada restated an “outperform” rating on shares of South Bow in a report on Monday, November 17th. BMO Capital Markets restated a “market perform” rating on shares of South Bow in a research report on Monday, November 17th. Finally, Jefferies Financial Group raised South Bow from a “hold” rating to a “buy” rating in a report on Monday, December 15th. Three analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and three have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $30.43.

South Bow Trading Up 1.4%

Shares of SOBO opened at $33.52 on Friday. South Bow Corporation has a 12-month low of $21.16 and a 12-month high of $34.01. The firm has a market capitalization of $6.98 billion, a P/E ratio of 16.11 and a beta of 0.29. The firm has a 50-day moving average price of $29.51 and a 200 day moving average price of $28.12. The company has a current ratio of 1.36, a quick ratio of 1.28 and a debt-to-equity ratio of 2.19.

South Bow (NYSE:SOBO) last issued its earnings results on Thursday, March 5th. The company reported $0.61 EPS for the quarter, topping analysts’ consensus estimates of $0.40 by $0.21. The company had revenue of $503.00 million for the quarter, compared to the consensus estimate of $500.57 million. South Bow had a net margin of 21.80% and a return on equity of 15.69%. South Bow’s quarterly revenue was up 3.1% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.54 earnings per share. Sell-side analysts forecast that South Bow Corporation will post 1.74 EPS for the current year.

South Bow Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, April 15th. Stockholders of record on Tuesday, March 31st will be given a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a dividend yield of 6.0%. The ex-dividend date of this dividend is Tuesday, March 31st. South Bow’s payout ratio is presently 96.15%.

About South Bow

South Bow Corp is a strategic liquids pipeline company. It is a new liquids-focused midstream infrastructure company. South Bow Corp is based in Canada.