South Bow Corporation $SOBO Stock Position Lifted by Maryland State Retirement & Pension System

Maryland State Retirement & Pension System raised its stake in South Bow Corporation (NYSE:SOBO) by 7.4% during the 1st quarter, Holdings Channel reports. The institutional investor owned 255,294 shares of the company’s stock after purchasing an additional 17,562 shares during the quarter. Maryland State Retirement & Pension System’s holdings in South Bow were worth $8,484,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Capital International Investors boosted its stake in shares of South Bow by 0.6% during the 4th quarter. Capital International Investors now owns 15,483,085 shares of the company’s stock valued at $425,840,000 after buying an additional 94,772 shares during the period. Vanguard Group Inc. raised its holdings in shares of South Bow by 1.4% during the fourth quarter. Vanguard Group Inc. now owns 8,667,365 shares of the company’s stock worth $238,387,000 after acquiring an additional 118,147 shares in the last quarter. Clearbridge Investments LLC raised its holdings in shares of South Bow by 3.0% during the fourth quarter. Clearbridge Investments LLC now owns 7,262,965 shares of the company’s stock worth $199,514,000 after acquiring an additional 209,864 shares in the last quarter. Cibc World Market Inc. boosted its position in South Bow by 11.8% during the fourth quarter. Cibc World Market Inc. now owns 3,571,092 shares of the company’s stock valued at $98,241,000 after purchasing an additional 376,514 shares during the last quarter. Finally, Thornburg Investment Management Inc. boosted its position in South Bow by 41.7% during the fourth quarter. Thornburg Investment Management Inc. now owns 2,829,875 shares of the company’s stock valued at $77,840,000 after purchasing an additional 832,574 shares during the last quarter.

South Bow Stock Up 0.8%

SOBO stock opened at $37.53 on Wednesday. The firm has a market cap of $7.83 billion, a PE ratio of 18.49 and a beta of 0.16. South Bow Corporation has a 1 year low of $25.01 and a 1 year high of $38.45. The company has a fifty day simple moving average of $36.45 and a 200 day simple moving average of $32.77. The company has a current ratio of 1.51, a quick ratio of 1.37 and a debt-to-equity ratio of 2.16.

South Bow (NYSE:SOBO) last posted its earnings results on Thursday, May 7th. The company reported $0.44 EPS for the quarter, missing the consensus estimate of $0.46 by ($0.02). The business had revenue of $491.00 million for the quarter, compared to analyst estimates of $491.21 million. South Bow had a return on equity of 15.24% and a net margin of 21.32%.The company’s quarterly revenue was up 1.0% compared to the same quarter last year. During the same period in the previous year, the company earned $0.47 earnings per share. Sell-side analysts anticipate that South Bow Corporation will post 1.77 EPS for the current fiscal year.

South Bow Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th will be paid a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a dividend yield of 5.3%. The ex-dividend date is Tuesday, June 30th. South Bow’s dividend payout ratio is 98.52%.

Analysts Set New Price Targets

A number of brokerages have commented on SOBO. Scotiabank boosted their target price on South Bow from $34.00 to $36.00 and gave the company a “sector perform” rating in a research note on Friday, May 8th. TD Securities reaffirmed a “hold” rating on shares of South Bow in a research note on Friday, May 1st. Raymond James Financial initiated coverage on South Bow in a report on Tuesday, June 9th. They set an “outperform” rating for the company. National Bank Financial boosted their price target on South Bow from $31.00 to $35.00 and gave the company a “sector perform” rating in a research note on Monday, June 1st. Finally, Wall Street Zen downgraded South Bow from a “hold” rating to a “sell” rating in a report on Saturday, May 9th. Four investment analysts have rated the stock with a Buy rating, eight have issued a Hold rating and four have issued a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $31.57.

South Bow Company Profile

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.