Portland Investment Counsel Inc. Buys New Position in South Bow Corporation $SOBO

Portland Investment Counsel Inc. bought a new stake in South Bow Corporation (NYSE:SOBO) during the 2nd quarter, Holdings Channel.com reports. The firm bought 951,824 shares of the company’s stock, valued at approximately $33,530,000. South Bow comprises approximately 9.4% of Portland Investment Counsel Inc.’s holdings, making the stock its 4th biggest position.

A number of other large investors have also recently bought and sold shares of SOBO. Capital International Investors raised its holdings in shares of South Bow by 0.6% in the fourth quarter. Capital International Investors now owns 15,483,085 shares of the company’s stock valued at $425,840,000 after purchasing an additional 94,772 shares during the last quarter. Vanguard Group Inc. boosted its holdings in 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 purchasing an additional 118,147 shares during the last quarter. Clearbridge Investments LLC grew its position in South Bow by 3.0% in the fourth quarter. Clearbridge Investments LLC now owns 7,262,965 shares of the company’s stock valued at $199,514,000 after purchasing an additional 209,864 shares in the last quarter. Cibc World Market Inc. grew its position in South Bow by 11.8% in 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 in the last quarter. Finally, Dimensional Fund Advisors LP increased its stake in South Bow by 24.1% in the 1st quarter. Dimensional Fund Advisors LP now owns 2,914,614 shares of the company’s stock valued at $97,134,000 after buying an additional 565,787 shares during the last quarter.

Analyst Upgrades and Downgrades

Several brokerages have commented on SOBO. TD Securities reissued a “hold” rating on shares of South Bow in a research report on Thursday, July 16th. Barclays raised their price objective on South Bow from $34.00 to $35.00 and gave the company an “equal weight” rating in a report on Friday, August 7th. Raymond James Financial started coverage on South Bow in a research report on Tuesday, June 9th. They issued an “outperform” rating on the stock. Weiss Ratings upgraded South Bow from a “buy (b+)” rating to a “buy (a-)” rating in a report on Thursday, August 6th. Finally, Wall Street Zen raised South Bow from a “sell” rating to a “hold” rating in a research report on Saturday, July 18th. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, eight have issued a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat.com, South Bow presently has a consensus rating of “Hold” and an average target price of $33.00.

South Bow Trading Down 0.1%

Shares of NYSE:SOBO opened at $37.69 on Monday. South Bow Corporation has a 52-week low of $25.01 and a 52-week high of $38.94. The company has a debt-to-equity ratio of 2.15, a quick ratio of 1.44 and a current ratio of 1.52. The company has a market capitalization of $7.86 billion, a P/E ratio of 17.05 and a beta of 0.15. The company has a 50-day simple moving average of $36.62 and a 200 day simple moving average of $34.71.

South Bow (NYSE:SOBO) last announced its quarterly earnings results on Wednesday, August 5th. The company reported $0.50 earnings per share for the quarter, topping analysts’ consensus estimates of $0.45 by $0.05. The firm had revenue of $546.00 million for the quarter, compared to the consensus estimate of $496.87 million. South Bow had a return on equity of 15.84% and a net margin of 22.99%. Sell-side analysts forecast that South Bow Corporation will post 1.87 earnings per share for the current year.

South Bow Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 15th. Investors of record on Tuesday, September 29th will be issued a dividend of $0.50 per share. The ex-dividend date of this dividend is Tuesday, September 29th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 5.3%. South Bow’s payout ratio is presently 90.50%.

South Bow 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.