CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT Sells 625,000 Shares of South Bow Corporation $SOBO

CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT cut its stake in South Bow Corporation (NYSE:SOBO) by 41.9% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 865,500 shares of the company’s stock after selling 625,000 shares during the quarter. South Bow comprises about 1.4% of CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT’s portfolio, making the stock its 18th biggest position. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT’s holdings in South Bow were worth $28,838,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently made changes to their positions in SOBO. City Holding Co. boosted its position in South Bow by 277.4% during the fourth quarter. City Holding Co. now owns 1,000 shares of the company’s stock valued at $27,000 after purchasing an additional 735 shares in the last quarter. EverSource Wealth Advisors LLC grew its stake in South Bow by 157.3% in the third 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 during the last quarter. IFP Advisors Inc raised its holdings in South Bow by 780.3% in the third quarter. IFP Advisors Inc now owns 1,206 shares of the company’s stock worth $34,000 after purchasing an additional 1,069 shares in the last quarter. Northwestern Mutual Wealth Management Co. raised its holdings in South Bow by 1,993.8% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 1,340 shares of the company’s stock worth $35,000 after purchasing an additional 1,276 shares in the last quarter. Finally, Flagship Harbor Advisors LLC purchased a new stake in shares of South Bow during the fourth quarter valued at about $39,000.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on SOBO shares. National Bank Financial raised their price target on shares of South Bow from $31.00 to $35.00 and gave the company a “sector perform” rating in a report on Monday, June 1st. Barclays boosted their price objective on shares of South Bow from $33.00 to $34.00 and gave the stock an “equal weight” rating in a research note on Thursday, May 21st. Jefferies Financial Group reissued a “buy” rating on shares of South Bow in a research report on Thursday, May 28th. BMO Capital Markets restated a “market perform” rating on shares of South Bow in a research note on Monday, April 27th. Finally, Royal Bank Of Canada reaffirmed an “outperform” rating on shares of South Bow in a report on Monday, May 11th. Four research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and four have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $31.57.

South Bow Trading Down 0.1%

Shares of NYSE:SOBO opened at $34.35 on Monday. The business’s 50-day moving average is $35.99 and its 200 day moving average is $32.35. The company has a debt-to-equity ratio of 2.16, a current ratio of 1.51 and a quick ratio of 1.37. South Bow Corporation has a 1 year low of $25.01 and a 1 year high of $38.45. The firm has a market capitalization of $7.17 billion, a P/E ratio of 16.92 and a beta of 0.16.

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

South Bow Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th will be given a $0.50 dividend. This represents a $2.00 annualized dividend and a dividend yield of 5.8%. The ex-dividend date of this dividend is Tuesday, June 30th. South Bow’s dividend payout ratio (DPR) is presently 98.52%.

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.