Bornite Capital Management LP Sells 16,000 Shares of South Bow Corporation (NYSE:SOBO)

Key Points

• Bornite Capital Management LP reduced its stake in South Bow Corporation (NYSE:SOBO) by 1.5%, selling 16,000 shares, which accounts for approximately 7.0% of its investment portfolio.
• South Bow recently announced a quarterly dividend of $0.50, representing a 7.3% annual dividend yield, with stockholders of record set to be paid on October 15th.
• Equities analysts have a consensus rating of "Hold" for South Bow, with an average target price increase from $25.00 to $26.00, and a current share price of $27.39.

Bornite Capital Management LP cut its holdings in South Bow Corporation (NYSE:SOBO - Free Report) by 1.5% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,071,000 shares of the company's stock after selling 16,000 shares during the period. South Bow comprises approximately 7.0% of Bornite Capital Management LP's investment portfolio, making the stock its 4th biggest holding. Bornite Capital Management LP owned approximately 0.51% of South Bow worth $27,332,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Louisbourg Investments Inc. acquired a new position in South Bow during the first quarter worth $31,000. BNP Paribas Financial Markets acquired a new position in South Bow during the fourth quarter worth $29,000. Tower Research Capital LLC TRC acquired a new position in South Bow during the fourth quarter worth $35,000. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main acquired a new position in South Bow during the fourth quarter worth $97,000. Finally, Natixis acquired a new position in South Bow during the fourth quarter worth $121,000.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on SOBO shares. CIBC boosted their target price on shares of South Bow from $25.00 to $26.00 and gave the stock a "neutral" rating in a report on Tuesday, July 22nd. Royal Bank Of Canada reiterated an "outperform" rating on shares of South Bow in a report on Friday. Finally, National Bankshares upped their price objective on shares of South Bow from $25.00 to $26.00 and gave the company a "sector perform" rating in a report on Friday. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating, one has given a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $29.00.

South Bow Price Performance

NYSE:SOBO opened at $27.39 on Friday. South Bow Corporation has a one year low of $21.12 and a one year high of $28.04. The company has a market cap of $5.70 billion and a P/E ratio of 14.80. The firm's fifty day moving average price is $26.39 and its two-hundred day moving average price is $25.57. The company has a debt-to-equity ratio of 2.20, a current ratio of 1.29 and a quick ratio of 1.20.

South Bow (NYSE:SOBO - Get Free Report) last released its quarterly earnings data on Wednesday, August 6th. The company reported $0.42 EPS for the quarter, beating the consensus estimate of $0.38 by $0.04. The company had revenue of $524.00 million during the quarter, compared to analyst estimates of $449.00 million. Equities analysts expect that South Bow Corporation will post 1.74 earnings per share for the current year.

South Bow Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 15th. Stockholders of record on Monday, September 29th will be given a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 7.3%. The ex-dividend date of this dividend is Monday, September 29th. South Bow's payout ratio is presently 108.11%.

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.

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