CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT Boosts Holdings in South Bow Corporation $SOBO

Key Points

• CUSHING ASSET MANAGEMENT LP significantly increased its stake in South Bow Corporation by 650.4%, owning 1,526,100 shares valued at approximately $39.54 million.
• South Bow Corporation recently announced a quarterly dividend of $0.50, which represents a 7.2% yield, despite having a high dividend payout ratio of 108.11%.
• Analysts have mixed opinions on South Bow, with ratings ranging from Strong Buy to Sell, and an average target price set at $28.80.

CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT boosted its holdings in shares of South Bow Corporation (NYSE:SOBO - Free Report) by 650.4% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,526,100 shares of the company's stock after acquiring an additional 1,322,729 shares during the quarter. South Bow accounts for 2.3% of CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT's portfolio, making the stock its 16th biggest holding. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT owned about 0.73% of South Bow worth $39,541,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of the stock. BNP Paribas Financial Markets purchased a new position in South Bow during the fourth quarter valued at approximately $29,000. Louisbourg Investments Inc. acquired a new stake in South Bow during the first quarter worth approximately $31,000. Cubist Systematic Strategies LLC purchased a new stake in shares of South Bow in the first quarter valued at about $85,000. Advisors Asset Management Inc. lifted its holdings in shares of South Bow by 80.4% in the 1st quarter. Advisors Asset Management Inc. now owns 7,922 shares of the company's stock valued at $202,000 after buying an additional 3,531 shares during the period. Finally, Chelsea Counsel Co. acquired a new position in South Bow during the fourth quarter worth about $208,000.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the stock. CIBC increased their price objective on shares of South Bow from $25.00 to $26.00 and gave the stock a "neutral" rating in a research report on Tuesday, July 22nd. National Bankshares boosted their target price on South Bow from $25.00 to $26.00 and gave the stock a "sector perform" rating in a research report on Friday, August 8th. JPMorgan Chase & Co. reissued an "underweight" rating and issued a $27.00 price target on shares of South Bow in a research note on Thursday, August 21st. Finally, Royal Bank Of Canada reiterated an "outperform" rating on shares of South Bow in a research note on Friday, August 8th. Two investment analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating, seven have issued a Hold rating and three have given a Sell rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of $28.80.

South Bow Trading Up 0.1%

Shares of South Bow stock traded up $0.03 during trading on Monday, hitting $27.95. The company's stock had a trading volume of 373,527 shares, compared to its average volume of 709,270. The company has a debt-to-equity ratio of 2.19, a current ratio of 1.28 and a quick ratio of 1.20. The stock has a market cap of $5.82 billion and a price-to-earnings ratio of 15.11. The stock has a 50-day moving average price of $27.24 and a two-hundred day moving average price of $26.15. South Bow Corporation has a 52 week low of $21.12 and a 52 week high of $28.44.

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

South Bow Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 15th. Investors of record on Monday, September 29th will be given a dividend of $0.50 per share. The ex-dividend date is Monday, September 29th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 7.2%. South Bow's dividend payout ratio is currently 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.