Ninepoint Partners LP Takes Position in South Bow Corporation $SOBO

Key Points

• Ninepoint Partners LP acquired 175,000 South Bow shares during the second quarter, valued at approximately $6.17 million and representing 0.08% of the company. Several other institutional investors also increased their positions.
• Analyst sentiment remains mixed, with a consensus “Hold” rating and an average price target of $33.00, below SOBO’s recent $38.45 share price. Recent ratings included “Outperform” and “Buy” recommendations from several firms.
• South Bow reported quarterly EPS of $0.50, beating estimates by $0.05, while revenue of $546 million exceeded expectations. The company also announced a quarterly dividend of $0.50 per share, implying a 5.2% yield.

Ninepoint Partners LP bought a new position in shares of South Bow Corporation (NYSE:SOBO - Free Report) during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund bought 175,000 shares of the company's stock, valued at approximately $6,167,000. Ninepoint Partners LP owned 0.08% of South Bow at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of SOBO. Steadtrust LLC increased its holdings in shares of South Bow by 0.9% during the 2nd quarter. Steadtrust LLC now owns 33,920 shares of the company's stock worth $1,195,000 after purchasing an additional 300 shares during the period. Parkside Financial Bank & Trust grew its position in South Bow by 10.0% during the fourth quarter. Parkside Financial Bank & Trust now owns 3,770 shares of the company's stock worth $104,000 after buying an additional 344 shares in the last quarter. Quantinno Capital Management LP increased its stake in South Bow by 4.9% during the second quarter. Quantinno Capital Management LP now owns 10,175 shares of the company's stock valued at $264,000 after acquiring an additional 478 shares during the period. Parallel Advisors LLC increased its stake in South Bow by 140.5% during the first quarter. Parallel Advisors LLC now owns 849 shares of the company's stock valued at $28,000 after acquiring an additional 496 shares during the period. Finally, apricus wealth LLC raised its holdings in South Bow by 4.1% in the 1st quarter. apricus wealth LLC now owns 15,180 shares of the company's stock valued at $506,000 after acquiring an additional 600 shares in the last quarter.

Analyst Upgrades and Downgrades

SOBO has been the topic of several recent research reports. National Bank Financial lifted their price objective on South Bow from $31.00 to $35.00 and gave the stock a "sector perform" rating in a report on Monday, June 1st. Raymond James Financial started coverage on shares of South Bow in a report on Tuesday, June 9th. They issued an "outperform" rating on the stock. Canadian Imperial Bank of Commerce increased their price objective on shares of South Bow from $33.00 to $36.00 and gave the company a "neutral" rating in a research note on Tuesday, May 26th. Royal Bank Of Canada reaffirmed an "outperform" rating on shares of South Bow in a report on Monday, August 10th. Finally, Jefferies Financial Group reiterated a "buy" rating on shares of South Bow in a research report on Thursday, May 28th. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, eight have assigned a Hold rating and three have issued a Sell rating to the company. According to MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $33.00.

South Bow Trading Up 2.2%

Shares of SOBO opened at $38.45 on Friday. The company has a current ratio of 1.52, a quick ratio of 1.44 and a debt-to-equity ratio of 2.15. The stock has a market cap of $8.02 billion, a PE ratio of 17.40 and a beta of 0.15. South Bow Corporation has a 1 year low of $25.01 and a 1 year high of $38.94. The stock has a 50 day simple moving average of $36.63 and a 200-day simple moving average of $34.64.

South Bow (NYSE:SOBO - Get Free Report) last announced its quarterly earnings results on Wednesday, August 5th. The company reported $0.50 EPS for the quarter, beating the consensus estimate of $0.45 by $0.05. South Bow had a return on equity of 15.84% and a net margin of 22.99%.The business had revenue of $546.00 million for the quarter, compared to analyst estimates of $496.87 million. On average, sell-side analysts predict that South Bow Corporation will post 1.81 EPS for the current fiscal year.

South Bow Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 15th. Stockholders of record on Tuesday, September 29th will be paid a $0.50 dividend. This represents a $2.00 annualized dividend and a dividend yield of 5.2%. The ex-dividend date is Tuesday, September 29th. South Bow's payout ratio is currently 90.50%.

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.

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