Portland Investment Counsel Inc. Sells 31,412 Shares of South Bow Corporation $SOBO

Key Points

• Portland Investment Counsel Inc. reduced its stake in South Bow Corporation by 2.7%, now owning 1,146,228 shares valued at approximately $29.28 million, which represents 8.9% of its portfolio.
• South Bow Corporation plans to pay a quarterly dividend of $0.50 per share on October 15th, which translates to a 7.3% dividend yield, although its payout ratio is notably high at 108.11%.
• After its latest earnings report, South Bow exceeded analysts' expectations with a revenue of $524 million and an EPS of $0.42, outperforming the consensus estimate of $0.38.

Portland Investment Counsel Inc. lessened its stake in South Bow Corporation (NYSE:SOBO - Free Report) by 2.7% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 1,146,228 shares of the company's stock after selling 31,412 shares during the quarter. South Bow accounts for about 8.9% of Portland Investment Counsel Inc.'s portfolio, making the stock its 3rd largest holding. Portland Investment Counsel Inc. owned about 0.55% of South Bow worth $29,280,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also modified their holdings of SOBO. BNP Paribas Financial Markets acquired a new position in shares of South Bow in the 4th quarter valued at about $29,000. Louisbourg Investments Inc. acquired a new position in shares of South Bow in the 1st quarter valued at about $31,000. Tower Research Capital LLC TRC acquired a new position in shares of South Bow in the 4th quarter valued at about $35,000. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main acquired a new position in shares of South Bow in the 4th quarter valued at about $97,000. Finally, Natixis purchased a new position in shares of South Bow in the 4th quarter valued at about $121,000.

South Bow Trading Up 1.0%

SOBO traded up $0.28 during trading hours on Wednesday, reaching $27.11. The company's stock had a trading volume of 136,777 shares, compared to its average volume of 821,853. South Bow Corporation has a fifty-two week low of $21.12 and a fifty-two week high of $28.22. The stock has a market cap of $5.64 billion and a PE ratio of 14.65. The business's 50-day moving average is $26.61 and its 200-day moving average is $25.85. The company has a debt-to-equity ratio of 2.19, a current ratio of 1.28 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 analysts' consensus estimates of $0.38 by $0.04. The business had revenue of $524.00 million during the quarter, compared to analyst estimates of $449.00 million. As a group, equities research analysts predict that South Bow Corporation will post 1.74 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, October 15th. Stockholders of record on Monday, September 29th will be paid a $0.50 dividend. This represents a $2.00 annualized dividend and a dividend yield of 7.4%. The ex-dividend date is Monday, September 29th. South Bow's dividend payout ratio (DPR) is presently 108.11%.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the company. National Bankshares lifted their price target on South Bow from $25.00 to $26.00 and gave the company a "sector perform" rating in a research note on Friday, August 8th. CIBC lifted their price target on South Bow from $25.00 to $26.00 and gave the company a "neutral" rating in a research note on Tuesday, July 22nd. JPMorgan Chase & Co. reiterated an "underweight" rating and set a $27.00 price objective 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 research analysts have rated the stock with a Strong Buy rating, one has given a Buy rating, seven have assigned a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $28.80.

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.