CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT Cuts Stock Position in South Bow Corporation (NYSE:SOBO)

CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT lessened its stake in South Bow Corporation (NYSE:SOBO - Free Report) by 29.4% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 203,371 shares of the company's stock after selling 84,582 shares during the quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT owned 0.10% of South Bow worth $5,190,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also made changes to their positions in SOBO. Wiser Advisor Group LLC purchased a new position in South Bow in the fourth quarter valued at $27,000. BNP Paribas Financial Markets acquired a new position in shares of South Bow during the 4th quarter worth about $29,000. Louisbourg Investments Inc. acquired a new position in shares of South Bow during the 1st quarter worth about $31,000. Assetmark Inc. purchased a new position in shares of South Bow in the 4th quarter valued at about $33,000. Finally, Rhumbline Advisers purchased a new position in shares of South Bow in the 4th quarter valued at about $34,000.

South Bow Stock Performance

Shares of SOBO traded up $0.07 during mid-day trading on Friday, reaching $25.95. 6,119,596 shares of the company's stock were exchanged, compared to its average volume of 903,588. The business's fifty day simple moving average is $25.81 and its 200-day simple moving average is $25.01. The stock has a market capitalization of $5.40 billion and a PE ratio of 14.03. South Bow Corporation has a 52-week low of $21.16 and a 52-week high of $27.60. 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 issued its quarterly earnings results on Thursday, May 15th. The company reported $0.47 earnings per share for the quarter, topping analysts' consensus estimates of $0.42 by $0.05. The business had revenue of $498.00 million for the quarter, compared to analyst estimates of $527.00 million. The company's quarterly revenue was down 8.5% on a year-over-year basis. On average, equities research analysts expect that South Bow Corporation will post 1.74 earnings per share for the current year.

South Bow Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, July 15th. Investors of record on Monday, June 30th will be issued a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a dividend yield of 7.71%. The ex-dividend date of this dividend is Monday, June 30th. South Bow's dividend payout ratio is currently 108.11%.

Analyst Upgrades and Downgrades

SOBO has been the subject of several recent analyst reports. Wolfe Research cut South Bow from an "outperform" rating to a "peer perform" rating in a research note on Friday, March 7th. JPMorgan Chase & Co. assumed coverage on shares of South Bow in a research report on Friday, March 28th. They set a "neutral" rating and a $28.00 price objective for the company. CIBC cut shares of South Bow from a "sector outperform" rating to a "neutral" rating and set a $25.00 target price for the company. in a report on Friday, March 7th. National Bankshares increased their target price on shares of South Bow from $24.00 to $25.00 and gave the company a "sector perform" rating in a research report on Friday, March 7th. Finally, Royal Bank Of Canada reiterated an "outperform" rating and set a $38.00 price target on shares of South Bow in a research note on Monday, May 19th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating, one has assigned a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, South Bow currently has a consensus rating of "Hold" and an average price target of $28.60.

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.