South Bow Corporation $SOBO Stake Lifted by Maryland State Retirement & Pension System

Maryland State Retirement & Pension System lifted its stake in shares of South Bow Corporation (NYSE:SOBO) by 7.4% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 255,294 shares of the company’s stock after acquiring an additional 17,562 shares during the quarter. Maryland State Retirement & Pension System owned about 0.12% of South Bow worth $8,484,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Norges Bank acquired a new stake in South Bow in the fourth quarter worth approximately $24,566,000. Thornburg Investment Management Inc. increased its position in shares of South Bow by 41.7% during the 4th quarter. Thornburg Investment Management Inc. now owns 2,829,875 shares of the company’s stock valued at $77,840,000 after purchasing an additional 832,574 shares during the period. Dimensional Fund Advisors LP increased its position in shares of South Bow by 51.6% during the 4th quarter. Dimensional Fund Advisors LP now owns 2,348,827 shares of the company’s stock valued at $64,541,000 after purchasing an additional 799,707 shares during the period. Qube Research & Technologies Ltd raised its stake in shares of South Bow by 485.9% in the 3rd quarter. Qube Research & Technologies Ltd now owns 784,565 shares of the company’s stock worth $22,195,000 after buying an additional 650,648 shares in the last quarter. Finally, Two Sigma Investments LP raised its stake in shares of South Bow by 421.9% in the 3rd quarter. Two Sigma Investments LP now owns 770,910 shares of the company’s stock worth $21,809,000 after buying an additional 623,189 shares in the last quarter.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on SOBO shares. The Goldman Sachs Group began coverage on South Bow in a research note on Monday, April 20th. They set a “sell” rating and a $29.00 target price for the company. Scotiabank boosted their price target on shares of South Bow from $34.00 to $36.00 and gave the stock a “sector perform” rating in a research report on Friday, May 8th. National Bank Financial upped their price target on shares of South Bow from $31.00 to $35.00 and gave the company a “sector perform” rating in a report on Monday, June 1st. Jefferies Financial Group reissued a “buy” rating on shares of South Bow in a report on Thursday, May 28th. Finally, Raymond James Financial started coverage on shares of South Bow in a research report on Tuesday, June 9th. They set an “outperform” rating for the company. Four investment analysts have rated the stock with a Buy rating, eight have given a Hold rating and four have given a Sell rating to the stock. According to MarketBeat, South Bow currently has a consensus rating of “Hold” and an average price target of $31.57.

South Bow Stock Performance

Shares of South Bow stock opened at $37.53 on Wednesday. The stock has a market cap of $7.83 billion, a PE ratio of 18.49 and a beta of 0.16. The business has a fifty day simple moving average of $36.45 and a 200-day simple moving average of $32.77. The company has a quick ratio of 1.37, a current ratio of 1.51 and a debt-to-equity ratio of 2.16. South Bow Corporation has a 12 month low of $25.01 and a 12 month high of $38.45.

South Bow (NYSE:SOBO) last issued its quarterly earnings results on Thursday, May 7th. The company reported $0.44 earnings per share for the quarter, missing analysts’ consensus estimates of $0.46 by ($0.02). The business had revenue of $491.00 million for the quarter, compared to analysts’ expectations of $491.21 million. South Bow had a net margin of 21.32% and a return on equity of 15.24%. The business’s quarterly revenue was up 1.0% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.47 EPS. On average, sell-side analysts anticipate that South Bow Corporation will post 1.77 EPS for the current fiscal year.

South Bow Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th will be given a dividend of $0.50 per share. The ex-dividend date is Tuesday, June 30th. This represents a $2.00 dividend on an annualized basis and a yield of 5.3%. South Bow’s dividend payout ratio (DPR) is presently 98.52%.

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.