Portland Investment Counsel Inc. Takes $33.53 Million Position in South Bow Corporation $SOBO

Portland Investment Counsel Inc. acquired a new position in South Bow Corporation (NYSE:SOBO) in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 951,824 shares of the company’s stock, valued at approximately $33,530,000. South Bow accounts for approximately 9.4% of Portland Investment Counsel Inc.’s investment portfolio, making the stock its 4th biggest position. Portland Investment Counsel Inc. owned approximately 0.46% of South Bow as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Parallel Advisors LLC boosted its stake in shares of South Bow by 140.5% in the 1st quarter. Parallel Advisors LLC now owns 849 shares of the company’s stock valued at $28,000 after purchasing an additional 496 shares during the last quarter. IFP Advisors Inc lifted its holdings in South Bow by 780.3% in the third quarter. IFP Advisors Inc now owns 1,206 shares of the company’s stock valued at $34,000 after buying an additional 1,069 shares during the period. Northwestern Mutual Wealth Management Co. boosted its stake in South Bow by 1,993.8% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 1,340 shares of the company’s stock valued at $35,000 after acquiring an additional 1,276 shares during the last quarter. Clearstead Advisors LLC boosted its stake in South Bow by 192.5% in the fourth quarter. Clearstead Advisors LLC now owns 2,150 shares of the company’s stock valued at $59,000 after acquiring an additional 1,415 shares during the last quarter. Finally, Kestra Advisory Services LLC bought a new position in shares of South Bow in the 4th quarter worth $61,000.

Analysts Set New Price Targets

A number of equities research analysts recently commented on SOBO shares. Jefferies Financial Group reaffirmed a “buy” rating on shares of South Bow in a research note on Thursday, May 28th. Scotiabank raised their target price on South Bow from $36.00 to $39.00 and gave the stock a “sector perform” rating in a report on Tuesday, July 21st. National Bank Financial boosted their target price on South Bow from $31.00 to $35.00 and gave the stock a “sector perform” rating in a research report on Monday, June 1st. BMO Capital Markets restated a “market perform” rating on shares of South Bow in a research report on Monday, July 6th. Finally, TD Securities reiterated a “hold” rating on shares of South Bow in a research report on Thursday, July 16th. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, eight have issued a Hold rating and three have given a Sell rating to the company’s stock. According to data from MarketBeat, South Bow has a consensus rating of “Hold” and an average target price of $33.00.

South Bow Stock Down 0.1%

South Bow stock opened at $37.69 on Monday. The company has a 50 day moving average of $36.62 and a 200-day moving average of $34.71. The company has a quick ratio of 1.44, a current ratio of 1.52 and a debt-to-equity ratio of 2.15. South Bow Corporation has a twelve month low of $25.01 and a twelve month high of $38.94. The stock has a market capitalization of $7.86 billion, a PE ratio of 17.05 and a beta of 0.15.

South Bow (NYSE:SOBO) last issued its quarterly earnings data on Wednesday, August 5th. The company reported $0.50 EPS for the quarter, topping analysts’ consensus estimates of $0.45 by $0.05. South Bow had a net margin of 22.99% and a return on equity of 15.84%. The business had revenue of $546.00 million for the quarter, compared to analyst estimates of $496.87 million. On average, equities research analysts anticipate that South Bow Corporation will post 1.87 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. Shareholders of record on Tuesday, September 29th will be issued a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a yield of 5.3%. The ex-dividend date is Tuesday, September 29th. South Bow’s dividend payout ratio is 90.50%.

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.