Maryland State Retirement & Pension System Has $6.54 Million Holdings in South Bow Corporation $SOBO

Maryland State Retirement & Pension System cut its stake in South Bow Corporation (NYSE:SOBO) by 5.8% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 237,732 shares of the company’s stock after selling 14,682 shares during the period. Maryland State Retirement & Pension System owned approximately 0.11% of South Bow worth $6,542,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in SOBO. Norges Bank acquired a new position in South Bow in the 4th quarter worth $24,566,000. Thornburg Investment Management Inc. boosted its stake in South Bow by 41.7% in the 4th quarter. Thornburg Investment Management Inc. now owns 2,829,875 shares of the company’s stock worth $77,840,000 after purchasing an additional 832,574 shares during the period. Dimensional Fund Advisors LP boosted its stake in South Bow by 51.6% in the 4th quarter. Dimensional Fund Advisors LP now owns 2,348,827 shares of the company’s stock worth $64,541,000 after purchasing an additional 799,707 shares during the period. American Century Companies Inc. boosted its stake in South Bow by 467.7% in the 3rd quarter. American Century Companies Inc. now owns 959,031 shares of the company’s stock worth $27,137,000 after purchasing an additional 790,111 shares during the period. Finally, Qube Research & Technologies Ltd boosted its stake in 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 purchasing an additional 650,648 shares during the period.

Analyst Ratings Changes

A number of brokerages recently weighed in on SOBO. Jefferies Financial Group reaffirmed a “buy” rating on shares of South Bow in a research note on Thursday, May 28th. Barclays upped their target price on shares of South Bow from $33.00 to $34.00 and gave the stock an “equal weight” rating in a research note on Thursday, May 21st. Wall Street Zen lowered shares of South Bow from a “hold” rating to a “sell” rating in a research note on Saturday, May 9th. National Bank Financial increased their price objective on shares of South Bow from $31.00 to $35.00 and gave the stock a “sector perform” rating in a research note on Monday, June 1st. Finally, Weiss Ratings restated a “buy (b+)” rating on shares of South Bow in a research note on Thursday, June 11th. Four research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and four have issued a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $31.57.

South Bow Trading Down 1.8%

South Bow stock opened at $36.94 on Wednesday. The firm has a 50-day moving average of $35.21 and a 200-day moving average of $31.60. South Bow Corporation has a one year low of $25.01 and a one year high of $38.45. The company has a debt-to-equity ratio of 2.16, a current ratio of 1.51 and a quick ratio of 1.37. The company has a market cap of $7.70 billion, a price-to-earnings ratio of 18.20 and a beta of 0.14.

South Bow (NYSE:SOBO) last posted its quarterly earnings data on Thursday, May 7th. The company reported $0.44 EPS for the quarter, missing analysts’ consensus estimates of $0.46 by ($0.02). South Bow had a return on equity of 15.24% and a net margin of 21.32%.The business had revenue of $491.00 million for the quarter, compared to analyst estimates of $491.21 million. During the same quarter in the prior year, the company earned $0.47 earnings per share. The company’s quarterly revenue was up 1.0% on a year-over-year basis. On average, equities analysts expect that South Bow Corporation will post 1.77 earnings per share 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. Stockholders of record on Tuesday, June 30th will be paid a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a dividend yield of 5.4%. The ex-dividend date is Tuesday, June 30th. South Bow’s dividend payout ratio is currently 98.52%.

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.