Recurrent Investment Advisors LLC Decreases Holdings in South Bow Corporation $SOBO

Recurrent Investment Advisors LLC cut its stake in shares of South Bow Corporation (NYSE:SOBO) by 15.3% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 1,161,016 shares of the company’s stock after selling 209,619 shares during the period. South Bow comprises approximately 2.3% of Recurrent Investment Advisors LLC’s holdings, making the stock its 20th largest position. Recurrent Investment Advisors LLC owned approximately 0.56% of South Bow worth $38,682,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Cubist Systematic Strategies LLC bought a new stake in shares of South Bow in the first quarter worth $85,000. Amundi purchased a new stake in South Bow during the first quarter valued at $588,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in South Bow by 17.4% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 199,035 shares of the company’s stock valued at $5,079,000 after acquiring an additional 29,542 shares during the period. Acadian Asset Management LLC bought a new position in South Bow in the first quarter valued at about $885,000. Finally, Geode Capital Management LLC boosted its position in South Bow by 7.5% in the second quarter. Geode Capital Management LLC now owns 172,491 shares of the company’s stock worth $4,499,000 after purchasing an additional 11,984 shares during the last quarter.

South Bow Stock Down 0.4%

SOBO stock opened at $37.22 on Wednesday. The business’s 50-day moving average price is $36.79 and its 200-day moving average price is $33.49. The stock has a market cap of $7.76 billion, a P/E ratio of 18.33 and a beta of 0.16. 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 twelve month low of $25.01 and a twelve month high of $38.94.

South Bow (NYSE:SOBO) last released its earnings results on Thursday, May 7th. The company reported $0.44 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.46 by ($0.02). South Bow had a return on equity of 15.24% and a net margin of 21.32%.The firm had revenue of $491.00 million during the quarter, compared to analysts’ expectations of $491.21 million. During the same period in the prior year, the company posted $0.47 earnings per share. The company’s revenue was up 1.0% compared to the same quarter last year. On average, equities research analysts forecast that South Bow Corporation will post 1.78 EPS for the current year.

South Bow Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th were given a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 5.4%. The ex-dividend date was Tuesday, June 30th. South Bow’s dividend payout ratio is presently 98.52%.

Wall Street Analyst Weigh In

A number of research firms have issued reports on SOBO. Canadian Imperial Bank of Commerce boosted their price target on South Bow from $33.00 to $36.00 and gave the company a “neutral” rating in a research note on Tuesday, May 26th. Raymond James Financial initiated coverage on shares of South Bow in a report on Tuesday, June 9th. They issued an “outperform” rating on the stock. Weiss Ratings reissued a “buy (b+)” rating on shares of South Bow in a report on Thursday, June 11th. Jefferies Financial Group restated a “buy” rating on shares of South Bow in a research report on Thursday, May 28th. Finally, Wall Street Zen raised shares of South Bow from a “sell” rating to a “hold” rating in a report on Saturday, July 18th. Four equities research 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, the company currently has a consensus rating of “Hold” and a consensus target price of $32.00.

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.