Maryland State Retirement & Pension System Invests $6.16 Million in South Bow Co. (NYSE:SOBO)

Maryland State Retirement & Pension System purchased a new stake in South Bow Co. (NYSE:SOBO) in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 261,070 shares of the company’s stock, valued at approximately $6,158,000. Maryland State Retirement & Pension System owned approximately 0.13% of South Bow as of its most recent filing with the SEC.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Hennessy Advisors Inc. acquired a new position in South Bow during the fourth quarter worth $276,000. Nexus Investment Management ULC acquired a new stake in shares of South Bow in the fourth quarter worth about $2,810,000. MassMutual Private Wealth & Trust FSB bought a new stake in shares of South Bow during the 4th quarter worth about $213,000. Viking Fund Management LLC acquired a new position in shares of South Bow during the 4th quarter valued at about $740,000. Finally, Mutual Advisors LLC bought a new position in shares of South Bow in the 4th quarter valued at approximately $517,000.

Analyst Ratings Changes

Several equities analysts have commented on the company. Wells Fargo & Company downgraded South Bow from a “hold” rating to a “strong sell” rating in a report on Wednesday, December 18th. Wolfe Research lowered shares of South Bow from an “outperform” rating to a “peer perform” rating in a research note on Friday, March 7th. Royal Bank of Canada reissued an “outperform” rating on shares of South Bow in a research report on Friday, March 7th. TD Securities assumed coverage on South Bow in a research report on Wednesday, January 15th. They issued a “hold” rating on the stock. Finally, Scotiabank boosted their price objective on South Bow from $26.00 to $27.00 and gave the stock a “sector perform” rating in a research report on Friday, March 7th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating, one has given a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $25.67.

South Bow Stock Performance

NYSE:SOBO opened at $26.01 on Thursday. The stock’s 50-day moving average is $24.90. The company has a market cap of $5.41 billion and a P/E ratio of 14.06. South Bow Co. has a 52-week low of $21.98 and a 52-week high of $27.60.

South Bow (NYSE:SOBO) last released its earnings results on Wednesday, March 5th. The company reported $0.54 earnings per share for the quarter, topping analysts’ consensus estimates of $0.42 by $0.12. The firm had revenue of $488.00 million for the quarter, compared to analyst estimates of $524.87 million. As a group, research analysts forecast that South Bow Co. will post 1.74 EPS for the current fiscal year.

South Bow Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be given a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a dividend yield of 7.69%. The ex-dividend date is Monday, March 31st. South Bow’s dividend payout ratio is presently 108.11%.

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.