CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT Purchases New Position in South Bow Co. (NYSE:SOBO)

CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT acquired a new position in shares of South Bow Co. (NYSE:SOBO) during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 287,953 shares of the company’s stock, valued at approximately $6,787,000. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT owned about 0.14% of South Bow as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Manitou Investment Management Ltd. acquired a new position in South Bow during the fourth quarter worth approximately $40,000. MassMutual Private Wealth & Trust FSB acquired a new position in shares of South Bow in the 4th quarter valued at $213,000. Hennessy Advisors Inc. purchased a new stake in South Bow in the 4th quarter valued at $276,000. Mutual Advisors LLC acquired a new stake in South Bow during the 4th quarter worth $517,000. Finally, Viking Fund Management LLC purchased a new position in South Bow during the 4th quarter worth $740,000.

South Bow Stock Up 1.4 %

Shares of SOBO stock opened at $24.36 on Friday. The stock’s 50 day simple moving average is $24.35. South Bow Co. has a 12-month low of $21.12 and a 12-month high of $27.30.

South Bow Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, January 31st. Shareholders of record on Tuesday, December 31st will be issued a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a yield of 8.21%. The ex-dividend date of this dividend is Tuesday, December 31st.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on SOBO. Tudor Pickering raised shares of South Bow to a “strong-buy” rating in a report on Tuesday, November 19th. Scotiabank raised South Bow to a “hold” rating in a research note on Friday, December 27th. Cibc World Mkts upgraded South Bow to a “hold” rating in a research note on Friday, October 11th. Jefferies Financial Group assumed coverage on South Bow in a research note on Tuesday, October 8th. They set a “hold” rating for the company. Finally, TD Securities started coverage on shares of South Bow in a research note on Wednesday, January 15th. They issued a “hold” rating on the stock. Two research analysts have rated the stock with a sell rating, four have given a hold rating, one has assigned a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $25.00.

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.