CUSHING ASSET MANAGEMENT, LP dba NXG INVESTMENT MANAGEMENT 13F: Cuts SOBO Stake by $5M

Cushing Asset Management, LP dba NXG Investment Management cut its position in South Bow Corporation (SOBO) by 150,000 shares, valued at about $4.97 million, in a filing on October 26, 2026. This reduction brings Cushing's total stake in the energy infrastructure company down to 705,500 shares. The information comes from the fund's latest Form 13F filing with the SEC.

SOBO South Bow Corporation

$35.69 ▲ +33.67% year to date

1M 3M YTD

Daily close · Oct 26, 2026

Where South Bow Fits in Cushing's Portfolio

Cushing's investment in South Bow now represents 1.65% of its total reported value of about $1.42 billion, ranking it 23rd among the fund's 73 positions. The change of 150,000 shares reflects a 17.5% decrease in its holdings.

Other Institutional Activity in South Bow

Several other institutional investors have also adjusted their stakes in South Bow Corporation. Royal Bank of Canada reduced its holdings by 1,835,603 shares, leaving it with 14,568,356 shares worth about $519.9 million. Bank of Montreal cut its position by 1,037,638 shares, bringing its total to 5,554,724 shares valued at approximately $198.2 million. Meanwhile, ClearBridge Investments increased its stake by 185,529 shares, totaling 8,855,108 shares worth about $316.0 million.

South Bow Corporation Stock Up 0.7%

As of October 27, 2026, South Bow Corporation shares traded recently around $35.69. This is above its 50-day moving average of $35.51 and about 4.2% above its 200-day average of $34.25. However, the stock is still about 8.5% below its 52-week high of $39.02, but it remains 42.7% above its 52-week low of $25.02.

Recent Earnings

South Bow Corporation reported trailing twelve-month revenue of approximately $2 billion and earnings per share (EPS) of $2.20. The next earnings report is scheduled for November 4, 2026, and investors will be looking for continued revenue growth, which has been at 4.2% year-over-year.

Dividend

South Bow pays an annual dividend of $2.00 per share, which translates to a yield of 5.6%. The dividend payout ratio stands at 90.9%, indicating a significant portion of earnings is returned to shareholders.

Analysts Set New Price Targets

On October 22, 2026, CIBC maintained a Neutral rating on South Bow with a price target of $35.00. Earlier, on October 9, Barclays downgraded its rating to Underweight with a target of $33.00. The current consensus recommendation is to hold, with a mean price target of $34.50 from eight analysts.

About South Bow Corporation

South Bow Corporation operates in the energy sector, focusing on oil and gas midstream services. The company runs the Keystone Pipeline System, which transports crude oil from Alberta to various U.S. markets. The recent adjustments in Cushing's position may reflect changing market conditions or investment strategies within the energy sector.

Bottom Line

Investors should keep an eye on South Bow's upcoming earnings report on November 4, 2026, as it may provide insights into the company's performance and future prospects. Additionally, further filings from Cushing Asset Management may reveal more about their investment strategy in the energy sector.