Stock price when the opinion was issued
He got shares from the spinoff, and now has to decide what to do. He hasn't had time to investigate thoroughly. A lot of their business is already contracted going forward, so revenues will be fairly consistent and predictable. Dividend should be stable. Not in a hurry to sell, and might even buy more.
In a spin-off, look how the market treats the underlying investment, and SOBO is up 20-25%. He has increased his holding in this, but it isn't a core holding. SOBO (running a liquids pipeline) can offer exposure to the Keystone pipeline, which Trump says he wants to finish. Canada doesn't tend to double-up on pipelines (TC Energy and Enbridge already run pipelines. He'd wait and see on SOBO.
Only real growth will be multiple expansion and what value people will give to the dividend. Owns 100% of Keystone, its key asset. High quality, very stable cashflows (~94% recurring). Pretty cheap PE. Yield proxy. Yield is 8-9%.