Y Intercept Hong Kong Ltd Acquires New Shares in South Bow Corporation (NYSE:SOBO)

Key Points

• Y Intercept Hong Kong Ltd purchased 14,650 shares of South Bow Corporation for approximately $374,000, marking a new investment for the firm.
• South Bow Corporation declared a quarterly dividend of $0.50 per share, which translates to an annualized yield of 7.76%.
• The company's recent earnings report showed an EPS of $0.47, surpassing the estimated $0.42, though revenues fell short of estimates at $498 million.

Y Intercept Hong Kong Ltd bought a new stake in South Bow Corporation (NYSE:SOBO - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund bought 14,650 shares of the company's stock, valued at approximately $374,000.

Several other institutional investors have also recently bought and sold shares of SOBO. FMR LLC bought a new stake in shares of South Bow during the 4th quarter worth approximately $461,249,000. Capital International Investors bought a new stake in shares of South Bow during the 4th quarter worth approximately $315,469,000. Price T Rowe Associates Inc. MD bought a new stake in shares of South Bow during the 4th quarter worth approximately $290,786,000. Vanguard Group Inc. bought a new stake in shares of South Bow during the 4th quarter worth approximately $206,467,000. Finally, Bank of Montreal Can bought a new stake in shares of South Bow during the 4th quarter worth approximately $126,068,000.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the company. CIBC upped their price objective on South Bow from $25.00 to $26.00 and gave the stock a "neutral" rating in a research note on Tuesday, July 22nd. Royal Bank Of Canada reissued an "outperform" rating and set a $38.00 target price on shares of South Bow in a report on Monday, May 19th. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating, one has assigned a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, South Bow currently has an average rating of "Hold" and an average price target of $28.80.

South Bow Stock Performance

SOBO stock traded up $0.12 during trading hours on Friday, hitting $26.38. 164,871 shares of the stock were exchanged, compared to its average volume of 856,745. The company has a current ratio of 1.29, a quick ratio of 1.20 and a debt-to-equity ratio of 2.20. The company has a 50-day simple moving average of $26.33 and a two-hundred day simple moving average of $25.44. South Bow Corporation has a 12 month low of $21.12 and a 12 month high of $27.60. The firm has a market capitalization of $5.49 billion and a P/E ratio of 14.26.

South Bow (NYSE:SOBO - Get Free Report) last released its quarterly earnings results on Thursday, May 15th. The company reported $0.47 EPS for the quarter, beating the consensus estimate of $0.42 by $0.05. The business had revenue of $498.00 million during the quarter, compared to analyst estimates of $527.00 million. The business's revenue was down 8.5% compared to the same quarter last year. On average, analysts forecast that South Bow Corporation will post 1.74 earnings per share for the current fiscal year.

South Bow Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, July 15th. Investors of record on Monday, June 30th were paid a $0.50 dividend. The ex-dividend date of this dividend was Monday, June 30th. This represents a $2.00 annualized dividend and a yield of 7.6%. South Bow's dividend payout ratio (DPR) is 108.11%.

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.