235,511 Shares in South Bow Corporation $SOBO Acquired by Bank of Nova Scotia

Bank of Nova Scotia purchased a new position in South Bow Corporation (NYSE:SOBO - Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 235,511 shares of the company's stock, valued at approximately $8,296,000. Bank of Nova Scotia owned approximately 0.11% of South Bow as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently added to or reduced their stakes in the company. Parallel Advisors LLC lifted its stake in shares of South Bow by 140.5% in the first quarter. Parallel Advisors LLC now owns 849 shares of the company's stock valued at $28,000 after buying an additional 496 shares in the last quarter. IFP Advisors Inc boosted its position in shares of South Bow by 780.3% during the third quarter. IFP Advisors Inc now owns 1,206 shares of the company's stock valued at $34,000 after buying an additional 1,069 shares during the last quarter. Northwestern Mutual Wealth Management Co. grew its holdings in South Bow by 1,993.8% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 1,340 shares of the company's stock worth $35,000 after buying an additional 1,276 shares in the last quarter. Clearstead Advisors LLC grew its holdings in South Bow by 192.5% during the fourth quarter. Clearstead Advisors LLC now owns 2,150 shares of the company's stock worth $59,000 after buying an additional 1,415 shares in the last quarter. Finally, Kestra Advisory Services LLC bought a new stake in South Bow during the fourth quarter worth $61,000.

Analyst Upgrades and Downgrades

A number of analysts recently commented on the company. Canadian Imperial Bank of Commerce increased their price target on South Bow from $33.00 to $36.00 and gave the company a "neutral" rating in a research report on Tuesday, May 26th. Barclays raised their target price on South Bow from $34.00 to $35.00 and gave the company an "equal weight" rating in a research report on Friday, August 7th. Scotiabank boosted their price target on shares of South Bow from $36.00 to $39.00 and gave the stock a "sector perform" rating in a report on Tuesday, July 21st. Raymond James Financial assumed coverage on shares of South Bow in a report on Tuesday, June 9th. They issued an "outperform" rating on the stock. Finally, Wall Street Zen upgraded shares of South Bow from a "sell" rating to a "hold" rating in a research report on Saturday, July 18th. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, eight have given a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $33.00.

South Bow Price Performance

SOBO stock opened at $37.30 on Tuesday. The firm has a 50 day moving average of $36.61 and a 200-day moving average of $34.77. The company has a current ratio of 1.52, a quick ratio of 1.44 and a debt-to-equity ratio of 2.15. South Bow Corporation has a 12 month low of $25.01 and a 12 month high of $38.94. The firm has a market capitalization of $7.78 billion, a P/E ratio of 16.88 and a beta of 0.15.

South Bow (NYSE:SOBO - Get Free Report) last issued its quarterly earnings data on Wednesday, August 5th. The company reported $0.50 EPS for the quarter, beating the consensus estimate of $0.45 by $0.05. South Bow had a net margin of 22.99% and a return on equity of 15.84%. The company had revenue of $546.00 million during the quarter, compared to analysts' expectations of $496.87 million. As a group, sell-side analysts predict that South Bow Corporation will post 1.87 earnings per share for the current fiscal year.

South Bow Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 15th. Shareholders of record on Tuesday, September 29th will be paid a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a yield of 5.4%. The ex-dividend date of this dividend is Tuesday, September 29th. South Bow's payout ratio is currently 90.50%.

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.

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