486,641 Shares in South Bow Corporation $SOBO Bought by BlackRock Inc.

Key Points

• BlackRock acquired 486,641 shares of South Bow during the second quarter, worth approximately $17.15 million and representing about 0.23% of the company.
• South Bow reported quarterly EPS of $0.50, exceeding analysts’ $0.45 estimate, while revenue of $546 million also topped expectations. The company declared a quarterly dividend of $0.50, equivalent to a 5.3% annualized yield.
• SOBO shares opened at $37.43, near the upper end of their 12-month range. Despite some analyst upgrades and higher price targets, Wall Street’s overall rating remains Hold, with an average price target of $33.

BlackRock Inc. bought a new stake in South Bow Corporation (NYSE:SOBO - Free Report) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 486,641 shares of the company's stock, valued at approximately $17,149,000. BlackRock Inc. owned about 0.23% of South Bow at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Parallel Advisors LLC boosted its holdings in 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 purchasing an additional 496 shares in the last quarter. IFP Advisors Inc grew its position in shares of South Bow by 780.3% in the 3rd 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. lifted its position in South Bow by 1,993.8% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 1,340 shares of the company's stock valued at $35,000 after acquiring an additional 1,276 shares during the last quarter. Clearstead Advisors LLC boosted its stake in South Bow by 192.5% in the fourth quarter. Clearstead Advisors LLC now owns 2,150 shares of the company's stock valued at $59,000 after acquiring an additional 1,415 shares in the last quarter. Finally, Kestra Advisory Services LLC acquired a new position in South Bow in the fourth quarter valued at $61,000.

South Bow Stock Up 0.1%

SOBO opened at $37.43 on Friday. The stock has a market capitalization of $7.81 billion, a P/E ratio of 16.94 and a beta of 0.14. South Bow Corporation has a 12 month low of $25.01 and a 12 month high of $39.02. The business has a 50 day simple moving average of $36.83 and a 200-day simple moving average of $35.23. The company has a debt-to-equity ratio of 2.15, a current ratio of 1.52 and a quick ratio of 1.44.

South Bow (NYSE:SOBO - Get Free Report) last released its quarterly earnings data on Wednesday, August 5th. The company reported $0.50 EPS for the quarter, topping analysts' consensus estimates of $0.45 by $0.05. The firm had revenue of $546.00 million for the quarter, compared to the consensus estimate of $496.87 million. South Bow had a net margin of 22.99% and a return on equity of 15.84%. On average, equities analysts anticipate that South Bow Corporation will post 1.87 earnings per share for the current fiscal year.

South Bow Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 15th. Investors 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 5.3%. The ex-dividend date of this dividend is Tuesday, September 29th. South Bow's dividend payout ratio is presently 90.50%.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on SOBO shares. Canadian Imperial Bank of Commerce boosted their price objective on South Bow from $33.00 to $36.00 and gave the company a "neutral" rating in a research note on Tuesday, May 26th. TD Securities reissued a "hold" rating on shares of South Bow in a research report on Thursday, July 16th. Weiss Ratings raised South Bow from a "buy (b+)" rating to a "buy (a-)" rating in a report on Thursday, August 6th. Wall Street Zen upgraded South Bow from a "sell" rating to a "hold" rating in a research report on Saturday, July 18th. Finally, Scotiabank upped their price target on South Bow from $36.00 to $39.00 and gave the stock a "sector perform" rating in a research note on Tuesday, July 21st. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, eight have given a Hold rating and three have given a Sell rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $33.00.

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.

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