Alberta Investment Management Corp Acquires New Position in South Bow Corporation $SOBO

Key Points

• Alberta Investment Management Corp acquired 212,851 shares of South Bow, valued at approximately $7.49 million, giving it a 0.10% stake. Several other institutional investors also increased their holdings.
• South Bow reported quarterly EPS of $0.50, exceeding the $0.45 analyst estimate, while revenue of $546 million topped expectations of $496.87 million.
• The company declared a quarterly dividend of $0.50 per share, or $2.00 annualized, representing a 5.4% yield. Analysts maintain a consensus “Hold” rating with an average price target of $32.14, below the stock’s $36.76 opening price.

Alberta Investment Management Corp purchased a new stake in shares of South Bow Corporation (NYSE:SOBO - Free Report) during the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 212,851 shares of the company's stock, valued at approximately $7,490,000. Alberta Investment Management Corp owned approximately 0.10% of South Bow at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Parallel Advisors LLC lifted 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 acquiring an additional 496 shares during the period. IFP Advisors Inc grew its stake in shares of South Bow by 780.3% during the 3rd quarter. IFP Advisors Inc now owns 1,206 shares of the company's stock worth $34,000 after purchasing an additional 1,069 shares during the period. Northwestern Mutual Wealth Management Co. increased its holdings in shares of South Bow by 1,993.8% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 1,340 shares of the company's stock valued at $35,000 after purchasing an additional 1,276 shares in the last quarter. EverSource Wealth Advisors LLC increased its holdings in shares of South Bow by 78.2% during the 1st quarter. EverSource Wealth Advisors LLC now owns 1,893 shares of the company's stock valued at $63,000 after purchasing an additional 831 shares in the last quarter. Finally, Kelleher Financial Advisors acquired a new position in shares of South Bow in the 2nd quarter valued at $68,000.

Analyst Upgrades and Downgrades

SOBO has been the subject of a number of analyst reports. Barclays upped their price target on South Bow from $34.00 to $35.00 and gave the stock an "equal weight" rating in a report on Friday, August 7th. Raymond James Financial started coverage on South Bow in a research note on Tuesday, June 9th. They set an "outperform" rating for the company. The Goldman Sachs Group began coverage on South Bow in a research report on Monday, April 20th. They set a "sell" rating and a $29.00 target price on the stock. Scotiabank lifted their price target on shares of South Bow from $36.00 to $39.00 and gave the company a "sector perform" rating in a research note on Tuesday, July 21st. Finally, Royal Bank Of Canada reissued an "outperform" rating on shares of South Bow in a report on Monday, August 10th. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, eight have assigned a Hold rating and four have assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, South Bow has an average rating of "Hold" and an average price target of $32.14.

South Bow Stock Down 0.1%

Shares of SOBO opened at $36.76 on Monday. The company's 50-day moving average price is $36.58 and its 200 day moving average price is $34.39. South Bow Corporation has a 12-month low of $25.01 and a 12-month high of $38.94. The company has a current ratio of 1.52, a quick ratio of 1.44 and a debt-to-equity ratio of 2.15. The firm has a market cap of $7.67 billion, a P/E ratio of 16.63 and a beta of 0.15.

South Bow (NYSE:SOBO - Get Free Report) last announced its earnings results on Wednesday, August 5th. The company reported $0.50 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.45 by $0.05. The company had revenue of $546.00 million for the quarter, compared to analyst estimates of $496.87 million. South Bow had a return on equity of 15.84% and a net margin of 22.99%. On average, sell-side analysts forecast that South Bow Corporation will post 1.81 earnings per share for the current year.

South Bow Dividend Announcement

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

South Bow Company 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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