Allianz Asset Management GmbH Buys New Position in South Bow Corporation (NYSE:SOBO)

Key Points

• Allianz Asset Management GmbH has invested $418,000 in South Bow Corporation, acquiring 16,352 shares in the first quarter of the year.
• South Bow's recent quarterly earnings reported an EPS of $0.47, beating estimates, but revenues fell 8.5% year-over-year.
• The company declared a quarterly dividend of $0.50, resulting in an annualized dividend yield of 7.6%, with a payout ratio of 108.11%.

Allianz Asset Management GmbH purchased a new stake in shares of South Bow Corporation (NYSE:SOBO - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 16,352 shares of the company's stock, valued at approximately $418,000.

A number of other institutional investors and hedge funds have also modified their holdings of the business. Jennison Associates LLC grew its position in South Bow by 43.2% in the first quarter. Jennison Associates LLC now owns 969,432 shares of the company's stock valued at $24,773,000 after purchasing an additional 292,464 shares in the last quarter. Triasima Portfolio Management inc. increased its position in South Bow by 243.2% during the first quarter. Triasima Portfolio Management inc. now owns 116,885 shares of the company's stock worth $2,985,000 after acquiring an additional 82,830 shares during the period. Cerity Partners LLC bought a new position in South Bow in the 1st quarter valued at about $211,000. Catalyst Capital Advisors LLC boosted its stake in shares of South Bow by 6.7% in the 1st quarter. Catalyst Capital Advisors LLC now owns 224,579 shares of the company's stock valued at $5,731,000 after purchasing an additional 14,200 shares in the last quarter. Finally, Mutual Advisors LLC boosted its stake in shares of South Bow by 23.5% in the 1st quarter. Mutual Advisors LLC now owns 27,505 shares of the company's stock valued at $685,000 after purchasing an additional 5,229 shares in the last quarter.

South Bow Stock Performance

SOBO stock traded down $0.03 during trading on Wednesday, reaching $26.68. The company had a trading volume of 311,256 shares, compared to its average volume of 847,261. South Bow Corporation has a twelve month low of $21.12 and a twelve month high of $27.60. The company has a debt-to-equity ratio of 2.20, a quick ratio of 1.20 and a current ratio of 1.29. The company has a market cap of $5.56 billion and a price-to-earnings ratio of 14.42. The firm has a 50-day simple moving average of $26.32 and a 200-day simple moving average of $25.52.

South Bow (NYSE:SOBO - Get Free Report) last announced its quarterly earnings results on Thursday, May 15th. The company reported $0.47 earnings per share for the quarter, beating the consensus estimate of $0.42 by $0.05. The firm had revenue of $498.00 million for the quarter, compared to analyst estimates of $527.00 million. South Bow's revenue for the quarter was down 8.5% on a year-over-year basis. As a group, sell-side analysts expect that South Bow Corporation will post 1.74 earnings per share for the current year.

South Bow Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th were issued a $0.50 dividend. The ex-dividend date was Monday, June 30th. This represents a $2.00 annualized dividend and a dividend yield of 7.5%. South Bow's dividend payout ratio is 108.11%.

Analysts Set New Price Targets

SOBO has been the subject of several research reports. CIBC increased their price target on shares of South Bow from $25.00 to $26.00 and gave the company a "neutral" rating in a research report on Tuesday, July 22nd. Royal Bank Of Canada reissued an "outperform" rating and set a $38.00 price target on shares of South Bow in a research note on Monday, May 19th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating, one has issued a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average target price of $28.80.

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.