Bank of America Corp DE Buys Shares of 2,757,560 South Bow Corporation $SOBO

Key Points

• Bank of America acquired 2.76 million South Bow shares worth approximately $97.2 million, joining several other major institutions that established new positions during the second quarter.
• South Bow reported quarterly earnings of $0.50 per share and revenue of $546 million, exceeding analyst estimates of $0.45 per share and $496.9 million, respectively.
• Analysts maintain a consensus “Hold” rating with a $33 price target, while South Bow announced a quarterly dividend of $0.50 per share, equating to a 5.6% yield.

Bank of America Corp DE purchased a new stake in South Bow Corporation (NYSE:SOBO - Free Report) during the second quarter, according to its most recent filing with the SEC. The firm purchased 2,757,560 shares of the company's stock, valued at approximately $97,176,000. Bank of America Corp DE owned 1.32% of South Bow at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in the stock. Cibc World Market Inc. bought a new position in South Bow in the second quarter worth about $119,802,000. Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of South Bow in the 2nd quarter valued at about $97,830,000. Legal & General Group Plc purchased a new position in shares of South Bow in the 2nd quarter worth approximately $62,849,000. The Manufacturers Life Insurance Company purchased a new position in shares of South Bow in the 2nd quarter worth approximately $41,216,000. Finally, Portland Investment Counsel Inc. bought a new position in shares of South Bow during the 2nd quarter worth approximately $33,530,000.

Analyst Ratings Changes

Several equities analysts recently commented on SOBO shares. National Bank Financial increased their price objective on shares of South Bow from $31.00 to $35.00 and gave the company a "sector perform" rating in a research report on Monday, June 1st. Royal Bank Of Canada restated an "outperform" rating on shares of South Bow in a research note on Monday, August 10th. Canadian Imperial Bank of Commerce raised their price target on shares of South Bow from $33.00 to $36.00 and gave the stock a "neutral" rating in a report on Tuesday, May 26th. BMO Capital Markets reiterated a "market perform" rating on shares of South Bow in a research note on Monday, July 6th. Finally, Scotiabank boosted their price objective on shares of South Bow from $36.00 to $39.00 and gave the company a "sector perform" rating in a report on Tuesday, July 21st. Four analysts have rated the stock with a Buy rating, eight have given a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $33.00.

South Bow Trading Up 0.3%

Shares of NYSE:SOBO opened at $35.88 on Friday. The business's 50 day moving average price is $37.02 and its 200-day moving average price is $35.60. South Bow Corporation has a 1 year low of $25.01 and a 1 year high of $39.02. The firm has a market capitalization of $7.49 billion, a price-to-earnings ratio of 16.24 and a beta of 0.14. 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 posted its quarterly earnings data on Wednesday, August 5th. The company reported $0.50 earnings per share for the quarter, topping analysts' consensus estimates 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. On average, equities research analysts forecast that South Bow Corporation will post 1.88 earnings per share for the current fiscal year.

South Bow Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 15th. Shareholders of record on Tuesday, September 29th will be paid a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 5.6%. The ex-dividend date is Tuesday, September 29th. South Bow's payout ratio is 90.50%.

South Bow Company Profile

South Bow Corporation is a North American crude oil transportation and storage company headquartered in Calgary, Alberta. The company owns and operates infrastructure that moves crude oil from producing regions in Western Canada to refining and export markets in the United States.

South Bow's principal asset is the Keystone Pipeline System, which connects oil supplies from the Western Canadian Sedimentary Basin with refineries and storage hubs in the U.S. Midwest and along the U.S. Gulf Coast.

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