Bank of Nova Scotia Buys 1,454,084 Shares of South Bow Corporation (NYSE:SOBO)

Key Points

• Bank of Nova Scotia increased its stake in South Bow Corporation by 196.7% to 2,193,469 shares, valued at approximately $56.04 million, as reported in their latest filing.
• South Bow Corporation reported $0.47 earnings per share for its latest quarter, exceeding estimates, but its revenue decreased by 8.5% year-over-year.
• The company recently paid a quarterly dividend of $0.50, with a current annual yield of 7.6% and a payout ratio of 108.11%.

Bank of Nova Scotia lifted its holdings in shares of South Bow Corporation (NYSE:SOBO - Free Report) by 196.7% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 2,193,469 shares of the company's stock after buying an additional 1,454,084 shares during the period. Bank of Nova Scotia owned approximately 1.05% of South Bow worth $56,039,000 at the end of the most recent reporting period.

A number of other institutional investors also recently added to or reduced their stakes in SOBO. Oppenheimer & Co. Inc. acquired a new stake in shares of South Bow during the 1st quarter valued at $1,351,000. Geode Capital Management LLC purchased a new stake in shares of South Bow during the fourth quarter worth $4,803,000. Dimensional Fund Advisors LP bought a new stake in shares of South Bow in the 4th quarter valued at approximately $15,747,000. Norges Bank acquired a new position in shares of South Bow during the 4th quarter worth $20,486,000. Finally, Barclays PLC acquired a new position in South Bow during the fourth quarter worth $1,059,000.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the stock. CIBC boosted their price objective on shares of South Bow from $25.00 to $26.00 and gave the stock a "neutral" rating in a research note on Tuesday, July 22nd. Royal Bank Of Canada reaffirmed an "outperform" rating and issued a $38.00 target price on shares of South Bow in a research report on Monday, May 19th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating, one has issued a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, South Bow has an average rating of "Hold" and a consensus price target of $28.80.

South Bow Price Performance

Shares of NYSE:SOBO traded up $0.32 during midday trading on Thursday, reaching $27.28. The company's stock had a trading volume of 294,481 shares, compared to its average volume of 846,440. The business's fifty day simple moving average is $26.34 and its 200-day simple moving average is $25.53. The company has a market capitalization of $5.68 billion and a P/E ratio of 14.80. The company has a debt-to-equity ratio of 2.20, a current ratio of 1.29 and a quick ratio of 1.20. South Bow Corporation has a fifty-two week low of $21.12 and a fifty-two week high of $28.04.

South Bow (NYSE:SOBO - Get Free Report) last released its earnings results on Wednesday, August 6th. The company reported $0.42 EPS for the quarter, beating the consensus estimate of $0.38 by $0.04. The firm had revenue of $524.00 million during the quarter, compared to analyst estimates of $449.00 million. As a group, equities research analysts expect that South Bow Corporation will post 1.74 EPS for the current fiscal year.

South Bow Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th were given a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a dividend yield of 7.3%. The ex-dividend date was Monday, June 30th. South Bow's payout ratio is presently 108.11%.

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.