BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp Buys 24,055 Shares of South Bow Corporation $SOBO

Key Points

• BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp increased its stake in South Bow Corporation by 25.8%, acquiring an additional 24,055 shares during the first quarter, bringing its total ownership to 117,148 shares valued at approximately $2.99 million.
• South Bow Corporation recently announced a quarterly dividend of $0.50 per share, with a 7.3% dividend yield; stockholders of record will be paid on October 15th.
• As of the latest earnings report, South Bow Corporation reported $0.42 EPS, exceeding the consensus estimate by $0.04, with revenue reaching $524 million against an estimate of $449 million.

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp raised its position in South Bow Corporation (NYSE:SOBO - Free Report) by 25.8% in the first quarter, according to its most recent disclosure with the SEC. The firm owned 117,148 shares of the company's stock after acquiring an additional 24,055 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp owned approximately 0.06% of South Bow worth $2,993,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently added to or reduced their stakes in the company. HighTower Advisors LLC grew its stake in South Bow by 0.4% in the first quarter. HighTower Advisors LLC now owns 112,769 shares of the company's stock valued at $2,878,000 after acquiring an additional 451 shares during the period. Louisbourg Investments Inc. acquired a new stake in South Bow in the first quarter valued at approximately $31,000. BNP Paribas Financial Markets acquired a new stake in South Bow in the fourth quarter valued at approximately $29,000. Cetera Investment Advisers grew its stake in South Bow by 15.0% in the first quarter. Cetera Investment Advisers now owns 11,248 shares of the company's stock valued at $287,000 after acquiring an additional 1,466 shares during the period. Finally, Tower Research Capital LLC TRC acquired a new stake in South Bow in the fourth quarter valued at approximately $35,000.

Analysts Set New Price Targets

Several research analysts recently issued reports on the company. JPMorgan Chase & Co. reaffirmed an "underweight" rating and set a $27.00 target price on shares of South Bow in a research report on Thursday, August 21st. National Bankshares lifted their target price on South Bow from $25.00 to $26.00 and gave the company a "sector perform" rating in a research report on Friday, August 8th. CIBC lifted their target price on South Bow from $25.00 to $26.00 and gave the company a "neutral" rating in a research report on Tuesday, July 22nd. Finally, Royal Bank Of Canada reaffirmed an "outperform" rating on shares of South Bow in a research report on Friday, August 8th. Two research analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating, seven have assigned a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Hold" and an average price target of $28.80.

South Bow Stock Performance

South Bow stock traded up $0.41 during mid-day trading on Thursday, reaching $27.47. 514,787 shares of the company's stock were exchanged, compared to its average volume of 536,856. The business's fifty day simple moving average is $26.65 and its 200 day simple moving average is $25.87. The firm has a market capitalization of $5.72 billion and a PE ratio of 14.85. South Bow Corporation has a one year low of $21.12 and a one year high of $28.22. The company has a quick ratio of 1.20, a current ratio of 1.28 and a debt-to-equity ratio of 2.19.

South Bow (NYSE:SOBO - Get Free Report) last issued its quarterly earnings results on Wednesday, August 6th. The company reported $0.42 EPS for the quarter, topping analysts' consensus estimates of $0.38 by $0.04. The business had revenue of $524.00 million for the quarter, compared to the consensus estimate of $449.00 million. On average, sell-side analysts expect that South Bow Corporation will post 1.74 earnings per share for the current year.

South Bow Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 15th. Shareholders of record on Monday, September 29th will be paid a $0.50 dividend. The ex-dividend date is Monday, September 29th. This represents a $2.00 annualized dividend and a dividend yield of 7.3%. 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.