BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp Purchases 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 holdings in shares of South Bow Corporation (NYSE:SOBO - Free Report) by 25.8% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund 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 about 0.06% of South Bow worth $2,993,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Tortoise Capital Advisors L.L.C. grew its holdings in shares of South Bow by 0.8% in the first quarter. Tortoise Capital Advisors L.L.C. now owns 1,205,314 shares of the company's stock worth $30,760,000 after purchasing an additional 9,422 shares during the last quarter. Price T Rowe Associates Inc. MD grew its holdings in shares of South Bow by 2.3% in the first quarter. Price T Rowe Associates Inc. MD now owns 12,617,143 shares of the company's stock worth $321,990,000 after purchasing an additional 280,088 shares during the last quarter. Burgundy Asset Management Ltd. bought a new position in shares of South Bow in the first quarter worth approximately $527,000. American Century Companies Inc. grew its holdings in shares of South Bow by 5.9% in the first quarter. American Century Companies Inc. now owns 91,625 shares of the company's stock worth $2,341,000 after purchasing an additional 5,109 shares during the last quarter. Finally, Boston Partners bought a new position in shares of South Bow in the first quarter worth approximately $32,840,000.

South Bow Price Performance

Shares of SOBO traded up $0.22 during mid-day trading on Friday, hitting $27.72. 694,974 shares of the stock were exchanged, compared to its average volume of 550,638. The company has a market cap of $5.77 billion and a PE ratio of 14.99. South Bow Corporation has a 52-week low of $21.12 and a 52-week high of $28.22. The firm has a 50-day moving average of $26.68 and a two-hundred day moving average of $25.90. The company has a debt-to-equity ratio of 2.19, a quick ratio of 1.20 and a current ratio of 1.28.

South Bow (NYSE:SOBO - Get Free Report) last released its earnings results on Wednesday, August 6th. The company reported $0.42 earnings per share for the quarter, beating the consensus estimate of $0.38 by $0.04. The company had revenue of $524.00 million for the quarter, compared to the consensus estimate of $449.00 million. On average, equities analysts predict that South Bow Corporation will post 1.74 earnings per share for the current year.

South Bow Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 15th. Shareholders of record on Monday, September 29th will be given a $0.50 dividend. This represents a $2.00 annualized dividend and a yield of 7.2%. The ex-dividend date of this dividend is Monday, September 29th. South Bow's dividend payout ratio is 108.11%.

Wall Street Analysts Forecast Growth

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

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.