BROOKFIELD Corp ON Reduces Stock Position in South Bow Corporation $SOBO

Key Points

• BROOKFIELD Corp ON cut its South Bow stake by 57.3% in the first quarter, selling 694,951 shares and retaining 517,205 shares worth approximately $17.2 million.
• Analyst sentiment is mixed, with four Buy, eight Hold, and four Sell ratings; the consensus rating is Hold with an average price target of $32, below the reported $38.48 share price.
• South Bow reported quarterly EPS of $0.44, missing estimates by $0.02, while revenue rose 1% year over year to $491 million. The company paid a quarterly dividend of $0.50 per share, implying a 5.2% yield but a high 98.52% payout ratio.

BROOKFIELD Corp ON trimmed its holdings in South Bow Corporation (NYSE:SOBO - Free Report) by 57.3% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 517,205 shares of the company's stock after selling 694,951 shares during the period. BROOKFIELD Corp ON owned about 0.25% of South Bow worth $17,233,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in SOBO. Parallel Advisors LLC increased its stake in shares of South Bow by 140.5% in the first quarter. Parallel Advisors LLC now owns 849 shares of the company's stock worth $28,000 after buying an additional 496 shares during the last quarter. City Holding Co. grew its holdings in South Bow by 277.4% during the 4th quarter. City Holding Co. now owns 1,000 shares of the company's stock worth $27,000 after acquiring an additional 735 shares in the last quarter. IFP Advisors Inc grew its holdings in South Bow by 780.3% during the 3rd quarter. IFP Advisors Inc now owns 1,206 shares of the company's stock worth $34,000 after acquiring an additional 1,069 shares in the last quarter. Northwestern Mutual Wealth Management Co. increased its position in shares of South Bow by 1,993.8% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 1,340 shares of the company's stock worth $35,000 after purchasing an additional 1,276 shares during the last quarter. Finally, Flagship Harbor Advisors LLC bought a new stake in shares of South Bow in the 4th quarter worth about $39,000.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on SOBO shares. Raymond James Financial started coverage on South Bow in a research note on Tuesday, June 9th. They issued an "outperform" rating for the company. National Bank Financial increased their target price on South Bow from $31.00 to $35.00 and gave the stock a "sector perform" rating in a report on Monday, June 1st. TD Securities reiterated a "hold" rating on shares of South Bow in a research report on Thursday, July 16th. Barclays boosted their price target on South Bow from $33.00 to $34.00 and gave the company an "equal weight" rating in a report on Thursday, May 21st. Finally, Weiss Ratings reissued a "buy (b+)" rating on shares of South Bow in a research report on Thursday, June 11th. Four analysts have rated the stock with a Buy rating, eight have given a Hold rating and four have given a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $32.00.

South Bow Price Performance

Shares of NYSE:SOBO opened at $38.48 on Monday. The company has a market cap of $8.03 billion, a PE ratio of 18.96 and a beta of 0.16. South Bow Corporation has a fifty-two week low of $25.01 and a fifty-two week high of $38.94. The firm has a 50-day simple moving average of $36.80 and a 200 day simple moving average of $33.34. The company has a quick ratio of 1.37, a current ratio of 1.51 and a debt-to-equity ratio of 2.16.

South Bow (NYSE:SOBO - Get Free Report) last issued its earnings results on Thursday, May 7th. The company reported $0.44 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.46 by ($0.02). South Bow had a return on equity of 15.24% and a net margin of 21.32%.The business had revenue of $491.00 million during the quarter, compared to the consensus estimate of $491.21 million. During the same period in the prior year, the business earned $0.47 EPS. The business's revenue was up 1.0% on a year-over-year basis. On average, sell-side analysts anticipate that South Bow Corporation will post 1.78 EPS for the current year.

South Bow Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th were given a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a dividend yield of 5.2%. The ex-dividend date was Tuesday, June 30th. South Bow's dividend payout ratio is presently 98.52%.

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.

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