BROOKFIELD Corp ON Sells 115,965 Shares of South Bow Corporation $SOBO

Key Points

• BROOKFIELD Corp ON has reduced its stake in South Bow Corporation by 13.5%, selling 115,965 shares and retaining approximately 746,077 shares valued at $19,040,000.
• South Bow Corporation is reporting a quarterly dividend of $0.50 per share, with an upcoming payment date of October 15th, indicating a 7.2% yield.
• Despite mixed analyst ratings, South Bow's stock has a consensus "Hold" rating and an average price target of $28.80.

BROOKFIELD Corp ON reduced its position in shares of South Bow Corporation (NYSE:SOBO - Free Report) by 13.5% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 746,077 shares of the company's stock after selling 115,965 shares during the period. BROOKFIELD Corp ON owned about 0.36% of South Bow worth $19,040,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Acadian Asset Management LLC bought a new stake in shares of South Bow during the first quarter worth about $885,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in shares of South Bow by 17.4% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 199,035 shares of the company's stock worth $5,079,000 after purchasing an additional 29,542 shares during the last quarter. Zimmer Partners LP bought a new stake in shares of South Bow during the first quarter worth about $4,471,000. Goldman Sachs Group Inc. grew its holdings in shares of South Bow by 157.8% during the first quarter. Goldman Sachs Group Inc. now owns 3,851,407 shares of the company's stock worth $98,288,000 after purchasing an additional 10,510,206 shares during the last quarter. Finally, Murchinson Ltd. bought a new stake in shares of South Bow during the first quarter worth about $134,592,000.

South Bow Price Performance

Shares of SOBO opened at $27.61 on Friday. South Bow Corporation has a 1 year low of $21.12 and a 1 year high of $28.22. The company has a debt-to-equity ratio of 2.19, a current ratio of 1.28 and a quick ratio of 1.20. The company has a market capitalization of $5.75 billion and a price-to-earnings ratio of 14.93. The business has a 50-day moving average of $26.97 and a 200-day moving average of $26.05.

South Bow (NYSE:SOBO - Get Free Report) last issued its quarterly earnings data on Wednesday, August 6th. The company reported $0.42 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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. As a group, equities research analysts anticipate that South Bow Corporation will post 1.74 earnings per share for the current year.

South Bow Announces Dividend

The firm also recently declared 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 of this dividend is Monday, September 29th. This represents a $2.00 annualized dividend and a yield of 7.2%. South Bow's payout ratio is 108.11%.

Analyst Upgrades and Downgrades

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

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