BROOKFIELD Corp ON Decreases Holdings in 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 South Bow Corporation (NYSE:SOBO - Free Report) by 13.5% in the first quarter, according to the company in its most recent filing with the Securities & 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 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in the company. Oppenheimer & Co. Inc. purchased a new stake in South Bow during the 1st quarter valued at $1,351,000. Scotia Capital Inc. raised its stake in South Bow by 1.2% during the 1st quarter. Scotia Capital Inc. now owns 1,734,937 shares of the company's stock valued at $44,238,000 after buying an additional 19,752 shares during the last quarter. Boston Partners purchased a new stake in South Bow during the 1st quarter valued at $32,840,000. Invesco Ltd. raised its stake in South Bow by 112.9% during the 1st quarter. Invesco Ltd. now owns 1,619,641 shares of the company's stock valued at $41,333,000 after buying an additional 858,826 shares during the last quarter. Finally, Vanguard Group Inc. raised its stake in South Bow by 1.8% during the 1st quarter. Vanguard Group Inc. now owns 8,907,058 shares of the company's stock valued at $227,531,000 after buying an additional 157,355 shares during the last quarter.

South Bow Price Performance

Shares of SOBO traded down $0.07 during midday trading on Wednesday, hitting $28.21. 67,121 shares of the company traded hands, compared to its average volume of 813,610. The firm has a 50 day moving average of $27.09 and a 200-day moving average of $26.08. South Bow Corporation has a 52 week low of $21.12 and a 52 week high of $28.44. The stock has a market cap of $5.87 billion and a price-to-earnings ratio of 15.25. 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 announced its earnings results on Wednesday, August 6th. The company reported $0.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.38 by $0.04. The business had revenue of $524.00 million for the quarter, compared to analysts' expectations of $449.00 million. On average, analysts forecast that South Bow Corporation will post 1.74 EPS for the current fiscal year.

South Bow Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 15th. Stockholders of record on Monday, September 29th will be given a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a dividend yield of 7.1%. The ex-dividend date is Monday, September 29th. South Bow's dividend payout ratio is currently 108.11%.

Analyst Upgrades and Downgrades

SOBO has been the subject of a number of research reports. Royal Bank Of Canada reiterated an "outperform" rating on shares of South Bow in a research note on Friday, August 8th. National Bankshares boosted their target price on shares of South Bow from $25.00 to $26.00 and gave the company a "sector perform" rating in a research note on Friday, August 8th. JPMorgan Chase & Co. reiterated an "underweight" rating and set a $27.00 target price on shares of South Bow in a research note on Thursday, August 21st. Finally, CIBC upped their price objective on South Bow from $25.00 to $26.00 and gave the stock a "neutral" rating in a research note on Tuesday, July 22nd. Two research analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating, seven have given a Hold rating and three have given a Sell rating to the company's stock. According to data from MarketBeat.com, South Bow presently has an average rating of "Hold" and an average target price 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.