Charles Schwab Investment Management Inc. Reduces Holdings in South Bow Corporation $SOBO

Key Points

• Charles Schwab Investment Management Inc. reduced its stake in South Bow Corporation (NYSE:SOBO) by 7%, selling 37,704 shares and maintaining ownership of 498,360 shares valued at approximately $12.7 million.
• South Bow recently announced a quarterly dividend of $0.50 per share, with a payout ratio of 108.11% and an annualized yield of 7.3%, to be paid on October 15, 2023.
• The company reported earnings of $0.42 per share for the most recent quarter, surpassing estimates and achieving revenue of $524 million, exceeding the predicted $449 million.

Charles Schwab Investment Management Inc. decreased its holdings in shares of South Bow Corporation (NYSE:SOBO - Free Report) by 7.0% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 498,360 shares of the company's stock after selling 37,704 shares during the period. Charles Schwab Investment Management Inc. owned about 0.24% of South Bow worth $12,729,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently made changes to their positions in SOBO. Oppenheimer & Co. Inc. purchased a new position in South Bow in the 1st quarter valued at $1,351,000. Scotia Capital Inc. grew its position in South Bow by 1.2% in the 1st quarter. Scotia Capital Inc. now owns 1,734,937 shares of the company's stock valued at $44,238,000 after acquiring an additional 19,752 shares in the last quarter. Geode Capital Management LLC acquired a new position in South Bow in the 4th quarter valued at about $4,803,000. Dimensional Fund Advisors LP acquired a new position in South Bow in the 4th quarter valued at about $15,747,000. Finally, Vanguard Group Inc. increased its stake in shares of South Bow by 1.8% during the first quarter. Vanguard Group Inc. now owns 8,907,058 shares of the company's stock worth $227,531,000 after buying an additional 157,355 shares during the period.

Wall Street Analyst Weigh In

SOBO has been the topic of a number of recent research reports. National Bankshares upped their target price on shares of South Bow from $25.00 to $26.00 and gave the stock a "sector perform" rating in a research note on Friday, August 8th. CIBC upped 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. JPMorgan Chase & Co. restated an "underweight" rating and set a $27.00 price target on shares of South Bow in a research note on Thursday, August 21st. Finally, Royal Bank Of Canada reiterated 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 given a Hold rating and three have issued a Sell rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $28.80.

South Bow Trading Up 1.1%

NYSE:SOBO traded up $0.30 during mid-day trading on Thursday, reaching $27.36. The company's stock had a trading volume of 206,761 shares, compared to its average volume of 820,071. The company's fifty day simple moving average is $26.63 and its two-hundred day simple moving average is $25.85. The company has a debt-to-equity ratio of 2.19, a current ratio of 1.28 and a quick ratio of 1.20. South Bow Corporation has a twelve month low of $21.12 and a twelve month high of $28.22. The stock has a market cap of $5.70 billion and a P/E ratio of 14.79.

South Bow (NYSE:SOBO - Get Free Report) last released its quarterly earnings data 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 firm had revenue of $524.00 million during the quarter, compared to analyst estimates of $449.00 million. On average, equities analysts predict that South Bow Corporation will post 1.74 EPS for the current year.

South Bow Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 15th. Stockholders of record on Monday, September 29th will be paid a $0.50 dividend. This represents a $2.00 annualized dividend and a dividend yield of 7.3%. The ex-dividend date of this dividend is Monday, September 29th. South Bow's payout ratio is currently 108.11%.

South Bow Company 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.