South Bow Corporation $SOBO Stock Holdings Lowered by Charles Schwab Investment Management Inc.

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. lessened its stake in South Bow Corporation (NYSE:SOBO - Free Report) by 7.0% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund 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 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. BNP Paribas Financial Markets bought a new stake in shares of South Bow in the fourth quarter worth $29,000. Louisbourg Investments Inc. bought a new stake in shares of South Bow in the first quarter worth $31,000. Tower Research Capital LLC TRC bought a new stake in shares of South Bow in the fourth quarter worth $35,000. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main bought a new stake in shares of South Bow in the fourth quarter worth $97,000. Finally, Natixis bought a new stake in shares of South Bow in the fourth quarter worth $121,000.

Analyst Ratings Changes

SOBO has been the subject of a number of research analyst reports. JPMorgan Chase & Co. restated an "underweight" rating and issued a $27.00 price target on shares of South Bow in a research note on Thursday, August 21st. CIBC boosted their price target on South Bow from $25.00 to $26.00 and gave the company a "neutral" rating in a report on Tuesday, July 22nd. Royal Bank Of Canada reiterated an "outperform" rating on shares of South Bow in a report on Friday, August 8th. Finally, 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. Two investment analysts have rated the stock with a Strong Buy rating, one has given a Buy rating, seven have issued a Hold rating and three have assigned a Sell rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $28.80.

South Bow Stock Performance

SOBO stock traded up $0.22 during trading on Friday, hitting $27.72. 694,974 shares of the company's stock traded hands, compared to its average volume of 537,298. The stock has a fifty day moving average price of $26.68 and a two-hundred day moving average price of $25.89. The stock has a market capitalization of $5.77 billion and a price-to-earnings ratio of 14.99. The company has a quick ratio of 1.20, a current ratio of 1.28 and a debt-to-equity ratio of 2.19. South Bow Corporation has a 52 week low of $21.12 and a 52 week high of $28.22.

South Bow (NYSE:SOBO - Get Free Report) last released its quarterly earnings results on Wednesday, August 6th. The company reported $0.42 EPS for the quarter, topping the consensus estimate of $0.38 by $0.04. The firm had revenue of $524.00 million for the quarter, compared to the consensus estimate of $449.00 million. As a group, equities analysts anticipate that South Bow Corporation will post 1.74 EPS for the current fiscal year.

South Bow Announces Dividend

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

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.