Cibc World Market Inc. Acquires Shares of 3,403,902 South Bow Corporation $SOBO

Key Points

• CIBC World Markets acquired 3.4 million South Bow shares during the second quarter, valued at approximately $119.8 million and representing a 1.63% stake. Several other institutional investors also increased or initiated positions.
• South Bow reported quarterly EPS of $0.50, beating estimates of $0.45, while revenue reached $546 million versus expectations of $496.9 million. The stock opened at $37.69, near its 12-month high of $38.94.
• The company declared a quarterly dividend of $0.50, equating to a $2.00 annualized payout and a 5.3% yield. Analysts maintain a consensus “Hold” rating with an average price target of $33.00.

Cibc World Market Inc. bought a new stake in shares of South Bow Corporation (NYSE:SOBO - Free Report) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm bought 3,403,902 shares of the company's stock, valued at approximately $119,802,000. Cibc World Market Inc. owned about 1.63% of South Bow at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Intact Investment Management Inc. increased its holdings in South Bow by 19.6% during the fourth quarter. Intact Investment Management Inc. now owns 964,360 shares of the company's stock worth $26,522,000 after buying an additional 158,100 shares during the last quarter. Renaissance Technologies LLC purchased a new position in South Bow in the first quarter valued at about $1,162,000. Bank of America Corp DE boosted its stake in South Bow by 23.3% in the first quarter. Bank of America Corp DE now owns 1,993,768 shares of the company's stock valued at $66,432,000 after acquiring an additional 376,108 shares during the last quarter. First Trust Advisors LP bought a new position in shares of South Bow during the 1st quarter valued at approximately $945,000. Finally, Vanguard Group Inc. grew its position in shares of South Bow by 1.4% during the 4th quarter. Vanguard Group Inc. now owns 8,667,365 shares of the company's stock valued at $238,387,000 after acquiring an additional 118,147 shares during the period.

South Bow Stock Performance

NYSE:SOBO opened at $37.69 on Monday. South Bow Corporation has a twelve month low of $25.01 and a twelve month high of $38.94. The stock has a market cap of $7.86 billion, a P/E ratio of 17.05 and a beta of 0.15. The company has a quick ratio of 1.44, a current ratio of 1.52 and a debt-to-equity ratio of 2.15. The business's 50-day moving average price is $36.62 and its two-hundred day moving average price is $34.71.

South Bow (NYSE:SOBO - Get Free Report) last released its quarterly earnings results on Wednesday, August 5th. The company reported $0.50 EPS for the quarter, topping analysts' consensus estimates of $0.45 by $0.05. South Bow had a net margin of 22.99% and a return on equity of 15.84%. The business had revenue of $546.00 million during the quarter, compared to analysts' expectations of $496.87 million. As a group, equities analysts predict that South Bow Corporation will post 1.87 EPS for the current fiscal year.

South Bow Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 15th. Shareholders of record on Tuesday, September 29th will be paid a $0.50 dividend. The ex-dividend date of this dividend is Tuesday, September 29th. This represents a $2.00 annualized dividend and a yield of 5.3%. South Bow's payout ratio is currently 90.50%.

Wall Street Analyst Weigh In

A number of research firms have issued reports on SOBO. National Bank Financial raised their target price on South Bow from $31.00 to $35.00 and gave the stock a "sector perform" rating in a research report on Monday, June 1st. Raymond James Financial assumed coverage on South Bow in a research note on Tuesday, June 9th. They set an "outperform" rating for the company. Barclays boosted their price objective on South Bow from $34.00 to $35.00 and gave the company an "equal weight" rating in a research note on Friday, August 7th. TD Securities reaffirmed a "hold" rating on shares of South Bow in a report on Thursday, July 16th. Finally, Wall Street Zen upgraded shares of South Bow from a "sell" rating to a "hold" rating in a research report on Saturday, July 18th. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, eight have given a Hold rating and three have given a Sell rating to the company. According to MarketBeat.com, South Bow has a consensus rating of "Hold" and an average price target of $33.00.

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.

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