Connor Clark & Lunn Investment Management Ltd. Acquires 40,273 Shares of South Bow Corporation (NYSE:SOBO)

Key Points

• Connor Clark & Lunn Investment Management Ltd. increased its stake in South Bow Corporation by 5.4%, acquiring 40,273 shares, bringing its total holdings to 792,153 shares valued at approximately $20.24 million.
• South Bow Corporation reported a quarterly earnings per share of $0.42, exceeding analyst expectations of $0.38, and achieved revenue of $524 million against forecasts of $449 million.
• The company declared a quarterly dividend of $0.50, with a payout ratio of 108.11%, resulting in an annualized dividend yield of 7.3%.

Connor Clark & Lunn Investment Management Ltd. lifted its holdings in South Bow Corporation (NYSE:SOBO - Free Report) by 5.4% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 792,153 shares of the company's stock after acquiring an additional 40,273 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned 0.38% of South Bow worth $20,239,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the business. Capital International Investors bought a new position in South Bow in the 4th quarter worth approximately $315,469,000. Price T Rowe Associates Inc. MD bought a new stake in shares of South Bow in the fourth quarter worth about $290,786,000. Blackstone Inc. purchased a new stake in shares of South Bow in the fourth quarter worth about $86,762,000. Canada Pension Plan Investment Board bought a new position in South Bow during the fourth quarter valued at approximately $63,395,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new stake in shares of South Bow during the 4th quarter worth approximately $55,447,000.

South Bow Price Performance

South Bow stock opened at $27.39 on Friday. The firm has a 50-day moving average of $26.39 and a two-hundred day moving average of $25.57. The company has a debt-to-equity ratio of 2.20, a current ratio of 1.29 and a quick ratio of 1.20. South Bow Corporation has a 1 year low of $21.12 and a 1 year high of $28.04. The stock has a market cap of $5.70 billion and a price-to-earnings ratio of 14.80.

South Bow (NYSE:SOBO - Get Free Report) last issued its earnings results on Wednesday, August 6th. The company reported $0.42 earnings per share for the quarter, topping the consensus estimate of $0.38 by $0.04. The firm had revenue of $524.00 million during the quarter, compared to analysts' expectations of $449.00 million. On average, research analysts forecast that South Bow Corporation will post 1.74 earnings per share for the current year.

South Bow Dividend Announcement

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

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on SOBO shares. Royal Bank Of Canada reaffirmed an "outperform" rating on shares of South Bow in a research note on Friday. National Bankshares upped 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 report on Friday. Finally, CIBC lifted their price target on South Bow from $25.00 to $26.00 and gave the stock a "neutral" rating in a research report on Tuesday, July 22nd. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating, one has assigned a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, South Bow currently has an average rating of "Hold" and a consensus target price of $29.00.

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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