Connor Clark & Lunn Investment Management Ltd. purchased a new position in South Bow Corporation (NYSE:SOBO - Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 2,779,943 shares of the company's stock, valued at approximately $97,830,000. Connor Clark & Lunn Investment Management Ltd. owned approximately 1.33% of South Bow at the end of the most recent quarter.
Other institutional investors and hedge funds have also recently bought and sold shares of the company. Steadtrust LLC boosted its holdings in shares of South Bow by 0.9% in the second quarter. Steadtrust LLC now owns 33,920 shares of the company's stock worth $1,195,000 after buying an additional 300 shares during the period. Parkside Financial Bank & Trust increased its position in shares of South Bow by 10.0% in the fourth quarter. Parkside Financial Bank & Trust now owns 3,770 shares of the company's stock worth $104,000 after acquiring an additional 344 shares in the last quarter. Quantinno Capital Management LP raised its holdings in shares of South Bow by 4.9% during the second quarter. Quantinno Capital Management LP now owns 10,175 shares of the company's stock valued at $264,000 after acquiring an additional 478 shares during the period. Parallel Advisors LLC raised its holdings in shares of South Bow by 140.5% during the first quarter. Parallel Advisors LLC now owns 849 shares of the company's stock valued at $28,000 after acquiring an additional 496 shares during the period. Finally, apricus wealth LLC lifted its position in shares of South Bow by 4.1% in the 1st quarter. apricus wealth LLC now owns 15,180 shares of the company's stock valued at $506,000 after acquiring an additional 600 shares in the last quarter.
South Bow Stock Performance
Shares of NYSE SOBO opened at $37.69 on Monday. The company has a debt-to-equity ratio of 2.15, a current ratio of 1.52 and a quick ratio of 1.44. South Bow Corporation has a one year low of $25.01 and a one year high of $38.94. The business's 50-day moving average price is $36.62 and its two-hundred day moving average price is $34.71. The company has a market capitalization of $7.86 billion, a P/E ratio of 17.05 and a beta of 0.15.
South Bow (NYSE:SOBO - Get Free Report) last announced its quarterly earnings results on Wednesday, August 5th. The company reported $0.50 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.45 by $0.05. The business had revenue of $546.00 million during the quarter, compared to analyst estimates of $496.87 million. South Bow had a return on equity of 15.84% and a net margin of 22.99%. Analysts anticipate that South Bow Corporation will post 1.87 earnings per share for the current fiscal year.
South Bow Dividend Announcement
The business also recently declared a quarterly dividend, which will be paid on Thursday, October 15th. Shareholders of record on Tuesday, September 29th will be given a $0.50 dividend. The ex-dividend date of this dividend is Tuesday, September 29th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 5.3%. South Bow's payout ratio is currently 90.50%.
Wall Street Analyst Weigh In
A number of research firms recently commented on SOBO. Royal Bank Of Canada reaffirmed an "outperform" rating on shares of South Bow in a research note on Monday, August 10th. Raymond James Financial began coverage on shares of South Bow in a research note on Tuesday, June 9th. They set an "outperform" rating on the stock. Barclays increased their target price on South Bow from $34.00 to $35.00 and gave the company an "equal weight" rating in a report on Friday, August 7th. Jefferies Financial Group reaffirmed a "buy" rating on shares of South Bow in a research report on Thursday, May 28th. Finally, Canadian Imperial Bank of Commerce upped their price target on South Bow from $33.00 to $36.00 and gave the company a "neutral" rating in a research report on Tuesday, May 26th. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, eight have issued a Hold rating and three have assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $33.00.
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South Bow Company Profile
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Free Report)
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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