First Trust Advisors LP Acquires New Stake in South Bow Corporation $SOBO

Key Points

• First Trust Advisors LP acquired 28,361 shares of South Bow worth approximately $945,000 in the first quarter, while several other institutional investors also increased their positions.
• South Bow reported quarterly EPS of $0.50, exceeding the $0.45 consensus estimate, and revenue of $546 million versus expectations of $496.87 million.
• The company declared a quarterly dividend of $0.50, equivalent to $2.00 annually and a 5.6% yield. Analysts’ consensus rating is “Hold,” with an average price target of $32.14.

First Trust Advisors LP bought a new position in shares of South Bow Corporation (NYSE:SOBO - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 28,361 shares of the company's stock, valued at approximately $945,000.

A number of other institutional investors have also added to or reduced their stakes in the business. Capital International Investors grew its holdings in shares of South Bow by 0.6% during the fourth quarter. Capital International Investors now owns 15,483,085 shares of the company's stock worth $425,840,000 after purchasing an additional 94,772 shares in the last quarter. Vanguard Group Inc. lifted its position in South Bow by 1.4% during the fourth quarter. Vanguard Group Inc. now owns 8,667,365 shares of the company's stock valued at $238,387,000 after purchasing an additional 118,147 shares during the last quarter. Clearbridge Investments LLC lifted its position in South Bow by 3.0% during the fourth quarter. Clearbridge Investments LLC now owns 7,262,965 shares of the company's stock valued at $199,514,000 after purchasing an additional 209,864 shares during the last quarter. Cibc World Market Inc. grew its stake in South Bow by 11.8% in the 4th quarter. Cibc World Market Inc. now owns 3,571,092 shares of the company's stock worth $98,241,000 after buying an additional 376,514 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its stake in South Bow by 24.1% in the 1st quarter. Dimensional Fund Advisors LP now owns 2,914,614 shares of the company's stock worth $97,134,000 after buying an additional 565,787 shares in the last quarter.

Analyst Ratings Changes

A number of equities analysts have recently commented on the stock. Wall Street Zen raised shares of South Bow from a "sell" rating to a "hold" rating in a report on Saturday, July 18th. Raymond James Financial assumed coverage on shares of South Bow in a report on Tuesday, June 9th. They set an "outperform" rating for the company. BMO Capital Markets reiterated a "market perform" rating on shares of South Bow in a research report on Monday, July 6th. Royal Bank Of Canada restated an "outperform" rating on shares of South Bow in a research report on Monday. Finally, Canadian Imperial Bank of Commerce lifted their price target on South Bow from $33.00 to $36.00 and gave the stock a "neutral" rating in a research note on Tuesday, May 26th. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, eight have given a Hold rating and four have assigned a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $32.14.

South Bow Trading Up 0.9%

SOBO stock opened at $35.94 on Tuesday. The company has a market capitalization of $7.50 billion, a PE ratio of 16.26 and a beta of 0.15. South Bow Corporation has a one year low of $25.01 and a one year high of $38.94. The company's 50 day moving average price is $36.61 and its two-hundred day moving average price is $34.12. The company has a debt-to-equity ratio of 2.15, a quick ratio of 1.44 and a current ratio of 1.52.

South Bow (NYSE:SOBO - Get Free Report) last announced its quarterly earnings data on Wednesday, August 5th. The company reported $0.50 earnings per share (EPS) for the quarter, beating 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 company had revenue of $546.00 million during the quarter, compared to analysts' expectations of $496.87 million. As a group, analysts predict that South Bow Corporation will post 1.81 earnings per share 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 5.6%. South Bow's payout ratio is currently 90.50%.

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.

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