Guardian Partners Inc. Sells 11,683 Shares of South Bow Corporation $SOBO

Key Points

• Guardian Partners Inc. has reduced its holdings in South Bow Corporation by 39.4%, now holding 17,975 shares worth approximately $430,000.
• South Bow stock currently has an average target price of $28.80 and is rated with several mixed opinions from analysts, including an "underweight" rating by JPMorgan and an "outperform" rating by Royal Bank of Canada.
• The company announced a quarterly dividend of $0.50, resulting in a dividend yield of 7.2%, although its current payout ratio stands at 108.11%.

Guardian Partners Inc. cut its holdings in South Bow Corporation (NYSE:SOBO - Free Report) by 39.4% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 17,975 shares of the company's stock after selling 11,683 shares during the period. Guardian Partners Inc.'s holdings in South Bow were worth $430,000 as of its most recent SEC filing.

A number of other large investors also recently added to or reduced their stakes in the business. Price T Rowe Associates Inc. MD lifted its holdings in South Bow by 2.3% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 12,617,143 shares of the company's stock worth $321,990,000 after purchasing an additional 280,088 shares in the last quarter. Vanguard Group Inc. lifted its holdings in South Bow by 1.8% in the 1st quarter. Vanguard Group Inc. now owns 8,907,058 shares of the company's stock worth $227,531,000 after purchasing an additional 157,355 shares in the last quarter. Murchinson Ltd. purchased a new position in South Bow in the 1st quarter worth approximately $134,592,000. Goldman Sachs Group Inc. lifted its holdings in South Bow by 157.8% in the 1st quarter. Goldman Sachs Group Inc. now owns 3,851,407 shares of the company's stock worth $98,288,000 after purchasing an additional 10,510,206 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in South Bow by 17.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 2,765,548 shares of the company's stock worth $70,577,000 after purchasing an additional 413,094 shares in the last quarter.

Analysts Set New Price Targets

Several brokerages have recently issued reports on SOBO. JPMorgan Chase & Co. reaffirmed an "underweight" rating and set a $27.00 price objective on shares of South Bow in a report on Thursday, August 21st. Royal Bank Of Canada reaffirmed an "outperform" rating on shares of South Bow in a report on Friday, August 8th. CIBC upped their price objective on South Bow from $25.00 to $26.00 and gave the stock a "neutral" rating in a report on Tuesday, July 22nd. Finally, National Bankshares upped their price objective on South Bow from $25.00 to $26.00 and gave the stock a "sector perform" rating in a report on Friday, August 8th. Two equities research 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.com, the company currently has an average rating of "Hold" and a consensus target price of $28.80.

South Bow Trading Up 0.6%

Shares of NYSE SOBO traded up $0.16 during trading hours on Friday, hitting $27.83. 672,447 shares of the company traded hands, compared to its average volume of 601,223. The stock has a market capitalization of $5.79 billion and a price-to-earnings ratio of 15.04. The company has a current ratio of 1.28, a quick ratio of 1.20 and a debt-to-equity ratio of 2.19. The company's 50 day moving average price is $27.00 and its 200 day moving average price is $26.06. South Bow Corporation has a 12 month low of $21.12 and a 12 month high of $28.22.

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

South Bow Dividend Announcement

The business also recently announced 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 of this dividend is Monday, September 29th. This represents a $2.00 annualized dividend and a dividend yield of 7.2%. South Bow's 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.