Invesco Ltd. Increases Stock Position in South Bow Corporation $SOBO

Key Points

• Invesco Ltd. increased its ownership in South Bow Corporation by 112.9%, acquiring an additional 858,826 shares to total 1,619,641 shares, valued at approximately $41.3 million.
• South Bow recently reported earnings of $0.42 EPS for the last quarter, exceeding analyst expectations, with revenues of $524 million compared to estimates of $449 million.
• The company announced a quarterly dividend of $0.50 per share, resulting in an annualized yield of 7.2%, with stockholders to be paid on October 15th.

Invesco Ltd. boosted its holdings in shares of South Bow Corporation (NYSE:SOBO - Free Report) by 112.9% during the 1st quarter, according to its most recent 13F filing with the SEC. The fund owned 1,619,641 shares of the company's stock after purchasing an additional 858,826 shares during the period. Invesco Ltd. owned approximately 0.78% of South Bow worth $41,333,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Louisbourg Investments Inc. purchased a new position in South Bow during the 1st quarter worth $31,000. BNP Paribas Financial Markets purchased a new stake in shares of South Bow in the fourth quarter valued at about $29,000. Cetera Investment Advisers boosted its holdings in shares of South Bow by 15.0% in the first quarter. Cetera Investment Advisers now owns 11,248 shares of the company's stock valued at $287,000 after acquiring an additional 1,466 shares in the last quarter. Tower Research Capital LLC TRC purchased a new stake in shares of South Bow in the fourth quarter valued at about $35,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in shares of South Bow by 4.3% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 60,090 shares of the company's stock valued at $1,535,000 after acquiring an additional 2,500 shares in the last quarter.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on SOBO shares. JPMorgan Chase & Co. reaffirmed an "underweight" rating and issued a $27.00 target price on shares of South Bow in a report on Thursday. Royal Bank Of Canada reaffirmed an "outperform" rating on shares of South Bow in a report on Friday, August 8th. CIBC lifted their target price on shares of South Bow from $25.00 to $26.00 and gave the company a "neutral" rating in a report on Tuesday, July 22nd. Finally, National Bankshares lifted their target price on shares of South Bow from $25.00 to $26.00 and gave the company a "sector perform" rating in a report on Friday, August 8th. Two investment analysts have rated the stock with a Strong Buy rating, one has given a Buy rating, seven have assigned a Hold rating and three have issued a Sell rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and an average target price of $28.80.

South Bow Price Performance

SOBO stock traded up $0.1840 during trading on Friday, reaching $27.4740. 363,218 shares of the company were exchanged, compared to its average volume of 516,313. The company has a market cap of $5.72 billion and a P/E ratio of 14.85. South Bow Corporation has a 52-week low of $21.12 and a 52-week high of $28.22. The stock's 50 day moving average price is $26.60 and its 200 day moving average price is $25.81. The company has a debt-to-equity ratio of 2.19, a quick ratio of 1.20 and a current ratio of 1.28.

South Bow (NYSE:SOBO - Get Free Report) last released its quarterly earnings data on Wednesday, August 6th. The company reported $0.42 EPS for the quarter, topping analysts' consensus estimates of $0.38 by $0.04. The company had revenue of $524.00 million for the quarter, compared to analysts' expectations of $449.00 million. As a group, analysts predict that South Bow Corporation will post 1.74 earnings per share for the current fiscal year.

South Bow Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 15th. Investors of record on Monday, September 29th will be issued a dividend of $0.50 per share. The ex-dividend date of this dividend is Monday, September 29th. This represents a $2.00 dividend on an annualized basis and a yield of 7.3%. 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.