Jennison Associates LLC Has $24.77 Million Stock Holdings in South Bow Corporation (NYSE:SOBO)

Jennison Associates LLC lifted its holdings in shares of South Bow Corporation (NYSE:SOBO - Free Report) by 43.2% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 969,432 shares of the company's stock after purchasing an additional 292,464 shares during the period. Jennison Associates LLC owned 0.47% of South Bow worth $24,773,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Oppenheimer & Co. Inc. purchased a new stake in shares of South Bow during the first quarter valued at approximately $1,351,000. Geode Capital Management LLC bought a new stake in South Bow during the fourth quarter valued at $4,803,000. Dimensional Fund Advisors LP bought a new stake in South Bow during the fourth quarter valued at $15,747,000. Norges Bank bought a new stake in South Bow during the fourth quarter valued at $20,486,000. Finally, HighTower Advisors LLC bought a new stake in South Bow during the fourth quarter worth about $2,647,000.

South Bow Stock Up 0.3%

Shares of NYSE:SOBO opened at $26.87 on Friday. The company has a current ratio of 1.29, a quick ratio of 1.20 and a debt-to-equity ratio of 2.20. South Bow Corporation has a 12 month low of $21.16 and a 12 month high of $27.60. The company has a 50-day moving average price of $26.21 and a 200 day moving average price of $25.30. The company has a market cap of $5.59 billion and a price-to-earnings ratio of 14.52.

South Bow (NYSE:SOBO - Get Free Report) last posted its quarterly earnings results on Thursday, May 15th. The company reported $0.47 earnings per share for the quarter, beating the consensus estimate of $0.42 by $0.05. The company had revenue of $498.00 million for the quarter, compared to the consensus estimate of $527.00 million. The firm's revenue was down 8.5% compared to the same quarter last year. As a group, equities research analysts predict that South Bow Corporation will post 1.74 earnings per share for the current year.

South Bow Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th were issued a $0.50 dividend. This represents a $2.00 annualized dividend and a yield of 7.44%. The ex-dividend date was Monday, June 30th. South Bow's dividend payout ratio is currently 108.11%.

Analyst Ratings Changes

A number of research analysts recently issued reports on SOBO shares. JPMorgan Chase & Co. began coverage on South Bow in a report on Friday, March 28th. They set a "neutral" rating and a $28.00 price target on the stock. Royal Bank Of Canada reissued an "outperform" rating and set a $38.00 price target on shares of South Bow in a report on Monday, May 19th. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating, one has given a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of "Hold" and an average price target of $28.60.

About South Bow

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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