Lazard Asset Management LLC Makes New $2.14 Million Investment in South Bow Corporation $SOBO

Key Points

• Lazard Asset Management initiated a $2.14 million position in South Bow, buying 64,162 shares during the first quarter. Several other institutional investors also increased their holdings.
• South Bow reported quarterly EPS of $0.44, missing estimates by $0.02, while revenue reached $491 million, up 1% year over year. Analysts expect full-year EPS of $1.78.
• The company paid a quarterly dividend of $0.50 per share, equivalent to a 5.4% annualized yield, though its payout ratio is high at 98.52%; analyst consensus remains “Hold” with a $32 price target.

Lazard Asset Management LLC purchased a new stake in South Bow Corporation (NYSE:SOBO - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 64,162 shares of the company's stock, valued at approximately $2,138,000.

A number of other hedge funds also recently made changes to their positions in the business. City Holding Co. grew its holdings in South Bow by 277.4% in the 4th quarter. City Holding Co. now owns 1,000 shares of the company's stock worth $27,000 after buying an additional 735 shares in the last quarter. Parallel Advisors LLC increased its position in South Bow by 140.5% in the 1st 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. IFP Advisors Inc raised its stake in South Bow by 780.3% during the 3rd quarter. IFP Advisors Inc now owns 1,206 shares of the company's stock valued at $34,000 after acquiring an additional 1,069 shares in the last quarter. Northwestern Mutual Wealth Management Co. boosted its position in South Bow by 1,993.8% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 1,340 shares of the company's stock worth $35,000 after acquiring an additional 1,276 shares during the period. Finally, Flagship Harbor Advisors LLC acquired a new position in South Bow during the 4th quarter worth $39,000.

South Bow Stock Performance

Shares of NYSE SOBO opened at $37.09 on Monday. The stock has a fifty day moving average price of $36.76 and a two-hundred day moving average price of $33.73. The company has a debt-to-equity ratio of 2.16, a quick ratio of 1.37 and a current ratio of 1.51. The firm has a market cap of $7.74 billion, a P/E ratio of 18.27 and a beta of 0.16. South Bow Corporation has a 1 year low of $25.01 and a 1 year high of $38.94.

South Bow (NYSE:SOBO - Get Free Report) last issued its quarterly earnings results on Thursday, May 7th. The company reported $0.44 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.46 by ($0.02). South Bow had a net margin of 21.32% and a return on equity of 15.24%. The firm had revenue of $491.00 million for the quarter, compared to analyst estimates of $491.21 million. During the same quarter last year, the business posted $0.47 earnings per share. The firm's revenue for the quarter was up 1.0% compared to the same quarter last year. Research analysts forecast that South Bow Corporation will post 1.78 EPS for the current fiscal year.

South Bow Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th were issued a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a yield of 5.4%. The ex-dividend date of this dividend was Tuesday, June 30th. South Bow's payout ratio is presently 98.52%.

Wall Street Analysts Forecast Growth

SOBO has been the subject of several recent analyst reports. Raymond James Financial initiated coverage on South Bow in a research note on Tuesday, June 9th. They issued an "outperform" rating for the company. Barclays upped their price objective on shares of South Bow from $33.00 to $34.00 and gave the stock an "equal weight" rating in a report on Thursday, May 21st. Royal Bank Of Canada reiterated an "outperform" rating on shares of South Bow in a research report on Monday, May 11th. Scotiabank raised their target price on shares of South Bow from $36.00 to $39.00 and gave the company a "sector perform" rating in a research note on Tuesday, July 21st. Finally, National Bank Financial raised their target price on shares of South Bow from $31.00 to $35.00 and gave the company a "sector perform" rating in a research note on Monday, June 1st. Four investment analysts have rated the stock with a Buy rating, eight have given a Hold rating and four have given a Sell rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $32.00.

South Bow Company 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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