South Bow Corporation (NYSE:SOBO) Shares Sold by Mackenzie Financial Corp

Key Points

• Mackenzie Financial Corp reduced its stake in South Bow Corporation by 36.6%, selling 416,979 shares to hold 721,065 shares valued at approximately $18.4 million.
• South Bow Corporation announced a quarterly dividend of $0.50 per share, which provides an annualized yield of 7.73%, although its dividend payout ratio is notably high at 108.11%.
• Research analysts have mixed ratings for South Bow, with an average target price of $28.80 and a consensus rating of "Hold," reflecting cautious optimism about the stock's performance.

Mackenzie Financial Corp cut its position in shares of South Bow Corporation (NYSE:SOBO - Free Report) by 36.6% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 721,065 shares of the company's stock after selling 416,979 shares during the period. Mackenzie Financial Corp owned approximately 0.35% of South Bow worth $18,419,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of SOBO. BNP Paribas Financial Markets purchased a new stake in shares of South Bow in the fourth quarter valued at approximately $29,000. Louisbourg Investments Inc. purchased a new stake in South Bow during the 1st quarter worth $31,000. Sit Investment Associates Inc. acquired a new stake in shares of South Bow in the 4th quarter valued at about $34,000. Tower Research Capital LLC TRC acquired a new position in shares of South Bow during the fourth quarter valued at approximately $35,000. Finally, Brown Brothers Harriman & Co. acquired a new position in South Bow in the 4th quarter worth approximately $41,000.

South Bow Stock Performance

NYSE SOBO traded up $0.09 on Monday, reaching $26.44. The stock had a trading volume of 77,368 shares, compared to its average volume of 853,329. The stock has a market cap of $5.51 billion and a P/E ratio of 14.30. The company has a debt-to-equity ratio of 2.20, a quick ratio of 1.20 and a current ratio of 1.29. The business's 50-day moving average price is $26.33 and its 200 day moving average price is $25.49. South Bow Corporation has a 12-month low of $21.12 and a 12-month high of $27.60.

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

South Bow Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th were given a $0.50 dividend. The ex-dividend date was Monday, June 30th. This represents a $2.00 annualized dividend and a dividend yield of 7.6%. South Bow's dividend payout ratio is currently 108.11%.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on SOBO shares. Royal Bank Of Canada reiterated an "outperform" rating and set a $38.00 price objective on shares of South Bow in a research report on Monday, May 19th. CIBC upped their price objective on shares of South Bow from $25.00 to $26.00 and gave the stock a "neutral" rating in a research note on Tuesday, July 22nd. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating, one has issued a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $28.80.

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.