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

Other hedge funds have also made changes to their positions in the company. FMR LLC purchased a new stake in South Bow during the 4th quarter worth $461,249,000. Capital International Investors purchased a new stake in South Bow during the 4th quarter worth $315,469,000. Price T Rowe Associates Inc. MD purchased a new stake in South Bow during the 4th quarter worth $290,786,000. Vanguard Group Inc. purchased a new stake in South Bow during the 4th quarter worth $206,467,000. Finally, Bank of Montreal Can purchased a new stake in South Bow during the 4th quarter worth $126,068,000.

South Bow Stock Performance

SOBO stock traded up $0.10 during midday trading on Friday, reaching $26.36. The company had a trading volume of 428,660 shares, compared to its average volume of 565,670. The company has a quick ratio of 1.20, a current ratio of 1.29 and a debt-to-equity ratio of 2.20. The stock has a 50 day moving average price of $26.33 and a 200 day moving average price of $25.44. South Bow Corporation has a fifty-two week low of $21.12 and a fifty-two week high of $27.60. The firm has a market capitalization of $5.49 billion and a PE ratio of 14.25.

South Bow (NYSE:SOBO - Get Free Report) last issued its earnings results on Thursday, May 15th. The company reported $0.47 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. The business's quarterly revenue was down 8.5% compared to the same quarter last year. Analysts anticipate that South Bow Corporation will post 1.74 earnings per share for the current year.

South Bow Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, July 15th. Shareholders 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 yield of 7.6%. South Bow's dividend payout ratio is 108.11%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the stock. CIBC lifted their price target 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. Royal Bank Of Canada reaffirmed an "outperform" rating and set a $38.00 price target on shares of South Bow in a research note on Monday, May 19th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating, one has given a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $28.80.

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.