Man Group plc Invests $4.39 Million in South Bow Corporation $SOBO

Key Points

• Man Group plc acquired 124,726 South Bow shares worth approximately $4.39 million, representing about 0.06% of the company.
• Analyst sentiment remains mixed, with an overall “Hold” rating and an average price target of $33, below the stock’s recent $37.45 price.
• South Bow exceeded quarterly earnings and revenue estimates, reporting $0.50 EPS and $546 million in revenue, while declaring a $0.50 quarterly dividend yielding approximately 5.3% annually.

Man Group plc purchased a new stake in South Bow Corporation (NYSE:SOBO - Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 124,726 shares of the company's stock, valued at approximately $4,395,000. Man Group plc owned approximately 0.06% of South Bow at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of SOBO. Parallel Advisors LLC lifted its holdings in South Bow by 140.5% during the 1st quarter. Parallel Advisors LLC now owns 849 shares of the company's stock worth $28,000 after buying an additional 496 shares in the last quarter. IFP Advisors Inc raised its position in shares of South Bow by 780.3% during the third quarter. IFP Advisors Inc now owns 1,206 shares of the company's stock worth $34,000 after acquiring an additional 1,069 shares during the last quarter. Northwestern Mutual Wealth Management Co. lifted its stake in shares of South Bow by 1,993.8% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 1,340 shares of the company's stock valued at $35,000 after acquiring an additional 1,276 shares during the period. Clearstead Advisors LLC lifted its stake in shares of South Bow by 192.5% during the fourth quarter. Clearstead Advisors LLC now owns 2,150 shares of the company's stock valued at $59,000 after acquiring an additional 1,415 shares during the period. Finally, Kestra Advisory Services LLC acquired a new position in shares of South Bow during the fourth quarter valued at $61,000.

Analysts Set New Price Targets

A number of brokerages recently commented on SOBO. Weiss Ratings upgraded South Bow from a "buy (b+)" rating to a "buy (a-)" rating in a research report on Thursday, August 6th. Jefferies Financial Group restated a "buy" rating on shares of South Bow in a research report on Thursday, May 28th. National Bank Financial lifted their price target on shares of South Bow from $31.00 to $35.00 and gave the stock a "sector perform" rating in a research report on Monday, June 1st. BMO Capital Markets reissued a "market perform" rating on shares of South Bow in a research note on Monday, July 6th. Finally, Scotiabank increased their price objective on shares of South Bow from $36.00 to $39.00 and gave the company a "sector perform" rating in a report on Tuesday, July 21st. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, eight have given a Hold rating and three have assigned a Sell rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Hold" and an average target price of $33.00.

South Bow Stock Up 0.1%

Shares of South Bow stock opened at $37.45 on Monday. The business has a fifty day simple moving average of $36.71 and a 200 day simple moving average of $35.01. The stock has a market cap of $7.81 billion, a PE ratio of 16.95 and a beta of 0.15. The company has a quick ratio of 1.44, a current ratio of 1.52 and a debt-to-equity ratio of 2.15. South Bow Corporation has a 12 month low of $25.01 and a 12 month high of $38.94.

South Bow (NYSE:SOBO - Get Free Report) last released its earnings results on Wednesday, August 5th. The company reported $0.50 earnings per share for the quarter, beating the consensus estimate of $0.45 by $0.05. South Bow had a return on equity of 15.84% and a net margin of 22.99%.The firm had revenue of $546.00 million for the quarter, compared to analyst estimates of $496.87 million. Research analysts predict that South Bow Corporation will post 1.87 EPS for the current year.

South Bow Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, October 15th. Investors of record on Tuesday, September 29th will be given a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 5.3%. The ex-dividend date is Tuesday, September 29th. South Bow's dividend payout ratio (DPR) is currently 90.50%.

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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