Miller Howard Investments Inc. NY Trims Position in South Bow Corporation $SOBO

Key Points

• Miller Howard Investments Inc. has reduced its stake in South Bow Corporation by 8.7%, selling 70,959 shares and retaining a total of 746,599 shares worth approximately $19.3 million.
• South Bow Corporation recently reported $0.42 EPS for the quarter, exceeding estimates by $0.04 and generating revenue of $524 million, which surpassed analyst expectations of $449 million.
• The company announced a quarterly dividend of $0.50 per share, translating to an annualized dividend yield of 7.2%, with a payout ratio currently at 108.11%.

Miller Howard Investments Inc. NY cut its position in South Bow Corporation (NYSE:SOBO - Free Report) by 8.7% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 746,599 shares of the company's stock after selling 70,959 shares during the period. Miller Howard Investments Inc. NY owned 0.36% of South Bow worth $19,344,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently modified their holdings of SOBO. Northern Trust Corp purchased a new stake in shares of South Bow in the 4th quarter valued at approximately $3,389,000. BNP Paribas Financial Markets purchased a new position in shares of South Bow in the 4th quarter valued at $29,000. Cetera Investment Advisers purchased a new position in shares of South Bow in the 4th quarter valued at $231,000. Deutsche Bank AG acquired a new stake in South Bow during the 4th quarter worth $2,332,000. Finally, Nuveen Asset Management LLC acquired a new stake in South Bow during the 4th quarter worth $3,808,000.

South Bow Price Performance

Shares of NYSE SOBO traded up $0.03 on Monday, hitting $27.95. The company's stock had a trading volume of 349,295 shares, compared to its average volume of 817,162. South Bow Corporation has a 12-month low of $21.12 and a 12-month high of $28.44. The company has a market capitalization of $5.82 billion and a price-to-earnings ratio of 15.11. The company has a debt-to-equity ratio of 2.19, a current ratio of 1.28 and a quick ratio of 1.20. The stock has a 50 day moving average of $27.21 and a 200-day moving average of $26.12.

South Bow (NYSE:SOBO - Get Free Report) last announced its quarterly earnings results on Wednesday, August 6th. The company reported $0.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.38 by $0.04. The business had revenue of $524.00 million during the quarter, compared to analysts' expectations of $449.00 million. As a group, research analysts predict that South Bow Corporation will post 1.74 EPS for the current year.

South Bow Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 15th. Investors of record on Monday, September 29th will be paid a dividend of $0.50 per share. The ex-dividend date of this dividend is Monday, September 29th. This represents a $2.00 annualized dividend and a dividend yield of 7.2%. South Bow's dividend payout ratio is presently 108.11%.

Analysts Set New Price Targets

SOBO has been the subject of a number of recent research reports. CIBC increased 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. National Bankshares raised their target price on shares of South Bow from $25.00 to $26.00 and gave the stock a "sector perform" rating in a research note on Friday, August 8th. JPMorgan Chase & Co. restated an "underweight" rating and issued a $27.00 target price on shares of South Bow in a research note on Thursday, August 21st. Finally, Royal Bank Of Canada restated an "outperform" rating on shares of South Bow in a research note on Friday, August 8th. Two analysts have rated the stock with a Strong Buy rating, one has given a Buy rating, seven have issued a Hold rating and three have issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Hold" and an average target price 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.