South Bow Corporation $SOBO Shares Sold by Neuberger Berman Group LLC

Key Points

• Neuberger Berman Group LLC reduced its stake in South Bow Corporation by 24.3%, selling 30,946 shares in the 1st quarter, leaving them with 96,447 shares valued at $2,462,000.
• South Bow Corporation declared a quarterly dividend of $0.50 per share, with an annualized dividend yield of 7.2%, despite a high payout ratio of 108.11%.
• Brokerages have set a consensus rating of "Hold" for South Bow, with an average target price of $29.00, following recent updates from National Bankshares and Royal Bank of Canada.

Neuberger Berman Group LLC lessened its holdings in South Bow Corporation (NYSE:SOBO - Free Report) by 24.3% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 96,447 shares of the company's stock after selling 30,946 shares during the quarter. Neuberger Berman Group LLC's holdings in South Bow were worth $2,462,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Capital International Investors acquired a new stake in shares of South Bow in the 4th quarter valued at approximately $315,469,000. Price T Rowe Associates Inc. MD acquired a new stake in shares of South Bow in the fourth quarter valued at about $290,786,000. Blackstone Inc. purchased a new stake in South Bow during the fourth quarter worth about $86,762,000. Canada Pension Plan Investment Board acquired a new position in South Bow during the fourth quarter worth about $63,395,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new position in South Bow in the fourth quarter valued at about $55,447,000.

South Bow Trading Up 0.5%

NYSE SOBO traded up $0.1450 during mid-day trading on Wednesday, reaching $27.8150. 33,288 shares of the stock were exchanged, compared to its average volume of 831,806. The stock has a market capitalization of $5.79 billion and a PE ratio of 15.04. The company has a debt-to-equity ratio of 2.19, a quick ratio of 1.20 and a current ratio of 1.28. South Bow Corporation has a 1-year low of $21.12 and a 1-year high of $28.22. The business's fifty day simple moving average is $26.56 and its 200 day simple moving average is $25.75.

South Bow (NYSE:SOBO - Get Free Report) last issued its quarterly earnings results on Wednesday, August 6th. The company reported $0.42 earnings per share for the quarter, topping analysts' consensus estimates of $0.38 by $0.04. The business had revenue of $524.00 million for the quarter, compared to analysts' expectations of $449.00 million. On average, research analysts anticipate that South Bow Corporation will post 1.74 earnings per share for the current fiscal year.

South Bow Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 15th. Shareholders 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 dividend on an annualized basis and a yield of 7.2%. South Bow's dividend payout ratio (DPR) is currently 108.11%.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on SOBO shares. National Bankshares raised their price objective on South Bow from $25.00 to $26.00 and gave the company a "sector perform" rating in a research note on Friday, August 8th. Royal Bank Of Canada restated an "outperform" rating on shares of South Bow in a report on Friday, August 8th. Finally, CIBC upped their price target on shares of South Bow from $25.00 to $26.00 and gave the company a "neutral" rating in a report on Tuesday, July 22nd. Two investment analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating, eight have assigned a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $29.00.

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.