Nuveen LLC Takes $4.62 Million Position in South Bow Corporation $SOBO

Key Points

• Nuveen LLC acquired 180,860 shares of South Bow Corporation (NYSE:SOBO) valued at approximately $4.6 million, giving them a 0.09% stake in the company.
• South Bow recently declared a quarterly dividend of $0.50 per share, resulting in an annualized dividend of $2.00 and a yield of 7.5%.
• The stock is trading at $26.82 with a market cap of $5.58 billion and a current PE ratio of 14.49, reflecting a strong performance compared to analysts' earnings expectations.

Nuveen LLC acquired a new stake in South Bow Corporation (NYSE:SOBO - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 180,860 shares of the company's stock, valued at approximately $4,619,000. Nuveen LLC owned 0.09% of South Bow at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Wells Fargo & Company MN purchased a new position in shares of South Bow during the 4th quarter valued at approximately $489,000. Envestnet Asset Management Inc. purchased a new stake in South Bow in the 4th quarter worth $676,000. Barclays PLC purchased a new stake in South Bow in the 4th quarter worth $1,059,000. First Trust Advisors LP acquired a new position in South Bow during the fourth quarter worth $667,000. Finally, Dimensional Fund Advisors LP purchased a new position in South Bow during the fourth quarter valued at $15,747,000.

Analysts Set New Price Targets

Several brokerages have recently issued reports on SOBO. CIBC lifted their target price on shares of South Bow from $25.00 to $26.00 and gave the company a "neutral" rating in a research report on Tuesday, July 22nd. Royal Bank Of Canada reaffirmed an "outperform" rating on shares of South Bow in a research note on Friday, August 8th. National Bankshares boosted their price objective on South Bow from $25.00 to $26.00 and gave the stock a "sector perform" rating in a research note on Friday, August 8th. Finally, JPMorgan Chase & Co. reissued an "underweight" rating and set a $27.00 target price on shares of South Bow in a report on Thursday, August 21st. Two equities research analysts have rated the stock with a Strong Buy rating, one has given a Buy rating, seven have given a Hold rating and three have issued a Sell rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $28.80.

South Bow Price Performance

Shares of South Bow stock traded up $0.22 on Monday, hitting $27.72. 694,974 shares of the company were exchanged, compared to its average volume of 550,638. The company has a quick ratio of 1.20, a current ratio of 1.28 and a debt-to-equity ratio of 2.19. The company has a 50-day moving average price of $26.71 and a 200 day moving average price of $25.92. The stock has a market capitalization of $5.77 billion and a price-to-earnings ratio of 14.99. South Bow Corporation has a 1-year low of $21.12 and a 1-year high of $28.22.

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

South Bow Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 15th. Stockholders of record on Monday, September 29th will be given 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 payout ratio is presently 108.11%.

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.