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

A number of other large investors also recently added to or reduced their stakes in SOBO. Blackstone Inc. purchased a new stake in shares of South Bow in the 4th quarter valued at $86,762,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new position in South Bow during the 4th quarter valued at about $55,447,000. Bank of America Corp DE acquired a new position in South Bow in the 4th quarter valued at about $49,770,000. Toronto Dominion Bank purchased a new stake in South Bow during the fourth quarter worth about $48,580,000. Finally, Merewether Investment Management LP purchased a new stake in South Bow during the fourth quarter worth about $46,048,000.

South Bow Stock Performance

Shares of NYSE SOBO traded up $0.22 during trading on Friday, hitting $27.72. 694,974 shares of the company traded hands, compared to its average volume of 537,298. The company has a 50-day moving average price of $26.68 and a 200-day moving average price of $25.89. The company has a quick ratio of 1.20, a current ratio of 1.28 and a debt-to-equity ratio of 2.19. 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 issued its earnings results on Wednesday, August 6th. The company reported $0.42 earnings per share for the quarter, topping the consensus estimate of $0.38 by $0.04. The company had revenue of $524.00 million during the quarter, compared to analysts' expectations of $449.00 million. On average, analysts predict that South Bow Corporation will post 1.74 earnings per share for the current fiscal year.

South Bow Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 15th. Investors of record on Monday, September 29th will be given a $0.50 dividend. This represents a $2.00 annualized dividend and a yield of 7.2%. The ex-dividend date is Monday, September 29th. South Bow's dividend payout ratio (DPR) is currently 108.11%.

Analyst Ratings Changes

SOBO has been the topic of a number of recent research reports. National Bankshares boosted their price target 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. CIBC increased 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. JPMorgan Chase & Co. reiterated an "underweight" rating and issued a $27.00 price objective 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 investment analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating, seven have given a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus 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.