PDT Partners LLC Purchases 82,575 Shares of South Bow Corporation $SOBO

Key Points

• PDT Partners LLC significantly increased its stake in South Bow Corporation by 792.9% in the first quarter, owning 92,989 shares valued at approximately $2.37 million.
• Research firms maintain a generally positive outlook on South Bow, with varying ratings and a consensus target price of $28.80, following better-than-expected earnings and revenue results.
• The company plans to issue a quarterly dividend of $0.50 on October 15th, with a 7.2% yield and a payout ratio of over 108%.

PDT Partners LLC increased its position in shares of South Bow Corporation (NYSE:SOBO - Free Report) by 792.9% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 92,989 shares of the company's stock after acquiring an additional 82,575 shares during the period. PDT Partners LLC's holdings in South Bow were worth $2,373,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently made changes to their positions in the company. Price T Rowe Associates Inc. MD grew its position in shares of South Bow by 2.3% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 12,617,143 shares of the company's stock valued at $321,990,000 after purchasing an additional 280,088 shares in the last quarter. Vanguard Group Inc. grew its position in shares of South Bow by 1.8% during the 1st quarter. Vanguard Group Inc. now owns 8,907,058 shares of the company's stock valued at $227,531,000 after purchasing an additional 157,355 shares in the last quarter. Blackstone Inc. purchased a new position in shares of South Bow during the 4th quarter valued at $86,762,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new position in shares of South Bow during the 4th quarter valued at $55,447,000. Finally, Bank of Nova Scotia grew its position in shares of South Bow by 196.7% during the 1st quarter. Bank of Nova Scotia now owns 2,193,469 shares of the company's stock valued at $56,039,000 after purchasing an additional 1,454,084 shares in the last quarter.

Analyst Upgrades and Downgrades

SOBO has been the subject of a number of recent analyst reports. JPMorgan Chase & Co. restated an "underweight" rating and set a $27.00 price target on shares of South Bow in a research report on Thursday, August 21st. National Bankshares increased their price target on shares of South Bow from $25.00 to $26.00 and gave the stock a "sector perform" rating in a report on Friday, August 8th. Royal Bank Of Canada reissued an "outperform" rating on shares of South Bow in a report on Friday, August 8th. Finally, 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 report on Tuesday, July 22nd. Two equities research analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating, seven have assigned a Hold rating and three have given a Sell rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $28.80.

South Bow Trading Up 0.3%

South Bow stock traded up $0.07 during mid-day trading on Friday, hitting $27.61. The company's stock had a trading volume of 942,306 shares, compared to its average volume of 505,082. 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 market cap of $5.75 billion and a price-to-earnings ratio of 14.92. The business has a 50 day moving average price of $26.83 and a 200-day moving average price of $25.98. South Bow Corporation has a 12 month low of $21.12 and a 12 month high of $28.22.

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, topping analysts' consensus estimates of $0.38 by $0.04. The firm had revenue of $524.00 million during the quarter, compared to the consensus estimate of $449.00 million. As a group, analysts forecast that South Bow Corporation will post 1.74 EPS for the current year.

South Bow Announces Dividend

The firm 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 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.