Pictet Asset Management Holding SA Sells 548,953 Shares of South Bow Corporation $SOBO

Key Points

• Pictet Asset Management cut its stake in South Bow (NYSE:SOBO) by 91.7% in Q4, selling 548,953 shares and leaving 49,916 shares worth $1.375 million.
• South Bow beat the quarter with EPS of $0.61 versus $0.40 expected and revenue of $503 million (up 3.1% year-over-year), while analysts forecast about 1.88 EPS for the current year.
• The company has a market cap of $7.37 billion and a P/E of 16.99, and pays a quarterly dividend of $0.50 (annualized $2.00) for a 5.7% yield

Pictet Asset Management Holding SA decreased its stake in South Bow Corporation (NYSE:SOBO - Free Report) by 91.7% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 49,916 shares of the company's stock after selling 548,953 shares during the period. Pictet Asset Management Holding SA's holdings in South Bow were worth $1,375,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in the stock. Cubist Systematic Strategies LLC bought a new stake in shares of South Bow during the 1st quarter worth $85,000. Amundi purchased a new stake in South Bow during the first quarter valued at about $588,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in South Bow by 17.4% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 199,035 shares of the company's stock valued at $5,079,000 after purchasing an additional 29,542 shares in the last quarter. Acadian Asset Management LLC bought a new stake in South Bow during the first quarter worth about $885,000. Finally, Geode Capital Management LLC lifted its stake in South Bow by 7.5% during the second quarter. Geode Capital Management LLC now owns 172,491 shares of the company's stock worth $4,499,000 after purchasing an additional 11,984 shares during the last quarter.

South Bow Stock Up 0.5%

SOBO opened at $35.34 on Wednesday. The company has a market cap of $7.37 billion, a P/E ratio of 16.99 and a beta of 0.11. The business's 50-day moving average price is $33.05 and its 200-day moving average price is $29.41. The company has a current ratio of 1.50, a quick ratio of 1.43 and a debt-to-equity ratio of 2.13. South Bow Corporation has a 12 month low of $24.51 and a 12 month high of $35.49.

South Bow (NYSE:SOBO - Get Free Report) last issued its earnings results on Thursday, March 5th. The company reported $0.61 earnings per share for the quarter, beating the consensus estimate of $0.40 by $0.21. South Bow had a return on equity of 15.55% and a net margin of 21.80%.The company had revenue of $503.00 million during the quarter, compared to analysts' expectations of $500.57 million. During the same period in the prior year, the business posted $0.54 EPS. South Bow's quarterly revenue was up 3.1% compared to the same quarter last year. On average, equities analysts expect that South Bow Corporation will post 1.88 EPS for the current year.

South Bow Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, April 15th. Stockholders of record on Tuesday, March 31st were paid a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a dividend yield of 5.7%. The ex-dividend date of this dividend was Tuesday, March 31st. South Bow's dividend payout ratio is 96.15%.

Wall Street Analyst Weigh In

SOBO has been the topic of several recent research reports. BMO Capital Markets reiterated a "market perform" rating on shares of South Bow in a research report on Monday, April 27th. Weiss Ratings upgraded South Bow from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Friday, February 20th. National Bank Financial upped their target price on South Bow from $29.00 to $30.00 and gave the stock a "sector perform" rating in a research note on Monday, March 16th. Barclays increased their price target on shares of South Bow from $27.00 to $33.00 and gave the company an "equal weight" rating in a research report on Monday, March 9th. Finally, Wolfe Research downgraded shares of South Bow from a "peer perform" rating to an "underperform" rating and set a $24.00 price target on the stock. in a research note on Wednesday, January 14th. Three equities research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and four have given a Sell rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Reduce" and a consensus price target of $30.38.

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.

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