Price T Rowe Associates Inc. MD Increases Stock Holdings in South Bow Corporation $SOBO

Key Points

• Price T Rowe Associates Inc. increased its stake in South Bow Corporation by 2.3%, owning approximately 6.06% of the company, valued at about $321.99 million.
• South Bow recently reported earnings per share of $0.42, exceeding analysts' expectations of $0.38, alongside a revenue of $524 million.
• The company declared a quarterly dividend of $0.50 per share, translating to an annualized dividend of $2.00 and a yield of 7.3%.

Price T Rowe Associates Inc. MD lifted its position in South Bow Corporation (NYSE:SOBO - Free Report) by 2.3% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 12,617,143 shares of the company's stock after purchasing an additional 280,088 shares during the period. Price T Rowe Associates Inc. MD owned about 6.06% of South Bow worth $321,990,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently made changes to their positions in the company. Vanguard Group Inc. lifted its stake in shares of South Bow by 1.8% in 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 during the period. Blackstone Inc. acquired a new position in South Bow during the fourth quarter worth $86,762,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new position in South Bow during the fourth quarter worth $55,447,000. Bank of Nova Scotia raised its position in South Bow by 196.7% during the first quarter. Bank of Nova Scotia now owns 2,193,469 shares of the company's stock worth $56,039,000 after acquiring an additional 1,454,084 shares during the period. Finally, Bank of America Corp DE acquired a new position in South Bow during the fourth quarter worth $49,770,000.

Analyst Upgrades and Downgrades

SOBO has been the subject of a number of research analyst reports. Royal Bank Of Canada restated an "outperform" rating on shares of South Bow in a research report on Friday, August 8th. JPMorgan Chase & Co. restated an "underweight" rating and set a $27.00 price objective on shares of South Bow in a research report on Thursday, August 21st. CIBC upped their price objective on shares of South Bow from $25.00 to $26.00 and gave the stock a "neutral" rating in a research report on Tuesday, July 22nd. Finally, National Bankshares upped their price objective on shares of South Bow from $25.00 to $26.00 and gave the stock a "sector perform" rating in a research report on Friday, August 8th. Two investment analysts have rated the stock with a Strong Buy rating, one has given a Buy rating, seven have issued a Hold rating and three have given a Sell rating to the stock. According to MarketBeat.com, the company 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 $0.18 during trading hours on Friday, reaching $27.68. 137,528 shares of the company's stock were exchanged, compared to its average volume of 817,885. South Bow Corporation has a 1 year low of $21.12 and a 1 year high of $28.22. The company has a market capitalization of $5.76 billion and a P/E ratio of 14.95. The business has a fifty day moving average of $26.65 and a two-hundred day moving average of $25.87. 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 (NYSE:SOBO - Get Free Report) last released its 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 business had revenue of $524.00 million for the quarter, compared to analysts' expectations of $449.00 million. As a group, research analysts predict that South Bow Corporation will post 1.74 earnings per share for the current fiscal year.

South Bow Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 15th. Stockholders of record on Monday, September 29th will be issued 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 dividend yield of 7.2%. South Bow's dividend 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.