Price T Rowe Associates Inc. MD Has $321.99 Million Stock Position 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 raised its position in South Bow Corporation (NYSE:SOBO - Free Report) by 2.3% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor 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 approximately 6.06% of South Bow worth $321,990,000 as of its most recent filing with the SEC.

Several other hedge funds also recently bought and sold shares of the company. Blackstone Inc. acquired a new position in South Bow in the fourth quarter valued at about $86,762,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new stake in shares of South Bow during the fourth quarter worth about $55,447,000. Bank of America Corp DE bought a new position in shares of South Bow during the 4th quarter valued at about $49,770,000. Toronto Dominion Bank acquired a new position in shares of South Bow in the 4th quarter valued at approximately $48,580,000. Finally, Merewether Investment Management LP acquired a new position in shares of South Bow in the 4th quarter valued at approximately $46,048,000.

South Bow Stock Up 1.5%

Shares of SOBO stock traded up $0.41 during trading on Thursday, reaching $27.47. The company's stock had a trading volume of 313,993 shares, compared to its average volume of 820,651. South Bow Corporation has a one year low of $21.12 and a one year high of $28.22. The business has a fifty day moving average price of $26.63 and a 200-day moving average price of $25.85. The company has a market cap of $5.72 billion and a price-to-earnings ratio of 14.83. 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 issued its quarterly earnings results on Wednesday, August 6th. The company reported $0.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.38 by $0.04. The business had revenue of $524.00 million during the quarter, compared to analyst estimates of $449.00 million. Analysts anticipate that South Bow Corporation will post 1.74 earnings per share for the current year.

South Bow Announces Dividend

The business 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. 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 7.3%. South Bow's payout ratio is currently 108.11%.

Analysts Set New Price Targets

A number of brokerages have weighed in on SOBO. Royal Bank Of Canada reaffirmed an "outperform" rating on shares of South Bow in a research note 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 report on Thursday, August 21st. CIBC boosted their price objective 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. Finally, National Bankshares increased their target price on South Bow from $25.00 to $26.00 and gave the stock a "sector perform" rating in a 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 assigned a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $28.80.

South Bow Company 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.