Public Employees Retirement System of Ohio Makes New Investment in South Bow Corporation $SOBO

Key Points

• Public Employees Retirement System of Ohio acquired 73,867 South Bow shares during the second quarter, valued at approximately $2.6 million. Several other institutional investors also initiated or increased positions in the company.
• South Bow exceeded quarterly expectations, reporting earnings of $0.50 per share versus the $0.45 consensus estimate and revenue of $546 million against forecasts of $496.87 million.
• The company declared a quarterly dividend of $0.50 per share, representing a 5.4% annualized yield. Despite the dividend, analysts maintain a consensus “Hold” rating with an average price target of $33, below the stock’s reported $37.11 price.

Public Employees Retirement System of Ohio bought a new stake in South Bow Corporation (NYSE:SOBO - Free Report) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 73,867 shares of the company's stock, valued at approximately $2,601,000.

A number of other hedge funds have also made changes to their positions in SOBO. Cubist Systematic Strategies LLC acquired a new stake in shares of South Bow during the first quarter worth approximately $85,000. Amundi acquired a new position in South Bow in the 1st quarter valued at approximately $588,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in South Bow by 17.4% in the 1st 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 buying an additional 29,542 shares during the period. Acadian Asset Management LLC purchased a new stake in South Bow in the 1st quarter worth approximately $885,000. Finally, Geode Capital Management LLC lifted its position in South Bow by 7.5% in the 2nd quarter. Geode Capital Management LLC now owns 172,491 shares of the company's stock worth $4,499,000 after buying an additional 11,984 shares in the last quarter.

South Bow Stock Down 0.7%

Shares of South Bow stock opened at $37.11 on Friday. The stock has a market capitalization of $7.74 billion, a P/E ratio of 16.79 and a beta of 0.14. The company has a quick ratio of 1.44, a current ratio of 1.52 and a debt-to-equity ratio of 2.15. The stock has a 50 day moving average price of $36.84 and a two-hundred day moving average price of $35.25. South Bow Corporation has a 12-month low of $25.01 and a 12-month high of $39.02.

South Bow (NYSE:SOBO - Get Free Report) last released its quarterly earnings results on Wednesday, August 5th. The company reported $0.50 EPS for the quarter, beating analysts' consensus estimates of $0.45 by $0.05. South Bow had a net margin of 22.99% and a return on equity of 15.84%. The company had revenue of $546.00 million for the quarter, compared to analyst estimates of $496.87 million. Equities analysts expect that South Bow Corporation will post 1.87 earnings per share for the current year.

South Bow Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 15th. Investors of record on Tuesday, September 29th will be issued a $0.50 dividend. This represents a $2.00 annualized dividend and a yield of 5.4%. The ex-dividend date is Tuesday, September 29th. South Bow's dividend payout ratio (DPR) is 90.50%.

Analyst Upgrades and Downgrades

Several research firms have recently commented on SOBO. Barclays boosted their price target on shares of South Bow from $34.00 to $35.00 and gave the company an "equal weight" rating in a report on Friday, August 7th. Raymond James Financial assumed coverage on South Bow in a report on Tuesday, June 9th. They set an "outperform" rating for the company. Canadian Imperial Bank of Commerce lifted their price objective on South Bow from $33.00 to $36.00 and gave the company a "neutral" rating in a research report on Tuesday, May 26th. National Bank Financial boosted their target price on South Bow from $31.00 to $35.00 and gave the company a "sector perform" rating in a research note on Monday, June 1st. Finally, BMO Capital Markets reaffirmed a "market perform" rating on shares of South Bow in a research note on Monday, July 6th. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, eight have issued a Hold rating and three have given a Sell rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $33.00.

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.

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