Renaissance Technologies LLC Takes Position in South Bow Corporation $SOBO

Key Points

• Renaissance Technologies initiated a South Bow position worth approximately $1.16 million, while several other institutional investors also bought or increased their holdings.
• South Bow beat quarterly expectations, reporting $0.50 EPS versus a $0.45 estimate and revenue of $546 million versus $496.87 million expected.
• The company declared a quarterly dividend of $0.50 per share, equating to a 5.5% annualized yield; analysts maintain a consensus “Hold” rating with an average price target of $32.14.

Renaissance Technologies LLC bought a new position in South Bow Corporation (NYSE:SOBO - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm bought 34,880 shares of the company's stock, valued at approximately $1,162,000.

A number of other large investors have also recently made changes to their positions in the company. Cubist Systematic Strategies LLC purchased a new stake in South Bow in the 1st quarter worth about $85,000. Amundi purchased a new position in shares of South Bow during the first quarter valued at approximately $588,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in shares of 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 buying an additional 29,542 shares during the last quarter. Acadian Asset Management LLC bought a new position in shares of South Bow during the first quarter valued at approximately $885,000. Finally, Geode Capital Management LLC raised its holdings in shares of South Bow by 7.5% in the second 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 during the period.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on SOBO shares. Raymond James Financial assumed coverage on South Bow in a research note on Tuesday, June 9th. They set an "outperform" rating for the company. Scotiabank upped their price objective on South Bow from $36.00 to $39.00 and gave the company a "sector perform" rating in a research report on Tuesday, July 21st. TD Securities reiterated a "hold" rating on shares of South Bow in a research note on Thursday, July 16th. National Bank Financial lifted their target price on South Bow from $31.00 to $35.00 and gave the stock a "sector perform" rating in a research report on Monday, June 1st. Finally, The Goldman Sachs Group initiated coverage on shares of South Bow in a research note on Monday, April 20th. They set a "sell" rating and a $29.00 target price for the company. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, eight have assigned a Hold rating and four have issued a Sell rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $32.14.

South Bow Trading Down 0.0%

NYSE SOBO opened at $36.63 on Friday. South Bow Corporation has a one year low of $25.01 and a one year high of $38.94. The company has a debt-to-equity ratio of 2.15, a quick ratio of 1.44 and a current ratio of 1.52. The company has a market capitalization of $7.64 billion, a price-to-earnings ratio of 16.57 and a beta of 0.15. The company's 50-day simple moving average is $36.58 and its two-hundred day simple moving average is $34.32.

South Bow (NYSE:SOBO - Get Free Report) last released its quarterly earnings data on Wednesday, August 5th. The company reported $0.50 earnings per share (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 firm had revenue of $546.00 million for the quarter, compared to the consensus estimate of $496.87 million. Equities analysts forecast that South Bow Corporation will post 1.81 EPS for the current fiscal year.

South Bow Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, October 15th. Shareholders of record on Tuesday, September 29th will be issued a dividend of $0.50 per share. The ex-dividend date is Tuesday, September 29th. This represents a $2.00 dividend on an annualized basis and a yield of 5.5%. South Bow's dividend payout ratio is currently 90.50%.

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.

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