South Bow Corporation $SOBO Shares Sold by Royal Bank of Canada

Key Points

• Royal Bank of Canada reduced its stake in South Bow Corporation by 8.4%, selling 1,535,043 shares during the first quarter, and now holds approximately 8.07% of the company's stock.
• South Bow's quarterly earnings exceeded expectations, reporting $0.42 EPS against an estimated $0.38, and achieving revenues of $524 million compared to the forecasted $449 million.
• The company recently declared a $0.50 quarterly dividend, representing a 7.2% yield, with a dividend payout ratio of over 108%.

Royal Bank of Canada lowered its stake in shares of South Bow Corporation (NYSE:SOBO - Free Report) by 8.4% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 16,801,074 shares of the company's stock after selling 1,535,043 shares during the quarter. Royal Bank of Canada owned 8.07% of South Bow worth $428,764,000 at the end of the most recent quarter.

Several other large investors have also recently modified their holdings of SOBO. Price T Rowe Associates Inc. MD boosted its stake in shares of South Bow by 2.3% during the first quarter. Price T Rowe Associates Inc. MD now owns 12,617,143 shares of the company's stock valued at $321,990,000 after purchasing an additional 280,088 shares during the period. Vanguard Group Inc. lifted its stake in shares of South Bow by 1.8% during the 1st quarter. Vanguard Group Inc. now owns 8,907,058 shares of the company's stock worth $227,531,000 after purchasing an additional 157,355 shares during the last quarter. Blackstone Inc. purchased a new stake in South Bow in the fourth quarter valued at about $86,762,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new stake in South Bow in the fourth quarter valued at about $55,447,000. Finally, Bank of Nova Scotia raised its stake in South Bow by 196.7% in the first quarter. Bank of Nova Scotia now owns 2,193,469 shares of the company's stock valued at $56,039,000 after buying an additional 1,454,084 shares during the last quarter.

South Bow Price Performance

SOBO traded up $0.07 during trading on Friday, hitting $27.61. The company's stock had a trading volume of 942,306 shares, compared to its average volume of 815,836. The company has a current ratio of 1.28, a quick ratio of 1.20 and a debt-to-equity ratio of 2.19. South Bow Corporation has a twelve month low of $21.12 and a twelve month high of $28.22. The business's fifty day simple moving average is $26.80 and its 200 day simple moving average is $25.96. The firm has a market capitalization of $5.75 billion and a price-to-earnings ratio of 14.92.

South Bow (NYSE:SOBO - Get Free Report) last issued its quarterly earnings data on Wednesday, August 6th. The company reported $0.42 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. On average, equities research analysts forecast that South Bow Corporation will post 1.74 EPS for the current fiscal year.

South Bow Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 15th. Stockholders of record on Monday, September 29th will be paid 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 7.2%. South Bow's payout ratio is currently 108.11%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on SOBO shares. JPMorgan Chase & Co. reiterated an "underweight" rating and issued a $27.00 price target on shares of South Bow in a research note on Thursday, August 21st. National Bankshares raised their price objective on South Bow from $25.00 to $26.00 and gave the stock a "sector perform" rating in a research note on Friday, August 8th. Royal Bank Of Canada restated an "outperform" rating on shares of South Bow in a research note on Friday, August 8th. Finally, CIBC raised their price objective on South Bow from $25.00 to $26.00 and gave the stock a "neutral" rating in a research note on Tuesday, July 22nd. Two equities research analysts have rated the stock with a Strong Buy rating, one has given a Buy rating, seven have given a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus 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.