Russell Investments Group Ltd. Sells 13,774 Shares of South Bow Corporation $SOBO

Key Points

• Russell Investments Group Ltd. reduced its holdings in South Bow Corporation by 10.4% during the first quarter, leaving it with approximately 0.06% of the company's stock, valued at $3.04 million.
• South Bow Corporation reported $0.42 EPS for the recent quarter, surpassing estimates, with revenue reaching $524 million against expectations of $449 million.
• The company has announced a quarterly dividend of $0.50 per share, representing an annualized dividend yield of 7.3%, despite a high dividend payout ratio of 108.11%.

Russell Investments Group Ltd. decreased its holdings in South Bow Corporation (NYSE:SOBO - Free Report) by 10.4% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 118,989 shares of the company's stock after selling 13,774 shares during the period. Russell Investments Group Ltd. owned 0.06% of South Bow worth $3,039,000 at the end of the most recent reporting period.

Several other large investors have also recently modified their holdings of the business. Vanguard Group Inc. increased its stake in shares of South Bow by 1.8% in the first 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 in the last quarter. Blackstone Inc. purchased a new position in shares of South Bow in the fourth quarter worth about $86,762,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new position in shares of South Bow in the fourth quarter worth about $55,447,000. Bank of Nova Scotia increased its stake in shares of South Bow by 196.7% in the first quarter. Bank of Nova Scotia now owns 2,193,469 shares of the company's stock worth $56,039,000 after purchasing an additional 1,454,084 shares in the last quarter. Finally, Bank of America Corp DE purchased a new position in shares of South Bow in the fourth quarter worth about $49,770,000.

Analyst Ratings Changes

SOBO has been the subject of several recent analyst reports. JPMorgan Chase & Co. reaffirmed an "underweight" rating and set a $27.00 price objective on shares of South Bow in a research note 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 note on Tuesday, July 22nd. National Bankshares boosted their price objective on shares of South Bow from $25.00 to $26.00 and gave the company a "sector perform" rating in a research note on Friday, August 8th. Finally, Royal Bank Of Canada reaffirmed an "outperform" rating on shares of South Bow in a research note on Friday, August 8th. Two investment analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating, seven have issued a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $28.80.

South Bow Price Performance

South Bow stock traded up $0.41 during mid-day trading on Thursday, hitting $27.47. 514,787 shares of the company traded hands, compared to its average volume of 822,121. South Bow Corporation has a one year low of $21.12 and a one year high of $28.22. The stock has a market cap of $5.72 billion and a price-to-earnings ratio of 14.85. The company has a debt-to-equity ratio of 2.19, a quick ratio of 1.20 and a current ratio of 1.28. The stock has a fifty day moving average price of $26.63 and a 200-day moving average price of $25.85.

South Bow (NYSE:SOBO - Get Free Report) last announced its 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 company had revenue of $524.00 million for the quarter, compared to the consensus estimate of $449.00 million. On average, equities analysts predict that South Bow Corporation will post 1.74 earnings per share for the current fiscal year.

South Bow Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 15th. Shareholders of record on Monday, September 29th will be given a dividend of $0.50 per share. The ex-dividend date is Monday, September 29th. This represents a $2.00 annualized dividend and a yield of 7.3%. South Bow's payout ratio is presently 108.11%.

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.