South Bow Corporation $SOBO Shares Sold by Russell Investments Group Ltd.

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

Other institutional investors also recently bought and sold shares of the company. BNP Paribas Financial Markets acquired a new position in South Bow in the 4th quarter valued at about $29,000. Louisbourg Investments Inc. acquired a new position in South Bow in the 1st quarter valued at about $31,000. Tower Research Capital LLC TRC acquired a new position in South Bow in the 4th quarter valued at about $35,000. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main acquired a new position in South Bow in the 4th quarter valued at about $97,000. Finally, Ewing Morris & Co. Investment Partners Ltd. acquired a new position in South Bow in the 4th quarter valued at about $162,000.

South Bow Stock Up 0.8%

SOBO traded up $0.22 on Friday, reaching $27.72. The company's stock had a trading volume of 694,974 shares, compared to its average volume of 537,298. The stock has a 50 day moving average of $26.68 and a two-hundred day moving average of $25.90. The company has a quick ratio of 1.20, a current ratio of 1.28 and a debt-to-equity ratio of 2.19. The company has a market capitalization of $5.77 billion and a price-to-earnings ratio of 14.99. South Bow Corporation has a fifty-two week low of $21.12 and a fifty-two week high of $28.22.

South Bow (NYSE:SOBO - Get Free Report) last announced its quarterly earnings results on Wednesday, August 6th. The company reported $0.42 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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. As a group, analysts forecast that South Bow Corporation will post 1.74 EPS for the current fiscal year.

South Bow Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 15th. Investors of record on Monday, September 29th will be issued a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a yield of 7.2%. The ex-dividend date of this dividend is Monday, September 29th. South Bow's dividend payout ratio is 108.11%.

Analysts Set New Price Targets

SOBO has been the topic of a number of recent research reports. CIBC upped their target price on shares of South Bow from $25.00 to $26.00 and gave the stock a "neutral" rating in a research note on Tuesday, July 22nd. Royal Bank Of Canada reiterated an "outperform" rating on shares of South Bow in a report on Friday, August 8th. National Bankshares boosted their price target on shares of South Bow from $25.00 to $26.00 and gave the stock a "sector perform" rating in a report on Friday, August 8th. Finally, JPMorgan Chase & Co. reiterated an "underweight" rating and set a $27.00 price target on shares of South Bow in a report on Thursday, August 21st. Two 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. Based on data from MarketBeat.com, South Bow has an average rating of "Hold" and a consensus target price of $28.80.

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.