Scotia Capital Inc. Boosts Holdings in South Bow Corporation (NYSE:SOBO)

Key Points

• Scotia Capital Inc. increased its holdings in South Bow Corporation by 1.2%, now owning approximately 1.73 million shares valued at about $44.24 million.
• South Bow recently reported a quarterly EPS of $0.47, exceeding the consensus estimate of $0.42, despite an 8.5% year-over-year revenue decline.
• The company declared a quarterly dividend of $0.50, representing an annualized yield of 7.6%, although its dividend payout ratio stands at 108.11%.

Scotia Capital Inc. boosted its holdings in South Bow Corporation (NYSE:SOBO - Free Report) by 1.2% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,734,937 shares of the company's stock after acquiring an additional 19,752 shares during the quarter. Scotia Capital Inc. owned 0.83% of South Bow worth $44,238,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Oppenheimer & Co. Inc. bought a new position in shares of South Bow in the 1st quarter worth approximately $1,351,000. Geode Capital Management LLC purchased a new position in shares of South Bow in the fourth quarter valued at about $4,803,000. Dimensional Fund Advisors LP bought a new position in South Bow in the 4th quarter worth approximately $15,747,000. Norges Bank bought a new position in shares of South Bow during the fourth quarter worth $20,486,000. Finally, Barclays PLC bought a new position in shares of South Bow during the 4th quarter valued at about $1,059,000.

South Bow Stock Performance

Shares of South Bow stock opened at $26.36 on Friday. South Bow Corporation has a 12 month low of $21.12 and a 12 month high of $27.60. The company has a current ratio of 1.29, a quick ratio of 1.20 and a debt-to-equity ratio of 2.20. The firm has a market cap of $5.49 billion and a P/E ratio of 14.25. The stock's fifty day moving average price is $26.33 and its 200-day moving average price is $25.48.

South Bow (NYSE:SOBO - Get Free Report) last released its quarterly earnings results on Thursday, May 15th. The company reported $0.47 EPS for the quarter, topping the consensus estimate of $0.42 by $0.05. The company had revenue of $498.00 million during the quarter, compared to the consensus estimate of $527.00 million. South Bow's revenue for the quarter was down 8.5% on a year-over-year basis. On average, equities research analysts expect that South Bow Corporation will post 1.74 earnings per share for the current fiscal year.

South Bow Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th were paid a $0.50 dividend. The ex-dividend date was Monday, June 30th. This represents a $2.00 dividend on an annualized basis and a yield of 7.6%. South Bow's dividend payout ratio (DPR) is 108.11%.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the stock. CIBC raised their target price on shares of South Bow from $25.00 to $26.00 and gave the company a "neutral" rating in a report on Tuesday, July 22nd. Royal Bank Of Canada reaffirmed an "outperform" rating and set a $38.00 target price on shares of South Bow in a research note on Monday, May 19th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating, one has issued a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target 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.

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