Scotia Capital Inc. Grows Stock Position 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. lifted its holdings in South Bow Corporation (NYSE:SOBO - Free Report) by 1.2% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,734,937 shares of the company's stock after buying an additional 19,752 shares during the quarter. Scotia Capital Inc. owned approximately 0.83% of South Bow worth $44,238,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in the stock. FMR LLC purchased a new stake in South Bow during the 4th quarter valued at $461,249,000. Capital International Investors purchased a new stake in South Bow during the fourth quarter valued at $315,469,000. Price T Rowe Associates Inc. MD bought a new position in South Bow in the fourth quarter valued at about $290,786,000. Vanguard Group Inc. purchased a new position in South Bow in the fourth quarter worth about $206,467,000. Finally, Bank of Montreal Can bought a new stake in shares of South Bow during the 4th quarter valued at about $126,068,000.

Wall Street Analysts Forecast Growth

SOBO has been the topic of several recent research reports. CIBC increased their price target on shares of South Bow from $25.00 to $26.00 and gave the stock a "neutral" rating in a research report on Tuesday, July 22nd. Royal Bank Of Canada reissued an "outperform" rating and issued a $38.00 target price on shares of South Bow in a report on Monday, May 19th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating, one has assigned a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $28.80.

South Bow Trading Up 1.4%

NYSE:SOBO traded up $0.37 on Thursday, hitting $27.33. The stock had a trading volume of 345,813 shares, compared to its average volume of 846,775. The company has a fifty day moving average price of $26.34 and a two-hundred day moving average price of $25.53. South Bow Corporation has a 1-year low of $21.12 and a 1-year high of $28.04. The company has a quick ratio of 1.20, a current ratio of 1.29 and a debt-to-equity ratio of 2.20. The stock has a market cap of $5.69 billion and a price-to-earnings ratio of 14.73.

South Bow (NYSE:SOBO - Get Free Report) last issued its earnings results on Wednesday, August 6th. The company reported $0.42 EPS for the quarter, topping analysts' consensus estimates of $0.38 by $0.04. The firm had revenue of $524.00 million for the quarter, compared to analyst estimates of $449.00 million. Equities research analysts expect that South Bow Corporation will post 1.74 earnings per share for the current fiscal year.

South Bow Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th were given a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 7.3%. The ex-dividend date of this dividend was Monday, June 30th. South Bow's dividend payout ratio (DPR) 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.