South Bow Corporation (NYSE:SOBO) Shares Purchased by Westwood Holdings Group Inc.

Key Points

• Westwood Holdings Group Inc. increased its stake in South Bow Corporation by 155.6%, now owning approximately 964,309 shares valued at $24.6 million.
• South Bow reported earnings per share of $0.47, surpassing analysts' expectations of $0.42, while quarterly revenue decreased by 8.5% compared to last year.
• A $0.50 quarterly dividend was recently paid, leading to an annualized dividend yield of 7.5% despite a payout ratio of 108.11%.

Westwood Holdings Group Inc. lifted its stake in shares of South Bow Corporation (NYSE:SOBO - Free Report) by 155.6% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 964,309 shares of the company's stock after acquiring an additional 586,999 shares during the period. Westwood Holdings Group Inc. owned 0.46% of South Bow worth $24,609,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of the stock. Louisbourg Investments Inc. purchased a new position in South Bow in the first quarter valued at approximately $31,000. BNP Paribas Financial Markets purchased a new position in South Bow in the fourth quarter valued at approximately $29,000. Sit Investment Associates Inc. purchased a new position in South Bow in the fourth quarter valued at approximately $34,000. Tower Research Capital LLC TRC purchased a new position in South Bow in the fourth quarter valued at approximately $35,000. Finally, DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main purchased a new position in South Bow in the fourth quarter valued at approximately $97,000.

South Bow Stock Up 0.8%

NYSE:SOBO traded up $0.21 during trading hours on Friday, hitting $27.39. The stock had a trading volume of 650,887 shares, compared to its average volume of 603,819. South Bow Corporation has a 1-year low of $21.12 and a 1-year high of $28.04. 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 company has a market cap of $5.70 billion and a PE ratio of 14.80. The business has a 50 day simple moving average of $26.39 and a two-hundred day simple moving average of $25.57.

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

South Bow Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 15th. Stockholders of record on Monday, September 29th will be given a dividend of $0.50 per share. 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 7.3%. South Bow's dividend payout ratio (DPR) is presently 108.11%.

Wall Street Analyst Weigh In

Several research firms recently commented on SOBO. Royal Bank Of Canada restated an "outperform" rating on shares of South Bow in a report on Friday. National Bankshares raised their price target on shares of South Bow from $25.00 to $26.00 and gave the company a "sector perform" rating in a report on Friday. Finally, CIBC raised their price target 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. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating, one has given a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $29.00.

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.