Westwood Holdings Group Inc. Buys 586,999 Shares of South Bow Corporation (NYSE:SOBO)

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

Other institutional investors have also recently added to or reduced their stakes in the company. BNP Paribas Financial Markets bought a new stake in shares of South Bow during the 4th quarter worth about $29,000. Louisbourg Investments Inc. acquired a new position in shares of South Bow during the first quarter valued at approximately $31,000. Sit Investment Associates Inc. bought a new stake in South Bow during the fourth quarter worth approximately $34,000. Tower Research Capital LLC TRC acquired a new stake in South Bow in the fourth quarter worth approximately $35,000. Finally, DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main acquired a new stake in South Bow in the fourth quarter worth approximately $97,000.

South Bow Stock Performance

SOBO stock traded up $0.21 during trading on Friday, reaching $27.39. 650,887 shares of the stock were exchanged, compared to its average volume of 603,819. South Bow Corporation has a twelve month low of $21.12 and a twelve month 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 capitalization of $5.70 billion and a P/E ratio of 14.80. The stock has a 50 day simple moving average of $26.39 and a 200-day simple moving average of $25.57.

South Bow (NYSE:SOBO - Get Free Report) last posted 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 business had revenue of $524.00 million for the quarter, compared to analyst estimates of $449.00 million. As a group, sell-side analysts anticipate that South Bow Corporation will post 1.74 earnings per share for the current year.

South Bow Dividend Announcement

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

Analyst Upgrades and Downgrades

Several research analysts have issued reports on the stock. CIBC lifted 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 reaffirmed an "outperform" rating on shares of South Bow in a research report on Friday. Finally, National Bankshares upped their target price on South Bow from $25.00 to $26.00 and gave the company a "sector perform" rating in a report on Friday. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating, one has assigned a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $29.00.

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.