Federation des caisses Desjardins du Quebec Purchases 50,922 Shares of South Bow Corporation $SOBO

Key Points

• The Federation des caisses Desjardins du Quebec increased its stake in South Bow Corporation by 17.8% during the first quarter, owning approximately $8.6 million worth of shares.
• South Bow Corporation recently declared a quarterly dividend of $0.50, yielding 7.3%, with a payout ratio of 108.11%.
• The company reported $0.42 EPS for the most recent quarter, exceeding analyst expectations, and had a revenue of $524 million against a consensus of $449 million.

Federation des caisses Desjardins du Quebec increased its stake in South Bow Corporation (NYSE:SOBO - Free Report) by 17.8% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 337,068 shares of the company's stock after purchasing an additional 50,922 shares during the period. Federation des caisses Desjardins du Quebec owned approximately 0.16% of South Bow worth $8,598,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. BNP Paribas Financial Markets bought a new position in South Bow in the fourth quarter valued at $29,000. Louisbourg Investments Inc. bought a new position in South Bow in the first quarter valued at $31,000. Tower Research Capital LLC TRC bought a new position in South Bow in the fourth quarter valued at $35,000. Cubist Systematic Strategies LLC bought a new position in South Bow in the first quarter valued at $85,000. Finally, DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main bought a new position in South Bow in the fourth quarter valued at $97,000.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the stock. Royal Bank Of Canada restated an "outperform" rating on shares of South Bow in a research report on Friday, August 8th. JPMorgan Chase & Co. restated an "underweight" rating and issued a $27.00 price objective on shares of South Bow in a report on Thursday, August 21st. National Bankshares raised their price objective 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, CIBC raised their price objective on shares of South Bow from $25.00 to $26.00 and gave the stock a "neutral" rating in a report on Tuesday, July 22nd. Two equities research analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating, seven have given a Hold rating and three have issued a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $28.80.

South Bow Stock Performance

Shares of South Bow stock traded down $0.07 during trading on Tuesday, hitting $27.80. 128,497 shares of the company's stock traded hands, compared to its average volume of 813,499. The company has a debt-to-equity ratio of 2.19, a current ratio of 1.28 and a quick ratio of 1.20. South Bow Corporation has a 1 year low of $21.12 and a 1 year high of $28.22. The stock has a market capitalization of $5.79 billion and a P/E ratio of 15.02. The business has a 50-day simple moving average of $26.87 and a 200-day simple moving average of $26.01.

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

South Bow Dividend Announcement

The company also recently announced 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. The ex-dividend date of this dividend is Monday, September 29th. This represents a $2.00 annualized dividend and a yield of 7.2%. South Bow's dividend payout ratio is currently 108.11%.

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.