South Bow Corporation $SOBO Shares Purchased by Amundi

Key Points

• Amundi increased its South Bow stake by 696.5% in the second quarter, acquiring 61,988 additional shares for a total position of 70,888 shares valued at approximately $2.5 million. Several other major institutional investors also initiated sizable positions.
• South Bow reported quarterly earnings of $0.50 per share, beating estimates of $0.45, while revenue reached $546 million versus the $496.87 million consensus forecast.
• The company declared a quarterly dividend of $0.50 per share, equivalent to an annualized $2.00 payout and a 5.6% yield. Analysts maintain a consensus “Hold” rating with an average price target of $33, below the reported $36 share price.

Amundi boosted its stake in South Bow Corporation (NYSE:SOBO - Free Report) by 696.5% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 70,888 shares of the company's stock after buying an additional 61,988 shares during the period. Amundi's holdings in South Bow were worth $2,498,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of the stock. Cibc World Market Inc. purchased a new position in shares of South Bow during the second quarter worth $119,802,000. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in shares of South Bow in the 2nd quarter valued at $97,830,000. Bank of America Corp DE purchased a new stake in shares of South Bow in the 2nd quarter valued at $97,176,000. Legal & General Group Plc acquired a new position in South Bow during the 2nd quarter worth about $62,849,000. Finally, The Manufacturers Life Insurance Company acquired a new position in South Bow during the 2nd quarter worth about $41,216,000.

South Bow Trading Up 0.0%

Shares of NYSE:SOBO opened at $36.00 on Monday. South Bow Corporation has a 52 week low of $25.01 and a 52 week high of $39.02. The company's 50 day moving average is $37.05 and its two-hundred day moving average is $35.50. The company has a market cap of $7.51 billion, a PE ratio of 16.29 and a beta of 0.14. The company has a current ratio of 1.52, a quick ratio of 1.44 and a debt-to-equity ratio of 2.15.

South Bow (NYSE:SOBO - Get Free Report) last issued its earnings results on Wednesday, August 5th. The company reported $0.50 EPS for the quarter, topping analysts' consensus estimates of $0.45 by $0.05. The firm had revenue of $546.00 million during the quarter, compared to the consensus estimate of $496.87 million. South Bow had a net margin of 22.99% and a return on equity of 15.84%. Equities analysts predict that South Bow Corporation will post 1.87 earnings per share for the current fiscal year.

South Bow Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 15th. Stockholders of record on Tuesday, September 29th will be given a dividend of $0.50 per share. The ex-dividend date is Tuesday, September 29th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 5.6%. South Bow's dividend payout ratio (DPR) is 90.50%.

Analyst Ratings Changes

SOBO has been the subject of several research reports. National Bank Financial lifted their target price on South Bow from $31.00 to $35.00 and gave the company a "sector perform" rating in a research report on Monday, June 1st. Royal Bank Of Canada reaffirmed an "outperform" rating on shares of South Bow in a research note on Monday, August 10th. Wall Street Zen upgraded shares of South Bow from a "sell" rating to a "hold" rating in a report on Saturday, July 18th. Canadian Imperial Bank of Commerce raised their price target on shares of South Bow from $33.00 to $36.00 and gave the company a "neutral" rating in a research report on Tuesday, May 26th. Finally, Barclays upped their price objective on South Bow from $34.00 to $35.00 and gave the stock an "equal weight" rating in a research report on Friday, August 7th. Four investment analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $33.00.

About South Bow

South Bow Corporation is a North American crude oil transportation and storage company headquartered in Calgary, Alberta. The company owns and operates infrastructure that moves crude oil from producing regions in Western Canada to refining and export markets in the United States.

South Bow's principal asset is the Keystone Pipeline System, which connects oil supplies from the Western Canadian Sedimentary Basin with refineries and storage hubs in the U.S. Midwest and along the U.S. Gulf Coast.

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