Canada Pension Plan Investment Board Decreases Stock Holdings in South Bow Corporation $SOBO

Key Points

• The Canada Pension Plan Investment Board reduced its stake in South Bow Corporation (NYSE:SOBO) by 23.8%, now holding approximately 2,050,000 shares worth $52,375,000.
• South Bow Corporation recently announced a quarterly dividend of $0.50 per share, representing a yield of 7.2% based on a payout ratio of 108.11%.
• Analysts have a consensus rating of Hold for South Bow, with a consensus price target of $28.80, as recent ratings from various brokerages suggest mixed outlooks.

Canada Pension Plan Investment Board trimmed its position in shares of South Bow Corporation (NYSE:SOBO - Free Report) by 23.8% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 2,050,000 shares of the company's stock after selling 640,000 shares during the quarter. Canada Pension Plan Investment Board owned approximately 0.98% of South Bow worth $52,375,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently modified their holdings of the company. Oppenheimer & Co. Inc. acquired a new stake in South Bow in the first quarter worth $1,351,000. Scotia Capital Inc. boosted its holdings in shares of South Bow by 1.2% during the 1st quarter. Scotia Capital Inc. now owns 1,734,937 shares of the company's stock worth $44,238,000 after buying an additional 19,752 shares during the period. Boston Partners bought a new stake in South Bow in the 1st quarter valued at about $32,840,000. Invesco Ltd. increased its holdings in South Bow by 112.9% in the 1st quarter. Invesco Ltd. now owns 1,619,641 shares of the company's stock valued at $41,333,000 after buying an additional 858,826 shares during the period. Finally, Dimensional Fund Advisors LP bought a new stake in shares of South Bow during the 4th quarter worth approximately $15,747,000.

South Bow Stock Performance

SOBO stock traded down $0.01 on Friday, hitting $27.54. The company had a trading volume of 192,044 shares, compared to its average volume of 811,555. South Bow Corporation has a 12-month low of $21.12 and a 12-month high of $28.22. The company has a current ratio of 1.28, a quick ratio of 1.20 and a debt-to-equity ratio of 2.19. The stock's 50-day simple moving average is $26.80 and its 200 day simple moving average is $25.96. The stock has a market cap of $5.73 billion and a price-to-earnings ratio of 14.89.

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

South Bow Announces Dividend

The firm also recently disclosed 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. This represents a $2.00 annualized dividend and a yield of 7.3%. The ex-dividend date of this dividend is Monday, September 29th. South Bow's dividend payout ratio is 108.11%.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on SOBO shares. 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 research note on Tuesday, July 22nd. Royal Bank Of Canada reaffirmed an "outperform" rating on shares of South Bow in a research report on Friday, August 8th. JPMorgan Chase & Co. reaffirmed an "underweight" rating and set a $27.00 price objective on shares of South Bow in a report on Thursday, August 21st. Finally, National Bankshares upped their price target on shares of South Bow from $25.00 to $26.00 and gave the company a "sector perform" rating in a research note on Friday, August 8th. Two equities research analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating, seven have assigned a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $28.80.

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.