TD Asset Management Inc Decreases Stock Position in South Bow Corporation (NYSE:SOBO)

Key Points

• TD Asset Management Inc reduced its holdings in South Bow Corporation (NYSE:SOBO) by 1.1%, selling 29,743 shares during the first quarter, and now owns approximately 1.32% of the company valued at $70.1 million.
• South Bow recently declared a quarterly dividend of $0.50, representing an annualized dividend of $2.00 and a yield of 7.70%, with a payout ratio of 108.11%.
• As of the latest earnings report, South Bow's revenue decreased by 8.5% year-over-year, reporting $498 million against expected revenue of $527 million.

TD Asset Management Inc lowered its stake in shares of South Bow Corporation (NYSE:SOBO - Free Report) by 1.1% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 2,745,382 shares of the company's stock after selling 29,743 shares during the quarter. TD Asset Management Inc owned approximately 1.32% of South Bow worth $70,120,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Cetera Investment Advisers increased its holdings in shares of South Bow by 15.0% in the 1st quarter. Cetera Investment Advisers now owns 11,248 shares of the company's stock valued at $287,000 after acquiring an additional 1,466 shares during the period. Y Intercept Hong Kong Ltd acquired a new position in shares of South Bow in the 1st quarter valued at $374,000. Allianz Asset Management GmbH acquired a new position in shares of South Bow in the 1st quarter valued at $418,000. Jennison Associates LLC increased its holdings in shares of South Bow by 43.2% in the 1st quarter. Jennison Associates LLC now owns 969,432 shares of the company's stock valued at $24,773,000 after acquiring an additional 292,464 shares during the period. Finally, Triasima Portfolio Management inc. increased its holdings in shares of South Bow by 243.2% in the 1st quarter. Triasima Portfolio Management inc. now owns 116,885 shares of the company's stock valued at $2,985,000 after acquiring an additional 82,830 shares during the period.

South Bow Price Performance

Shares of NYSE:SOBO traded up $0.32 on Thursday, reaching $26.18. 118,300 shares of the company were exchanged, compared to its average volume of 858,913. The company has a current ratio of 1.29, a quick ratio of 1.20 and a debt-to-equity ratio of 2.20. South Bow Corporation has a 1-year low of $21.12 and a 1-year high of $27.60. The firm has a market cap of $5.45 billion and a price-to-earnings ratio of 14.15. The company has a 50-day moving average of $26.33 and a 200-day moving average of $25.42.

South Bow (NYSE:SOBO - Get Free Report) last posted its quarterly earnings results on Thursday, May 15th. The company reported $0.47 earnings per share for the quarter, topping analysts' consensus estimates of $0.42 by $0.05. The company had revenue of $498.00 million for the quarter, compared to analyst estimates of $527.00 million. The firm's revenue was down 8.5% on a year-over-year basis. Equities analysts forecast that South Bow Corporation will post 1.74 earnings per share for the current fiscal year.

South Bow Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th were paid a dividend of $0.50 per share. The ex-dividend date of this dividend was Monday, June 30th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 7.64%. South Bow's dividend payout ratio (DPR) is presently 108.11%.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on SOBO shares. CIBC lifted their target price 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. Royal Bank Of Canada reiterated an "outperform" rating and issued a $38.00 price objective on shares of South Bow in a research report on Monday, May 19th. Two equities research 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 stock. According to MarketBeat, the company has an average rating of "Hold" and a consensus price target of $28.80.

South Bow 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.