Thornburg Investment Management Inc. Makes New $19.70 Million Investment in South Bow Corporation (NYSE:SOBO)

Key Points

• Thornburg Investment Management Inc. acquired a new stake in South Bow Corporation, purchasing 772,102 shares valued at approximately $19.7 million, representing 0.37% ownership.
• South Bow recently reported $0.47 EPS for the last quarter, exceeding analysts' expectations, although its revenue fell 8.5% year-over-year to $498 million.
• The company announced a quarterly dividend of $0.50, providing a yield of 7.76%, despite a payout ratio of 108.11%, indicating high returns to shareholders.

Thornburg Investment Management Inc. acquired a new position in shares of South Bow Corporation (NYSE:SOBO - Free Report) in the 1st quarter, according to its most recent filing with the SEC. The fund acquired 772,102 shares of the company's stock, valued at approximately $19,704,000. Thornburg Investment Management Inc. owned approximately 0.37% of South Bow at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in SOBO. BNP Paribas Financial Markets purchased a new stake in South Bow in the fourth quarter valued at $29,000. Louisbourg Investments Inc. acquired a new stake in shares of South Bow during the first quarter valued at about $31,000. Sit Investment Associates Inc. acquired a new stake in shares of South Bow during the fourth quarter valued at about $34,000. Tower Research Capital LLC TRC acquired a new stake in shares of South Bow during the fourth quarter valued at about $35,000. Finally, Brown Brothers Harriman & Co. acquired a new position in South Bow during the 4th quarter worth about $41,000.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on SOBO shares. Royal Bank Of Canada reiterated an "outperform" rating and issued a $38.00 price target on shares of South Bow in a research note on Monday, May 19th. 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 note on Tuesday, July 22nd. 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 given a strong buy rating to the stock. According to data from MarketBeat, South Bow currently has an average rating of "Hold" and an average target price of $28.80.

South Bow Stock Up 0.4%

NYSE SOBO traded up $0.10 during trading hours on Friday, reaching $26.36. 428,660 shares of the company traded hands, compared to its average volume of 858,702. The company has a 50 day moving average of $26.33 and a two-hundred day moving average of $25.44. 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 12 month low of $21.12 and a 12 month high of $27.60. The stock has a market capitalization of $5.49 billion and a PE ratio of 14.25.

South Bow (NYSE:SOBO - Get Free Report) last issued its quarterly earnings data on Thursday, May 15th. The company reported $0.47 earnings per share for the quarter, beating the consensus estimate of $0.42 by $0.05. The firm had revenue of $498.00 million during the quarter, compared to the consensus estimate of $527.00 million. The company's revenue was down 8.5% on a year-over-year basis. As a group, equities analysts expect that South Bow Corporation will post 1.74 earnings per share for the current year.

South Bow Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, July 15th. Shareholders 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 annualized dividend and a yield of 7.6%. South Bow's dividend payout ratio (DPR) is presently 108.11%.

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.