Thornburg Investment Management Inc. Boosts Stock Holdings in South Bow Corporation $SOBO

Key Points

• Thornburg Investment Management increased its South Bow stake by 2.4% in the second quarter, adding 88,457 shares to hold 3.72 million shares worth approximately $131 million. Several other major institutions also initiated positions.
• South Bow reported quarterly EPS of $0.50, exceeding estimates of $0.45, while revenue of $546 million surpassed the $496.87 million consensus forecast.
• The company declared a quarterly dividend of $0.50, equal to a 5.3% annualized yield. Despite recent analyst upgrades and price-target increases, the stock carries a consensus “Hold” rating with an average target of $33, below its $37.45 share price.

Thornburg Investment Management Inc. lifted its position in shares of South Bow Corporation (NYSE:SOBO - Free Report) by 2.4% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,721,332 shares of the company's stock after acquiring an additional 88,457 shares during the period. South Bow makes up approximately 1.3% of Thornburg Investment Management Inc.'s portfolio, making the stock its 22nd largest position. Thornburg Investment Management Inc. owned approximately 1.78% of South Bow worth $130,974,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. Cibc World Market Inc. bought a new position in South Bow in the 2nd quarter valued at approximately $119,802,000. Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of South Bow in the 2nd quarter worth $97,830,000. Bank of America Corp DE purchased a new position in shares of South Bow in the second quarter worth $97,176,000. Legal & General Group Plc purchased a new position in shares of South Bow in the second quarter worth $62,849,000. Finally, The Manufacturers Life Insurance Company bought a new position in shares of South Bow during the second quarter valued at $41,216,000.

South Bow Stock Up 0.5%

SOBO stock opened at $37.45 on Friday. The company has a market cap of $7.81 billion, a price-to-earnings ratio of 16.95 and a beta of 0.15. The company has a debt-to-equity ratio of 2.15, a quick ratio of 1.44 and a current ratio of 1.52. The business's 50-day moving average is $36.71 and its two-hundred day moving average is $34.96. South Bow Corporation has a fifty-two week low of $25.01 and a fifty-two week high of $38.94.

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

South Bow Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 15th. Shareholders of record on Tuesday, September 29th will be given a $0.50 dividend. The ex-dividend date is Tuesday, September 29th. This represents a $2.00 annualized dividend and a yield of 5.3%. South Bow's dividend payout ratio (DPR) is presently 90.50%.

Analyst Upgrades and Downgrades

SOBO has been the topic of several recent analyst reports. National Bank Financial increased their price objective 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. Raymond James Financial started coverage on South Bow in a research report on Tuesday, June 9th. They issued an "outperform" rating for the company. Weiss Ratings upgraded shares of South Bow from a "buy (b+)" rating to a "buy (a-)" rating in a research note on Thursday, August 6th. Scotiabank lifted their price target on shares of South Bow from $36.00 to $39.00 and gave the stock a "sector perform" rating in a research note on Tuesday, July 21st. Finally, BMO Capital Markets reissued a "market perform" rating on shares of South Bow in a report on Monday, July 6th. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, eight have issued a Hold rating and three have given a Sell rating to the company. According to MarketBeat, South Bow presently has a consensus rating of "Hold" and an average price target of $33.00.

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.

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