Zimmer Partners LP Acquires Shares of 175,000 South Bow Corporation $SOBO

Key Points

• Zimmer Partners LP purchased 175,000 shares of South Bow Corporation (NYSE:SOBO) for approximately $4.47 million, representing a 0.08% ownership stake.
• South Bow announced a quarterly dividend of $0.50 per share, with an ex-dividend date of September 29th, yielding an annualized dividend of 7.2%.
• The stock is currently trading at $27.86 with a market capitalization of $5.80 billion and a P/E ratio of 15.06, while analysts rate it with a consensus target price of $28.80.

Zimmer Partners LP bought a new stake in shares of South Bow Corporation (NYSE:SOBO - Free Report) in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 175,000 shares of the company's stock, valued at approximately $4,471,000. Zimmer Partners LP owned approximately 0.08% of South Bow at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Price T Rowe Associates Inc. MD boosted its stake in South Bow by 2.3% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 12,617,143 shares of the company's stock worth $321,990,000 after purchasing an additional 280,088 shares during the last quarter. Vanguard Group Inc. lifted its position in South Bow by 1.8% in the first quarter. Vanguard Group Inc. now owns 8,907,058 shares of the company's stock valued at $227,531,000 after buying an additional 157,355 shares during the last quarter. Murchinson Ltd. acquired a new position in South Bow in the first quarter valued at about $134,592,000. Goldman Sachs Group Inc. lifted its position in shares of South Bow by 157.8% during the first quarter. Goldman Sachs Group Inc. now owns 3,851,407 shares of the company's stock worth $98,288,000 after purchasing an additional 10,510,206 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of South Bow by 17.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 2,765,548 shares of the company's stock worth $70,577,000 after purchasing an additional 413,094 shares in the last quarter.

Analyst Ratings Changes

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

South Bow Price Performance

South Bow stock traded up $0.16 during midday trading on Friday, reaching $27.83. The company's stock had a trading volume of 672,447 shares, compared to its average volume of 601,223. South Bow Corporation has a fifty-two week low of $21.12 and a fifty-two week high of $28.22. The company has a debt-to-equity ratio of 2.19, a quick ratio of 1.20 and a current ratio of 1.28. The stock's 50 day simple moving average is $27.00 and its 200 day simple moving average is $26.06. The firm has a market capitalization of $5.79 billion and a PE ratio of 15.04.

South Bow (NYSE:SOBO - Get Free Report) last announced its quarterly earnings results on Wednesday, August 6th. The company reported $0.42 earnings per share for the quarter, beating analysts' consensus estimates of $0.38 by $0.04. The firm had revenue of $524.00 million during the quarter, compared to analysts' expectations of $449.00 million. On average, equities research analysts forecast that South Bow Corporation will post 1.74 earnings per share for the current year.

South Bow Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 15th. Investors of record on Monday, September 29th will be given a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a yield of 7.2%. The ex-dividend date is Monday, September 29th. South Bow's dividend payout ratio (DPR) is currently 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.