South Bow (NYSE:SOBO) Hits New 52-Week High - Here's What Happened

Key Points

• South Bow Corporation (NYSE:SOBO) recently achieved a new 52-week high of $28.25 during trading, last trading at $28.19.
• The company's quarterly earnings surpassed expectations, reporting $0.42 EPS against a consensus estimate of $0.38 and revenue of $524 million.
• South Bow announced a quarterly dividend of $0.50 with a dividend yield of 7.1%, despite having a payout ratio of 108.11%.

Shares of South Bow Corporation (NYSE:SOBO - Get Free Report) reached a new 52-week high on Monday . The stock traded as high as $28.25 and last traded at $28.19, with a volume of 173952 shares traded. The stock had previously closed at $27.86.

Analyst Ratings Changes

Several research firms have recently weighed in on SOBO. Royal Bank Of Canada reaffirmed an "outperform" rating on shares of South Bow in a research report on Friday, August 8th. National Bankshares upped their target price on South Bow from $25.00 to $26.00 and gave the stock a "sector perform" rating in a report on Friday, August 8th. CIBC upped their target price on South Bow from $25.00 to $26.00 and gave the stock a "neutral" rating in a report on Tuesday, July 22nd. Finally, JPMorgan Chase & Co. reiterated an "underweight" rating and set a $27.00 target price on shares of South Bow in a report on Thursday, August 21st. Two analysts have rated the stock with a Strong Buy rating, one has given a Buy rating, seven have assigned a Hold rating and three have assigned a Sell 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 Stock Performance

The stock has a fifty day simple moving average of $27.21 and a two-hundred day simple moving average of $26.12. The stock has a market cap of $5.81 billion and a price-to-earnings ratio of 15.08. The company has a debt-to-equity ratio of 2.19, a quick ratio of 1.20 and a current ratio of 1.28.

South Bow (NYSE:SOBO - Get Free Report) last issued its 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 business had revenue of $524.00 million during the quarter, compared to analyst estimates of $449.00 million. Analysts expect that South Bow Corporation will post 1.74 EPS for the current fiscal year.

South Bow Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 15th. Shareholders of record on Monday, September 29th will be issued a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 7.2%. The ex-dividend date of this dividend is Monday, September 29th. South Bow's dividend payout ratio (DPR) is currently 108.11%.

Institutional Investors Weigh In On South Bow

Several hedge funds have recently modified their holdings of SOBO. Northern Trust Corp acquired a new stake in shares of South Bow during the 4th quarter valued at $3,389,000. BNP Paribas Financial Markets acquired a new stake in shares of South Bow during the 4th quarter valued at $29,000. Cetera Investment Advisers bought a new position in South Bow during the 4th quarter worth $231,000. Deutsche Bank AG bought a new position in South Bow during the 4th quarter worth $2,332,000. Finally, Nuveen Asset Management LLC bought a new position in South Bow during the 4th quarter worth $3,808,000.

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.