Lazard Asset Management LLC bought a new stake in shares of South Bow Corporation (NYSE:SOBO – Free Report) in the 1st quarter, HoldingsChannel reports. The firm bought 64,162 shares of the company’s stock, valued at approximately $2,138,000.
Several other institutional investors and hedge funds have also added to or reduced their stakes in the business. Capital International Investors boosted its holdings in South Bow by 0.6% during the fourth quarter. Capital International Investors now owns 15,483,085 shares of the company’s stock worth $425,840,000 after buying an additional 94,772 shares in the last quarter. Vanguard Group Inc. increased its holdings in shares of South Bow by 1.4% in the fourth quarter. Vanguard Group Inc. now owns 8,667,365 shares of the company’s stock valued at $238,387,000 after buying an additional 118,147 shares in the last quarter. Clearbridge Investments LLC lifted its position in shares of South Bow by 3.0% during the 4th quarter. Clearbridge Investments LLC now owns 7,262,965 shares of the company’s stock valued at $199,514,000 after acquiring an additional 209,864 shares during the last quarter. Cibc World Market Inc. lifted its position in shares of South Bow by 11.8% during the 4th quarter. Cibc World Market Inc. now owns 3,571,092 shares of the company’s stock valued at $98,241,000 after acquiring an additional 376,514 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its stake in shares of South Bow by 24.1% during the 1st quarter. Dimensional Fund Advisors LP now owns 2,914,614 shares of the company’s stock worth $97,134,000 after acquiring an additional 565,787 shares in the last quarter.
Analyst Upgrades and Downgrades
A number of equities analysts recently issued reports on the company. National Bank Financial lifted their target price on South Bow from $31.00 to $35.00 and gave the stock a “sector perform” rating in a report on Monday, June 1st. Scotiabank upped their target price on South Bow from $36.00 to $39.00 and gave the company a “sector perform” rating in a report on Tuesday, July 21st. Weiss Ratings reiterated a “buy (b+)” rating on shares of South Bow in a research report on Thursday, June 11th. Wall Street Zen raised South Bow from a “sell” rating to a “hold” rating in a research note on Saturday, July 18th. Finally, Barclays boosted their price objective on South Bow from $33.00 to $34.00 and gave the stock an “equal weight” rating in a report on Thursday, May 21st. Four research analysts have rated the stock with a Buy rating, eight have given a Hold rating and four have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $32.00.
South Bow Trading Down 0.0%
NYSE SOBO opened at $37.09 on Monday. The firm’s 50 day moving average price is $36.76 and its two-hundred day moving average price is $33.73. The company has a debt-to-equity ratio of 2.16, a quick ratio of 1.37 and a current ratio of 1.51. South Bow Corporation has a twelve month low of $25.01 and a twelve month high of $38.94. The stock has a market cap of $7.74 billion, a price-to-earnings ratio of 18.27 and a beta of 0.16.
South Bow (NYSE:SOBO – Get Free Report) last released its earnings results on Thursday, May 7th. The company reported $0.44 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.46 by ($0.02). The business had revenue of $491.00 million during the quarter, compared to analysts’ expectations of $491.21 million. South Bow had a net margin of 21.32% and a return on equity of 15.24%. South Bow’s revenue for the quarter was up 1.0% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.47 EPS. Equities analysts anticipate that South Bow Corporation will post 1.78 EPS for the current year.
South Bow Announces Dividend
The firm also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th were given a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 5.4%. The ex-dividend date of this dividend was Tuesday, June 30th. South Bow’s payout ratio is presently 98.52%.
About South Bow
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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