Connor Clark & Lunn Investment Management Ltd. purchased a new stake in South Bow Corporation (NYSE:SOBO – Free Report) in the second quarter, HoldingsChannel reports. The fund purchased 2,779,943 shares of the company’s stock, valued at approximately $97,830,000.
Several other institutional investors and hedge funds also recently made changes to their positions in the stock. Bank of Nova Scotia acquired a new stake in South Bow during the second quarter worth about $8,296,000. Quantbot Technologies LP bought a new stake in shares of South Bow in the 2nd quarter worth approximately $1,290,000. Ninepoint Partners LP acquired a new stake in shares of South Bow during the 2nd quarter worth approximately $6,167,000. BlackRock Inc. bought a new stake in shares of South Bow during the second quarter valued at approximately $17,149,000. Finally, Deutsche Bank AG acquired a new position in shares of South Bow in the second quarter valued at $1,734,000.
Wall Street Analysts Forecast Growth
A number of research firms have weighed in on SOBO. 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. Wall Street Zen upgraded shares of South Bow from a “sell” rating to a “hold” rating in a research report on Saturday, July 18th. Scotiabank increased 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 report on Tuesday, July 21st. Jefferies Financial Group restated a “buy” rating on shares of South Bow in a research note on Thursday, May 28th. Finally, BMO Capital Markets reaffirmed a “market perform” rating on shares of South Bow in a report on Monday, July 6th. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, eight have given a Hold rating and three have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, South Bow presently has an average rating of “Hold” and a consensus price target of $33.00.
South Bow Stock Performance
South Bow stock opened at $37.69 on Monday. The firm has a market capitalization of $7.86 billion, a P/E ratio of 17.05 and a beta of 0.15. The stock has a fifty day moving average price of $36.62 and a two-hundred day moving average price of $34.71. South Bow Corporation has a 52-week low of $25.01 and a 52-week high of $38.94. The company has a debt-to-equity ratio of 2.15, a current ratio of 1.52 and a quick ratio of 1.44.
South Bow (NYSE:SOBO – Get Free Report) last posted its earnings results on Wednesday, August 5th. The company reported $0.50 earnings per share for the quarter, topping the consensus estimate of $0.45 by $0.05. The business had revenue of $546.00 million for the quarter, compared to analyst estimates of $496.87 million. South Bow had a net margin of 22.99% and a return on equity of 15.84%. As a group, analysts anticipate that South Bow Corporation will post 1.87 EPS for the current fiscal year.
South Bow Dividend Announcement
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 15th. Stockholders of record on Tuesday, September 29th will be issued a dividend of $0.50 per share. The ex-dividend date of this dividend is Tuesday, September 29th. This represents a $2.00 annualized dividend and a dividend yield of 5.3%. South Bow’s dividend payout ratio (DPR) is presently 90.50%.
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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