Cibc World Market Inc. Grows Stock Position in South Bow Corporation $SOBO

Cibc World Market Inc. lifted its stake in South Bow Corporation (NYSE:SOBO) by 11.8% in the fourth quarter, HoldingsChannel reports. The firm owned 3,571,092 shares of the company’s stock after acquiring an additional 376,514 shares during the quarter. Cibc World Market Inc.’s holdings in South Bow were worth $98,241,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of SOBO. Norges Bank purchased a new position in South Bow in the fourth quarter valued at $24,566,000. American Century Companies Inc. boosted its holdings in South Bow by 467.7% in the third quarter. American Century Companies Inc. now owns 959,031 shares of the company’s stock valued at $27,137,000 after purchasing an additional 790,111 shares during the period. Qube Research & Technologies Ltd boosted its holdings in South Bow by 485.9% in the third quarter. Qube Research & Technologies Ltd now owns 784,565 shares of the company’s stock valued at $22,195,000 after purchasing an additional 650,648 shares during the period. Two Sigma Investments LP boosted its holdings in South Bow by 421.9% in the third quarter. Two Sigma Investments LP now owns 770,910 shares of the company’s stock valued at $21,809,000 after purchasing an additional 623,189 shares during the period. Finally, Dimensional Fund Advisors LP boosted its holdings in South Bow by 53.4% in the third quarter. Dimensional Fund Advisors LP now owns 1,549,120 shares of the company’s stock valued at $43,818,000 after purchasing an additional 539,281 shares during the period.

South Bow Stock Down 0.4%

Shares of NYSE SOBO opened at $36.69 on Thursday. The company has a market capitalization of $7.65 billion, a price-to-earnings ratio of 18.07 and a beta of 0.14. The company has a debt-to-equity ratio of 2.16, a current ratio of 1.51 and a quick ratio of 1.37. The business has a 50-day moving average of $34.56 and a two-hundred day moving average of $30.98. South Bow Corporation has a 1 year low of $25.01 and a 1 year high of $38.39.

South Bow (NYSE:SOBO) last announced its quarterly 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). South Bow had a return on equity of 15.24% and a net margin of 21.32%.The business had revenue of $491.00 million for the quarter, compared to analysts’ expectations of $491.21 million. During the same period last year, the firm earned $0.47 earnings per share. The firm’s quarterly revenue was up 1.0% on a year-over-year basis. On average, analysts forecast that South Bow Corporation will post 1.76 earnings per share for the current fiscal year.

South Bow Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th will be given a dividend of $0.50 per share. The ex-dividend date is Tuesday, June 30th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 5.5%. South Bow’s payout ratio is 98.52%.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on SOBO. Barclays lifted their price target on South Bow from $33.00 to $34.00 and gave the stock an “equal weight” rating in a report on Thursday, May 21st. TD Securities reaffirmed a “hold” rating on shares of South Bow in a report on Friday, May 1st. Jefferies Financial Group reaffirmed a “buy” rating on shares of South Bow in a report on Thursday, May 28th. Wall Street Zen downgraded South Bow from a “hold” rating to a “sell” rating in a report on Saturday, May 9th. Finally, Scotiabank lifted their price target on South Bow from $34.00 to $36.00 and gave the stock a “sector perform” rating in a report on Friday, May 8th. Three research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and four have given a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Reduce” and an average target price of $31.57.

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.