Allianz Asset Management GmbH Increases Stock Position in South Bow Corporation $SOBO

Allianz Asset Management GmbH grew its position in South Bow Corporation (NYSE:SOBO) by 61.5% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 26,410 shares of the company’s stock after purchasing an additional 10,058 shares during the period. Allianz Asset Management GmbH’s holdings in South Bow were worth $684,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Cubist Systematic Strategies LLC purchased a new stake in shares of South Bow in the first quarter valued at about $85,000. Advisors Asset Management Inc. raised its holdings in shares of South Bow by 80.4% in the first quarter. Advisors Asset Management Inc. now owns 7,922 shares of the company’s stock valued at $202,000 after purchasing an additional 3,531 shares during the last quarter. Cerity Partners LLC purchased a new stake in shares of South Bow in the first quarter valued at about $211,000. Ewing Morris & Co. Investment Partners Ltd. grew its position in South Bow by 20.6% during the first quarter. Ewing Morris & Co. Investment Partners Ltd. now owns 8,297 shares of the company’s stock valued at $212,000 after buying an additional 1,419 shares during the period. Finally, SeaCrest Wealth Management LLC bought a new position in South Bow during the second quarter valued at about $228,000.

South Bow Price Performance

Shares of NYSE:SOBO opened at $26.09 on Tuesday. The company has a quick ratio of 1.20, a current ratio of 1.28 and a debt-to-equity ratio of 2.19. The firm has a market capitalization of $5.43 billion and a PE ratio of 18.24. South Bow Corporation has a twelve month low of $21.16 and a twelve month high of $29.19. The company has a 50-day moving average price of $27.60 and a two-hundred day moving average price of $26.55.

South Bow (NYSE:SOBO) last issued its earnings results on Wednesday, August 6th. The company reported $0.42 earnings per share for the quarter, topping analysts’ consensus estimates of $0.38 by $0.04. The business had revenue of $524.00 million for the quarter, compared to the consensus estimate of $449.00 million. Equities analysts forecast that South Bow Corporation will post 1.74 EPS for the current year.

South Bow Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, October 15th. Stockholders of record on Monday, September 29th were given a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 7.7%. The ex-dividend date was Monday, September 29th. South Bow’s dividend payout ratio (DPR) is 139.86%.

Wall Street Analyst Weigh In

Several research firms recently weighed in on SOBO. JPMorgan Chase & Co. restated an “underweight” rating and set a $27.00 price target on shares of South Bow in a research report on Thursday, August 21st. Weiss Ratings restated a “buy (b-)” rating on shares of South Bow in a research report on Wednesday, October 8th. Royal Bank Of Canada restated an “outperform” rating on shares of South Bow in a research report on Friday, August 8th. National Bankshares increased their price target on shares of South Bow from $25.00 to $26.00 and gave the company a “sector perform” rating in a research report on Friday, August 8th. Finally, Scotiabank increased their price target on shares of South Bow from $27.00 to $28.00 and gave the company a “sector perform” rating in a research report on Monday, October 20th. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, five have issued a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, South Bow presently has a consensus rating of “Hold” and an average target price of $29.40.

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.