JPMorgan Chase & Co. Acquires 79,858 Shares of South Bow Corporation $SOBO

JPMorgan Chase & Co. lifted its holdings in shares of South Bow Corporation (NYSE:SOBO) by 204.1% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 118,991 shares of the company’s stock after buying an additional 79,858 shares during the quarter. JPMorgan Chase & Co. owned about 0.06% of South Bow worth $3,366,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Westwood Holdings Group Inc. boosted its stake in South Bow by 15.0% in the second quarter. Westwood Holdings Group Inc. now owns 1,109,346 shares of the company’s stock valued at $28,743,000 after acquiring an additional 145,037 shares during the last quarter. Cibc World Market Inc. lifted its stake in shares of South Bow by 1.5% in the 3rd quarter. Cibc World Market Inc. now owns 3,194,578 shares of the company’s stock valued at $90,375,000 after purchasing an additional 47,562 shares during the period. Bank of Nova Scotia lifted its stake in shares of South Bow by 7.1% in the 2nd quarter. Bank of Nova Scotia now owns 2,348,554 shares of the company’s stock valued at $60,949,000 after purchasing an additional 155,085 shares during the period. Thornburg Investment Management Inc. boosted its position in shares of South Bow by 20.6% in the 3rd quarter. Thornburg Investment Management Inc. now owns 1,997,301 shares of the company’s stock worth $56,504,000 after purchasing an additional 341,281 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. boosted its position in shares of South Bow by 12.9% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,118,632 shares of the company’s stock worth $31,646,000 after purchasing an additional 127,691 shares during the last quarter.

South Bow Stock Down 0.2%

South Bow stock opened at $33.09 on Friday. The company has a 50 day moving average of $31.63 and a 200-day moving average of $28.75. The company has a quick ratio of 1.43, a current ratio of 1.50 and a debt-to-equity ratio of 2.13. South Bow Corporation has a twelve month low of $21.16 and a twelve month high of $34.90. The stock has a market capitalization of $6.89 billion, a PE ratio of 15.91 and a beta of 0.15.

South Bow (NYSE:SOBO) last issued its quarterly earnings data on Thursday, March 5th. The company reported $0.61 EPS for the quarter, topping analysts’ consensus estimates of $0.40 by $0.21. The business had revenue of $503.00 million for the quarter, compared to analyst estimates of $500.57 million. South Bow had a net margin of 21.80% and a return on equity of 15.55%. The firm’s quarterly revenue was up 3.1% on a year-over-year basis. During the same period last year, the business posted $0.54 earnings per share. On average, equities research analysts anticipate that South Bow Corporation will post 1.74 EPS for the current fiscal year.

South Bow Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, April 15th. Stockholders of record on Tuesday, March 31st will be issued a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 6.0%. The ex-dividend date is Tuesday, March 31st. South Bow’s payout ratio is 96.15%.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on the company. Wolfe Research downgraded South Bow from a “peer perform” rating to an “underperform” rating and set a $24.00 price objective for the company. in a report on Wednesday, January 14th. Scotiabank upped their price target on South Bow from $30.00 to $34.00 and gave the company a “sector perform” rating in a research note on Friday, March 6th. National Bank Financial increased their price target on shares of South Bow from $29.00 to $30.00 and gave the company a “sector perform” rating in a research report on Monday, March 16th. Jefferies Financial Group raised shares of South Bow from a “hold” rating to a “buy” rating in a research note on Monday, December 15th. Finally, Barclays boosted their price objective on shares of South Bow from $27.00 to $33.00 and gave the company an “equal weight” rating in a report on Monday, March 9th. Three research analysts have rated the stock with a Buy rating, seven have given a Hold rating and three have assigned a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $30.57.

South Bow 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.