South Bow Corporation $SOBO Shares Sold by Bank of Nova Scotia

Bank of Nova Scotia cut its position in South Bow Corporation (NYSE:SOBO) by 42.1% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 222,862 shares of the company’s stock after selling 162,335 shares during the quarter. Bank of Nova Scotia owned approximately 0.11% of South Bow worth $7,412,000 at the end of the most recent quarter.

Other institutional investors also recently added to or reduced their stakes in the company. Cubist Systematic Strategies LLC purchased a new stake in South Bow during the 1st quarter valued at approximately $85,000. Amundi acquired a new position in shares of South Bow in the first quarter valued at approximately $588,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in shares of South Bow by 17.4% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 199,035 shares of the company’s stock worth $5,079,000 after purchasing an additional 29,542 shares during the last quarter. Acadian Asset Management LLC acquired a new stake in shares of South Bow during the first quarter worth $885,000. Finally, Geode Capital Management LLC lifted its holdings in shares of South Bow by 7.5% during the second quarter. Geode Capital Management LLC now owns 172,491 shares of the company’s stock worth $4,499,000 after purchasing an additional 11,984 shares during the period.

Analysts Set New Price Targets

SOBO has been the subject of a number of recent analyst reports. Royal Bank Of Canada restated an “outperform” rating on shares of South Bow in a research report on Monday, May 11th. The Goldman Sachs Group initiated coverage on South Bow in a research note on Monday, April 20th. They set a “sell” rating and a $29.00 target price for the company. Scotiabank raised their price target on South Bow from $36.00 to $39.00 and gave the company a “sector perform” rating in a report on Tuesday, July 21st. BMO Capital Markets reaffirmed a “market perform” rating on shares of South Bow in a report on Monday, July 6th. Finally, TD Securities reiterated a “hold” rating on shares of South Bow in a research report on Thursday, July 16th. Four research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and four have given a Sell rating to the company. Based on data from MarketBeat.com, South Bow presently has a consensus rating of “Hold” and an average target price of $32.00.

South Bow Stock Down 0.0%

SOBO opened at $38.48 on Monday. The company has a quick ratio of 1.37, a current ratio of 1.51 and a debt-to-equity ratio of 2.16. The firm has a market cap of $8.03 billion, a P/E ratio of 18.96 and a beta of 0.16. South Bow Corporation has a 52 week low of $25.01 and a 52 week high of $38.94. The business’s fifty day simple moving average is $36.80 and its 200 day simple moving average is $33.34.

South Bow (NYSE:SOBO) last announced its quarterly earnings data on Thursday, May 7th. The company reported $0.44 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.46 by ($0.02). South Bow had a net margin of 21.32% and a return on equity of 15.24%. The firm had revenue of $491.00 million for the quarter, compared to analysts’ expectations of $491.21 million. During the same period in the previous year, the company posted $0.47 EPS. The business’s quarterly revenue was up 1.0% on a year-over-year basis. As a group, equities research analysts anticipate that South Bow Corporation will post 1.78 EPS for the current fiscal year.

South Bow Dividend Announcement

The firm also recently announced 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 dividend on an annualized basis and a yield of 5.2%. The ex-dividend date of this dividend was Tuesday, June 30th. South Bow’s dividend payout ratio is 98.52%.

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.