South Bow (NYSE:SOBO) Posts Earnings Results, Beats Expectations By $0.05 EPS

South Bow (NYSE:SOBO) issued its quarterly earnings results on Wednesday. The company reported $0.50 earnings per share for the quarter, topping analysts’ consensus estimates of $0.45 by $0.05, Zacks reports. South Bow had a net margin of 21.32% and a return on equity of 15.24%.

South Bow Price Performance

Shares of NYSE SOBO traded down $0.62 during midday trading on Wednesday, hitting $35.54. 657,286 shares of the company’s stock were exchanged, compared to its average volume of 639,142. The company has a current ratio of 1.51, a quick ratio of 1.37 and a debt-to-equity ratio of 2.16. The business’s fifty day moving average price is $36.66 and its two-hundred day moving average price is $33.93. The company has a market cap of $7.41 billion, a price-to-earnings ratio of 17.51 and a beta of 0.15. South Bow has a 12-month low of $25.01 and a 12-month high of $38.94.

South Bow Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th were issued a dividend of $0.50 per share. The ex-dividend date of this dividend was Tuesday, June 30th. This represents a $2.00 annualized dividend and a dividend yield of 5.6%. South Bow’s payout ratio is presently 98.52%.

Analyst Ratings Changes

A number of analysts recently issued reports on the stock. TD Securities restated a “hold” rating on shares of South Bow in a report on Thursday, July 16th. Canadian Imperial Bank of Commerce boosted their target price on shares of South Bow from $33.00 to $36.00 and gave the company a “neutral” rating in a research note on Tuesday, May 26th. The Goldman Sachs Group initiated coverage on shares of South Bow in a research report on Monday, April 20th. They set a “sell” rating and a $29.00 target price for the company. Jefferies Financial Group restated a “buy” rating on shares of South Bow in a research note on Thursday, May 28th. Finally, Wall Street Zen upgraded shares of South Bow from a “sell” rating to a “hold” rating in a research note on Saturday, July 18th. Four research analysts have rated the stock with a Buy rating, eight have given a Hold rating and four have issued a Sell rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $32.00.

Institutional Investors Weigh In On South Bow

Institutional investors and hedge funds have recently bought and sold shares of the stock. IFP Advisors Inc grew its stake in South Bow by 780.3% in the 3rd quarter. IFP Advisors Inc now owns 1,206 shares of the company’s stock worth $34,000 after buying an additional 1,069 shares in the last quarter. Northwestern Mutual Wealth Management Co. raised its position in shares of South Bow by 1,993.8% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 1,340 shares of the company’s stock valued at $35,000 after buying an additional 1,276 shares in the last quarter. Kestra Advisory Services LLC purchased a new stake in shares of South Bow during the 4th quarter valued at $61,000. Advisory Services Network LLC purchased a new stake in shares of South Bow during the 3rd quarter valued at $66,000. Finally, Quadrant Capital Group LLC bought a new stake in shares of South Bow during the 3rd quarter worth $87,000.

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.