Cibc World Market Inc. Purchases New Shares in South Bow Corporation $SOBO

Cibc World Market Inc. bought a new stake in shares of South Bow Corporation (NYSE:SOBO) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund bought 3,403,902 shares of the company’s stock, valued at approximately $119,802,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Parallel Advisors LLC boosted its holdings in shares of South Bow by 140.5% during the 1st quarter. Parallel Advisors LLC now owns 849 shares of the company’s stock valued at $28,000 after buying an additional 496 shares in the last quarter. IFP Advisors Inc grew its position in shares of 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 during the period. Northwestern Mutual Wealth Management Co. increased its stake in shares of South Bow by 1,993.8% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 1,340 shares of the company’s stock worth $35,000 after acquiring an additional 1,276 shares in the last quarter. EverSource Wealth Advisors LLC lifted its position in South Bow by 78.2% during the 1st quarter. EverSource Wealth Advisors LLC now owns 1,893 shares of the company’s stock valued at $63,000 after acquiring an additional 831 shares during the period. Finally, Kelleher Financial Advisors purchased a new position in South Bow during the 2nd quarter valued at about $68,000.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the stock. Raymond James Financial initiated coverage on shares of South Bow in a research note on Tuesday, June 9th. They set an “outperform” rating on the stock. Jefferies Financial Group reiterated a “buy” rating on shares of South Bow in a report on Thursday, May 28th. Canadian Imperial Bank of Commerce boosted their price target on South Bow from $33.00 to $36.00 and gave the stock a “neutral” rating in a research report on Tuesday, May 26th. Royal Bank Of Canada restated an “outperform” rating on shares of South Bow in a research note on Monday, August 10th. Finally, TD Securities reaffirmed a “hold” rating on shares of South Bow in a research report on Thursday, July 16th. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, eight have given a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $33.00.

South Bow Stock Performance

Shares of South Bow stock opened at $37.69 on Monday. The stock has a market cap of $7.86 billion, a price-to-earnings ratio of 17.05 and a beta of 0.15. The firm’s 50-day moving average is $36.62 and its 200 day moving average is $34.71. South Bow Corporation has a 1 year low of $25.01 and a 1 year high of $38.94. The company has a debt-to-equity ratio of 2.15, a current ratio of 1.52 and a quick ratio of 1.44.

South Bow (NYSE:SOBO) last released its quarterly earnings data on Wednesday, August 5th. The company reported $0.50 earnings per share for the quarter, beating analysts’ consensus estimates of $0.45 by $0.05. The business had revenue of $546.00 million during the quarter, compared to analyst estimates of $496.87 million. South Bow had a net margin of 22.99% and a return on equity of 15.84%. Sell-side analysts anticipate that South Bow Corporation will post 1.87 EPS for the current fiscal year.

South Bow Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, October 15th. Stockholders of record on Tuesday, September 29th will be issued a dividend of $0.50 per share. The ex-dividend date is Tuesday, September 29th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 5.3%. South Bow’s dividend payout ratio is presently 90.50%.

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.