Van ECK Associates Corp Has $5.58 Million Stake in South Bow Corporation $SOBO

Van ECK Associates Corp decreased its stake in South Bow Corporation (NYSE:SOBO) by 11.0% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 158,350 shares of the company’s stock after selling 19,523 shares during the period. Van ECK Associates Corp’s holdings in South Bow were worth $5,580,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of SOBO. Cibc World Market Inc. bought a new position in South Bow in the 2nd quarter valued at approximately $119,802,000. Connor Clark & Lunn Investment Management Ltd. acquired a new position in South Bow in the second quarter valued at $97,830,000. Bank of America Corp DE bought a new stake in shares of South Bow during the 2nd quarter valued at about $97,176,000. Legal & General Group Plc acquired a new stake in shares of South Bow during the 2nd quarter worth approximately $62,849,000. Finally, The Manufacturers Life Insurance Company acquired a new stake in South Bow in the second quarter worth $41,216,000.

South Bow Stock Down 1.2%

Shares of NYSE SOBO opened at $37.37 on Thursday. The company has a current ratio of 1.52, a quick ratio of 1.44 and a debt-to-equity ratio of 2.15. South Bow Corporation has a 12 month low of $25.01 and a 12 month high of $39.02. The firm has a market capitalization of $7.80 billion, a price-to-earnings ratio of 16.91 and a beta of 0.14. The business has a 50-day moving average of $36.81 and a 200-day moving average of $35.18.

South Bow (NYSE:SOBO) last issued its quarterly earnings results on Wednesday, August 5th. The company reported $0.50 EPS for the quarter, topping analysts’ consensus estimates of $0.45 by $0.05. The firm had revenue of $546.00 million for 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 expect that South Bow Corporation will post 1.87 earnings per share for the current fiscal year.

South Bow Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 15th. Investors of record on Tuesday, September 29th will be given a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a yield of 5.4%. The ex-dividend date is Tuesday, September 29th. South Bow’s dividend payout ratio (DPR) is presently 90.50%.

Analyst Ratings Changes

A number of analysts have 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 for the company. Jefferies Financial Group reaffirmed a “buy” rating on shares of South Bow in a research report on Thursday, May 28th. Royal Bank Of Canada reaffirmed an “outperform” rating on shares of South Bow in a research report on Monday, August 10th. TD Securities reaffirmed a “hold” rating on shares of South Bow in a research report on Thursday, July 16th. Finally, Scotiabank upped their price target on shares of South Bow from $36.00 to $39.00 and gave the company a “sector perform” rating in a research note on Tuesday, July 21st. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, eight have assigned a Hold rating and three have assigned a Sell rating to the company’s stock. According to MarketBeat, South Bow has a consensus rating of “Hold” and an average target price of $33.00.

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.