Mackenzie Financial Corp Trims Holdings in South Bow Corporation (NYSE:SOBO)

Mackenzie Financial Corp trimmed its position in shares of South Bow Corporation (NYSE:SOBO) by 36.6% during the 1st quarter, according to its most recent 13F filing with the SEC. The fund owned 721,065 shares of the company’s stock after selling 416,979 shares during the quarter. Mackenzie Financial Corp’s holdings in South Bow were worth $18,419,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the company. TCW Group Inc. purchased a new stake in South Bow during the 1st quarter valued at about $1,812,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in shares of South Bow by 4.3% during the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 60,090 shares of the company’s stock valued at $1,535,000 after acquiring an additional 2,500 shares during the last quarter. Cetera Investment Advisers boosted its holdings in shares of South Bow by 15.0% during the 1st quarter. Cetera Investment Advisers now owns 11,248 shares of the company’s stock valued at $287,000 after acquiring an additional 1,466 shares during the last quarter. Y Intercept Hong Kong Ltd purchased a new stake in shares of South Bow during the 1st quarter valued at about $374,000. Finally, Allianz Asset Management GmbH purchased a new stake in shares of South Bow during the 1st quarter valued at about $418,000.

Analysts Set New Price Targets

SOBO has been the topic of a number of recent analyst reports. Royal Bank Of Canada reaffirmed an “outperform” rating and set a $38.00 price target on shares of South Bow in a report on Monday, May 19th. CIBC raised their price target on shares of South Bow from $25.00 to $26.00 and gave the company a “neutral” rating in a report on Tuesday, July 22nd. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating, one has issued a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $28.80.

South Bow Price Performance

Shares of NYSE:SOBO opened at $25.87 on Thursday. The firm’s 50 day moving average price is $26.33 and its 200-day moving average price is $25.42. South Bow Corporation has a twelve month low of $21.12 and a twelve month high of $27.60. The company has a quick ratio of 1.20, a current ratio of 1.29 and a debt-to-equity ratio of 2.20. The stock has a market capitalization of $5.39 billion and a PE ratio of 13.98.

South Bow (NYSE:SOBO) last released its earnings results on Thursday, May 15th. The company reported $0.47 EPS for the quarter, topping analysts’ consensus estimates of $0.42 by $0.05. The firm had revenue of $498.00 million for the quarter, compared to the consensus estimate of $527.00 million. The business’s revenue for the quarter was down 8.5% on a year-over-year basis. Equities research analysts expect that South Bow Corporation will post 1.74 EPS for the current year.

South Bow Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th were given a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a dividend yield of 7.73%. The ex-dividend date was Monday, June 30th. South Bow’s payout ratio is currently 108.11%.

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.