South Bow (NYSE:SOBO) Posts Earnings Results, Beats Expectations By $0.09 EPS

South Bow (NYSE:SOBO) issued its quarterly earnings results on Thursday. The company reported $0.47 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.38 by $0.09, Zacks reports. The firm had revenue of $461.00 million for the quarter, compared to the consensus estimate of $498.00 million. The firm’s quarterly revenue was down 13.7% compared to the same quarter last year.

South Bow Stock Up 5.0%

SOBO stock traded up $1.30 on Friday, reaching $27.40. 943,344 shares of the company traded hands, compared to its average volume of 833,823. The firm has a fifty day simple moving average of $27.20 and a 200-day simple moving average of $26.69. The company has a market cap of $5.71 billion and a P/E ratio of 19.16. South Bow has a one year low of $21.16 and a one year high of $29.19. The company has a debt-to-equity ratio of 2.19, a current ratio of 1.28 and a quick ratio of 1.20.

South Bow Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, January 15th. Stockholders of record on Wednesday, December 31st will be issued a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a dividend yield of 7.3%. The ex-dividend date is Wednesday, December 31st. South Bow’s dividend payout ratio (DPR) is presently 139.86%.

Analysts Set New Price Targets

Several equities research analysts have weighed in on SOBO shares. JPMorgan Chase & Co. reiterated an “underweight” rating and issued a $27.00 price objective on shares of South Bow in a report on Thursday, August 21st. CIBC raised their price target on South Bow from $27.00 to $28.00 and gave the stock a “neutral” rating in a research note on Thursday, October 9th. Weiss Ratings reiterated a “buy (b-)” rating on shares of South Bow in a report on Wednesday, October 8th. US Capital Advisors lowered shares of South Bow from a “strong-buy” rating to a “hold” rating in a report on Tuesday, October 28th. Finally, Royal Bank Of Canada reaffirmed an “outperform” rating on shares of South Bow in a research note on Friday, August 8th. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, six have given a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat.com, South Bow currently has a consensus rating of “Hold” and an average target price of $29.40.

Hedge Funds Weigh In On South Bow

A number of hedge funds have recently added to or reduced their stakes in the company. Northwestern Mutual Wealth Management Co. grew its holdings in South Bow by 1,993.8% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 1,340 shares of the company’s stock valued at $35,000 after purchasing an additional 1,276 shares during the period. Quadrant Capital Group LLC bought a new position in shares of South Bow during the 3rd quarter valued at approximately $87,000. Cubist Systematic Strategies LLC purchased a new stake in South Bow in the 1st quarter worth approximately $85,000. Osaic Holdings Inc. lifted its holdings in South Bow by 37.5% during the second quarter. Osaic Holdings Inc. now owns 4,856 shares of the company’s stock valued at $126,000 after purchasing an additional 1,324 shares in the last quarter. Finally, Entropy Technologies LP bought a new position in shares of South Bow in the third quarter worth approximately $221,000.

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.