South Bow Corporation $SOBO Shares Sold by Legal & General Group Plc

Legal & General Group Plc reduced its holdings in shares of South Bow Corporation (NYSE:SOBO) by 9.8% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 2,153,053 shares of the company’s stock after selling 234,199 shares during the period. Legal & General Group Plc’s holdings in South Bow were worth $55,782,000 at the end of the most recent quarter.

A number of other hedge funds also recently added to or reduced their stakes in SOBO. Boston Partners grew its stake in shares of South Bow by 16.4% in the second quarter. Boston Partners now owns 1,507,499 shares of the company’s stock worth $39,216,000 after acquiring an additional 212,768 shares in the last quarter. Scotia Capital Inc. boosted its holdings in South Bow by 1.2% in the first quarter. Scotia Capital Inc. now owns 1,734,937 shares of the company’s stock valued at $44,238,000 after purchasing an additional 19,752 shares during the period. Allianz Asset Management GmbH grew its stake in South Bow by 61.5% during the 2nd quarter. Allianz Asset Management GmbH now owns 26,410 shares of the company’s stock worth $684,000 after purchasing an additional 10,058 shares in the last quarter. Bank of Montreal Can grew its stake in South Bow by 8.0% during the 2nd quarter. Bank of Montreal Can now owns 6,136,658 shares of the company’s stock worth $159,405,000 after purchasing an additional 452,012 shares in the last quarter. Finally, AGF Management Ltd. purchased a new stake in South Bow during the 2nd quarter worth about $877,000.

South Bow Trading Down 0.3%

NYSE:SOBO opened at $27.24 on Wednesday. South Bow Corporation has a 1 year low of $21.16 and a 1 year high of $29.19. The stock has a market cap of $5.67 billion and a P/E ratio of 17.13. The company has a debt-to-equity ratio of 2.19, a quick ratio of 1.28 and a current ratio of 1.36. The stock has a 50-day simple moving average of $27.14 and a 200-day simple moving average of $26.83.

South Bow (NYSE:SOBO) last posted its earnings results on Thursday, November 13th. The company reported $0.47 earnings per share for the quarter, topping the consensus estimate of $0.38 by $0.09. The firm had revenue of $461.00 million during the quarter, compared to analysts’ expectations of $498.00 million. South Bow had a return on equity of 15.13% and a net margin of 16.84%.The business’s revenue was down 13.7% on a year-over-year basis. As a group, analysts anticipate that South Bow Corporation will post 1.74 earnings per share for the current fiscal year.

South Bow Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 15th. Stockholders of record on Wednesday, December 31st will be given 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 payout ratio is currently 125.79%.

Analyst Upgrades and Downgrades

SOBO has been the topic of a number of analyst reports. BMO Capital Markets reaffirmed a “market perform” rating on shares of South Bow in a research report on Monday, November 17th. CIBC upped their target price on shares of South Bow from $27.00 to $28.00 and gave the stock a “neutral” rating in a research note on Thursday, October 9th. US Capital Advisors downgraded shares of South Bow from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, October 28th. Scotiabank boosted their price target on shares of South Bow from $27.00 to $28.00 and gave the stock a “sector perform” rating in a report on Monday, October 20th. Finally, Royal Bank Of Canada reissued an “outperform” rating on shares of South Bow in a research report on Monday, November 17th. One equities research analyst has rated the stock with a Buy rating, eight have assigned a Hold rating and two have given a Sell rating to the company. According to MarketBeat, the company has a consensus rating of “Reduce” and a consensus price target of $29.40.

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.