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

Legal & General Group Plc reduced its stake in South Bow Corporation (NYSE:SOBO) by 9.6% in the fourth quarter, HoldingsChannel reports. The fund owned 1,855,728 shares of the company’s stock after selling 197,784 shares during the quarter. Legal & General Group Plc’s holdings in South Bow were worth $51,106,000 at the end of the most recent reporting period.

A number of other institutional investors also recently made changes to their positions in SOBO. Cubist Systematic Strategies LLC acquired a new stake in shares of South Bow in the 1st quarter worth approximately $85,000. Amundi acquired a new stake in shares of South Bow in the 1st quarter worth approximately $588,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in shares of South Bow by 17.4% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 199,035 shares of the company’s stock worth $5,079,000 after acquiring an additional 29,542 shares during the period. Acadian Asset Management LLC acquired a new stake in shares of South Bow in the 1st quarter worth approximately $885,000. Finally, Geode Capital Management LLC lifted its stake in shares of South Bow by 7.5% in the 2nd quarter. Geode Capital Management LLC now owns 172,491 shares of the company’s stock worth $4,499,000 after acquiring an additional 11,984 shares during the period.

South Bow Stock Down 3.0%

SOBO stock opened at $35.97 on Friday. South Bow Corporation has a 12 month low of $25.01 and a 12 month high of $38.39. The firm has a 50 day simple moving average of $34.38 and a 200 day simple moving average of $30.73. The company has a debt-to-equity ratio of 2.16, a current ratio of 1.51 and a quick ratio of 1.37. The firm has a market cap of $7.50 billion, a PE ratio of 17.72 and a beta of 0.11.

South Bow (NYSE:SOBO) last released its quarterly earnings results on Thursday, May 7th. The company reported $0.44 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.46 by ($0.02). South Bow had a net margin of 21.32% and a return on equity of 15.24%. The firm had revenue of $491.00 million for the quarter, compared to analyst estimates of $491.21 million. During the same quarter in the prior year, the firm earned $0.47 EPS. The firm’s revenue was up 1.0% compared to the same quarter last year. Equities research analysts forecast that South Bow Corporation will post 1.75 earnings per share for the current fiscal year.

South Bow Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th will be issued a dividend of $0.50 per share. The ex-dividend date is Tuesday, June 30th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 5.6%. South Bow’s payout ratio is currently 98.52%.

Analyst Ratings Changes

SOBO has been the subject of a number of research analyst reports. Weiss Ratings raised shares of South Bow from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Friday, February 20th. TD Securities reaffirmed a “hold” rating on shares of South Bow in a research note on Friday, May 1st. BMO Capital Markets reaffirmed a “market perform” rating on shares of South Bow in a research note on Monday, April 27th. Royal Bank Of Canada reaffirmed an “outperform” rating on shares of South Bow in a research note on Monday, May 11th. Finally, Barclays upped their price target on shares of South Bow from $33.00 to $34.00 and gave the stock an “equal weight” rating in a research note on Thursday, May 21st. Three analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and four have issued a Sell rating to the stock. According to data from MarketBeat.com, South Bow has an average rating of “Reduce” and an average price target of $30.86.

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.