Purpose Unlimited Inc. Takes Position in South Bow Corporation $SOBO

Purpose Unlimited Inc. acquired a new stake in South Bow Corporation (NYSE:SOBO) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 222,293 shares of the company’s stock, valued at approximately $6,114,000. Purpose Unlimited Inc. owned about 0.11% of South Bow as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Cubist Systematic Strategies LLC acquired a new position in South Bow during the 1st quarter valued at approximately $85,000. Amundi acquired a new stake in shares of South Bow during the first quarter worth $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% during the first 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 buying an additional 29,542 shares during the period. Acadian Asset Management LLC purchased a new stake in shares of South Bow during the first quarter valued at $885,000. Finally, Geode Capital Management LLC grew its holdings in shares of South Bow by 7.5% during the second quarter. Geode Capital Management LLC now owns 172,491 shares of the company’s stock valued at $4,499,000 after buying an additional 11,984 shares during the last quarter.

Analyst Ratings Changes

A number of equities analysts recently issued reports on SOBO shares. Weiss Ratings restated a “buy (b+)” rating on shares of South Bow in a research note on Thursday, June 11th. Barclays boosted their price target on South Bow from $33.00 to $34.00 and gave the company an “equal weight” rating in a research note on Thursday, May 21st. Wall Street Zen lowered South Bow from a “hold” rating to a “sell” rating in a report on Saturday, May 9th. TD Securities restated a “hold” rating on shares of South Bow in a research note on Friday, May 1st. Finally, Canadian Imperial Bank of Commerce lifted their target price on South Bow from $33.00 to $36.00 and gave the stock a “neutral” rating in a report on Tuesday, May 26th. Four research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and four have issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $31.57.

South Bow Price Performance

Shares of NYSE SOBO opened at $35.77 on Friday. 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 stock has a market capitalization of $7.46 billion, a price-to-earnings ratio of 17.62 and a beta of 0.14. The firm’s 50 day simple moving average is $35.35 and its 200-day simple moving average is $31.75. South Bow Corporation has a 12 month low of $25.01 and a 12 month high of $38.45.

South Bow (NYSE:SOBO) last released its quarterly earnings results on Thursday, May 7th. The company reported $0.44 EPS for the quarter, missing the consensus estimate of $0.46 by ($0.02). The firm had revenue of $491.00 million for the quarter, compared to analyst estimates of $491.21 million. South Bow had a net margin of 21.32% and a return on equity of 15.24%. The firm’s quarterly revenue was up 1.0% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.47 EPS. Analysts expect that South Bow Corporation will post 1.77 EPS for the current year.

South Bow Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th will be given 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 dividend payout ratio (DPR) is 98.52%.

South Bow 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.