Man Group plc Takes $4.39 Million Position in South Bow Corporation $SOBO

Man Group plc acquired a new position in shares of South Bow Corporation (NYSE:SOBO) during the 2nd quarter, Holdings Channel.com reports. The firm acquired 124,726 shares of the company’s stock, valued at approximately $4,395,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Intact Investment Management Inc. lifted its holdings in shares of South Bow by 19.6% during the 4th quarter. Intact Investment Management Inc. now owns 964,360 shares of the company’s stock valued at $26,522,000 after purchasing an additional 158,100 shares in the last quarter. Renaissance Technologies LLC acquired a new position in shares of South Bow in the 1st quarter valued at approximately $1,162,000. Bank of America Corp DE increased its stake in South Bow by 23.3% during the 1st quarter. Bank of America Corp DE now owns 1,993,768 shares of the company’s stock worth $66,432,000 after purchasing an additional 376,108 shares in the last quarter. First Trust Advisors LP bought a new stake in South Bow during the 1st quarter worth approximately $945,000. Finally, Vanguard Group Inc. raised its holdings in South Bow by 1.4% during the 4th quarter. Vanguard Group Inc. now owns 8,667,365 shares of the company’s stock worth $238,387,000 after buying an additional 118,147 shares during the period.

Analyst Ratings Changes

SOBO has been the topic of a number of research reports. Raymond James Financial began coverage on shares of South Bow in a research note on Tuesday, June 9th. They issued an “outperform” rating on the stock. Jefferies Financial Group reissued a “buy” rating on shares of South Bow in a research report on Thursday, May 28th. Scotiabank raised their price objective on shares of South Bow from $36.00 to $39.00 and gave the stock a “sector perform” rating in a report on Tuesday, July 21st. TD Securities reaffirmed a “hold” rating on shares of South Bow in a research report on Thursday, July 16th. Finally, Wall Street Zen raised shares of South Bow from a “sell” rating to a “hold” rating in a research note on Saturday, July 18th. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, eight have given a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $33.00.

South Bow Stock Up 0.1%

NYSE:SOBO opened at $37.45 on Monday. The stock has a 50-day simple moving average of $36.71 and a 200 day simple moving average of $35.01. South Bow Corporation has a 52-week low of $25.01 and a 52-week high of $38.94. The company has a market cap of $7.81 billion, a PE ratio of 16.95 and a beta of 0.15. The company has a debt-to-equity ratio of 2.15, a quick ratio of 1.44 and a current ratio of 1.52.

South Bow (NYSE:SOBO) last released its earnings results on Wednesday, August 5th. The company reported $0.50 EPS for the quarter, beating the consensus estimate of $0.45 by $0.05. South Bow had a return on equity of 15.84% and a net margin of 22.99%.The firm had revenue of $546.00 million for the quarter, compared to analysts’ expectations of $496.87 million. On average, sell-side analysts expect that South Bow Corporation will post 1.87 EPS for the current fiscal year.

South Bow Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 15th. Stockholders of record on Tuesday, September 29th will be issued a $0.50 dividend. The ex-dividend date is Tuesday, September 29th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 5.3%. South Bow’s dividend payout ratio (DPR) is 90.50%.

About South Bow

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.