Bank of Nova Scotia Decreases Stock Position in South Bow Corporation $SOBO

Bank of Nova Scotia decreased its position in South Bow Corporation (NYSE:SOBO) by 42.1% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 222,862 shares of the company’s stock after selling 162,335 shares during the quarter. Bank of Nova Scotia’s holdings in South Bow were worth $7,412,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in SOBO. City Holding Co. lifted its holdings in South Bow by 277.4% in the 4th quarter. City Holding Co. now owns 1,000 shares of the company’s stock worth $27,000 after buying an additional 735 shares in the last quarter. Parallel Advisors LLC grew its stake in shares of South Bow by 140.5% during the first quarter. Parallel Advisors LLC now owns 849 shares of the company’s stock valued at $28,000 after acquiring an additional 496 shares in the last quarter. IFP Advisors Inc increased its position in shares of South Bow by 780.3% during the third quarter. IFP Advisors Inc now owns 1,206 shares of the company’s stock worth $34,000 after acquiring an additional 1,069 shares during the last quarter. Northwestern Mutual Wealth Management Co. increased its position in shares of 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 worth $35,000 after acquiring an additional 1,276 shares during the last quarter. Finally, Flagship Harbor Advisors LLC acquired a new position in shares of South Bow in the fourth quarter worth about $39,000.

South Bow Trading Down 0.0%

NYSE:SOBO opened at $38.48 on Monday. The company has a market cap of $8.03 billion, a PE ratio of 18.96 and a beta of 0.16. The business’s 50 day moving average is $36.80 and its two-hundred day moving average is $33.34. The company has a quick ratio of 1.37, a current ratio of 1.51 and a debt-to-equity ratio of 2.16. South Bow Corporation has a 52 week low of $25.01 and a 52 week high of $38.94.

South Bow (NYSE:SOBO) last posted its quarterly earnings results on Thursday, May 7th. The company reported $0.44 earnings per share (EPS) for the quarter, missing the consensus estimate 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 period in the prior year, the company posted $0.47 earnings per share. The business’s revenue was up 1.0% on a year-over-year basis. On average, analysts predict that South Bow Corporation will post 1.78 EPS for the current year.

South Bow Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th were given a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 5.2%. The ex-dividend date was Tuesday, June 30th. South Bow’s dividend payout ratio (DPR) is presently 98.52%.

Wall Street Analyst Weigh In

SOBO has been the subject of a number of recent analyst reports. Barclays raised their price objective 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. Scotiabank upped their target price on South Bow from $36.00 to $39.00 and gave the company a “sector perform” rating in a research report on Tuesday, July 21st. Canadian Imperial Bank of Commerce raised their price target on shares of South Bow from $33.00 to $36.00 and gave the stock a “neutral” rating in a research report on Tuesday, May 26th. Royal Bank Of Canada restated an “outperform” rating on shares of South Bow in a research note on Monday, May 11th. Finally, BMO Capital Markets reaffirmed a “market perform” rating on shares of South Bow in a report on Monday, July 6th. Four research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and four have given a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $32.00.

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.