South Bow (NYSE:SOBO) Releases Earnings Results, Beats Expectations By $0.05 EPS

South Bow (NYSE:SOBO) announced its earnings results on Wednesday. The company reported $0.50 EPS for the quarter, topping the consensus estimate of $0.45 by $0.05, Zacks reports. South Bow had a net margin of 21.32% and a return on equity of 15.24%.

South Bow Stock Performance

South Bow stock traded down $0.62 during midday trading on Wednesday, hitting $35.54. The company’s stock had a trading volume of 657,286 shares, compared to its average volume of 639,142. 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 company has a market cap of $7.41 billion, a price-to-earnings ratio of 17.51 and a beta of 0.15. South Bow has a 1-year low of $25.01 and a 1-year high of $38.94. The company has a 50-day moving average price of $36.66 and a two-hundred day moving average price of $33.93.

South Bow Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th were paid a $0.50 dividend. The ex-dividend date was Tuesday, June 30th. This represents a $2.00 annualized dividend and a yield of 5.6%. South Bow’s payout ratio is 98.52%.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in SOBO. Amundi bought a new stake in shares of South Bow in the first quarter valued at approximately $588,000. Metis Global Partners LLC grew its position in South Bow by 19.3% during the fourth quarter. Metis Global Partners LLC now owns 21,184 shares of the company’s stock worth $583,000 after buying an additional 3,423 shares in the last quarter. Squarepoint Ops LLC acquired a new stake in South Bow during the fourth quarter worth approximately $323,000. Brevan Howard Capital Management LP bought a new position in South Bow during the 3rd quarter worth $318,000. Finally, Quantinno Capital Management LP increased its stake in South Bow by 4.9% during the 2nd quarter. Quantinno Capital Management LP now owns 10,175 shares of the company’s stock worth $264,000 after acquiring an additional 478 shares during the period.

Analysts Set New Price Targets

Several research analysts have weighed in on SOBO shares. The Goldman Sachs Group assumed coverage on shares of South Bow in a report on Monday, April 20th. They issued a “sell” rating and a $29.00 price target on the stock. Raymond James Financial assumed coverage on South Bow in a report on Tuesday, June 9th. They set an “outperform” rating for the company. Canadian Imperial Bank of Commerce upped their target price on South Bow from $33.00 to $36.00 and gave the company a “neutral” rating in a research report on Tuesday, May 26th. Scotiabank increased their target price on South Bow from $36.00 to $39.00 and gave the stock a “sector perform” rating in a research note on Tuesday, July 21st. Finally, Royal Bank Of Canada reissued an “outperform” rating on shares of South Bow in a report on Monday, May 11th. Four investment 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. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target 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.