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

South Bow (NYSE:SOBO) posted its quarterly earnings results on Wednesday. The company reported $0.50 earnings per share for the quarter, topping the consensus estimate of $0.45 by $0.05, Zacks reports. The company had revenue of $546.00 million for the quarter, compared to the consensus estimate of $496.87 million. South Bow had a return on equity of 15.84% and a net margin of 22.99%.

South Bow Stock Performance

Shares of NYSE SOBO traded up $0.58 during midday trading on Friday, hitting $35.92. 443,436 shares of the stock traded hands, compared to its average volume of 931,918. The firm has a market capitalization of $7.49 billion, a P/E ratio of 16.25 and a beta of 0.15. The company has a debt-to-equity ratio of 2.16, a quick ratio of 1.37 and a current ratio of 1.51. South Bow has a one year low of $25.01 and a one year high of $38.94. The firm has a 50-day moving average of $36.63 and a two-hundred day moving average of $34.00.

South Bow Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, October 15th. Shareholders of record on Tuesday, September 29th will be paid a dividend of $0.50 per share. The ex-dividend date is Tuesday, September 29th. This represents a $2.00 dividend on an annualized basis and a yield of 5.6%. South Bow’s payout ratio is currently 98.52%.

Institutional Investors Weigh In On South Bow

Several hedge funds and other institutional investors have recently made changes to their positions in the business. IFP Advisors Inc boosted its holdings in shares of South Bow by 780.3% in the third quarter. IFP Advisors Inc now owns 1,206 shares of the company’s stock worth $34,000 after buying an additional 1,069 shares during the last quarter. Northwestern Mutual Wealth Management Co. raised its position in South Bow by 1,993.8% in 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 period. Kestra Advisory Services LLC purchased a new position in shares of South Bow during the 4th quarter worth $61,000. Advisory Services Network LLC bought a new stake in shares of South Bow during the 3rd quarter valued at $66,000. Finally, Quadrant Capital Group LLC bought a new stake in shares of South Bow during the 3rd quarter valued at $87,000.

Wall Street Analyst Weigh In

SOBO has been the subject of several analyst reports. Canadian Imperial Bank of Commerce raised their price target on South Bow from $33.00 to $36.00 and gave the company a “neutral” rating in a report on Tuesday, May 26th. National Bank Financial raised their price objective on shares of South Bow from $31.00 to $35.00 and gave the company a “sector perform” rating in a research note on Monday, June 1st. Weiss Ratings reaffirmed a “buy (b+)” rating on shares of South Bow in a report on Thursday, June 11th. Royal Bank Of Canada reiterated an “outperform” rating on shares of South Bow in a report on Monday, May 11th. Finally, Wall Street Zen upgraded shares of South Bow from a “sell” rating to a “hold” rating in a report on Saturday, July 18th. 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 company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $32.14.

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.