South Bow (NYSE:SOBO) Posts Earnings Results, Beats Expectations By $0.09 EPS

South Bow (NYSE:SOBO) posted its earnings results on Thursday. The company reported $0.47 earnings per share for the quarter, topping analysts’ consensus estimates of $0.38 by $0.09, Zacks reports. The business had revenue of $461.00 million for the quarter, compared to analyst estimates of $498.00 million. South Bow’s revenue was down 13.7% on a year-over-year basis.

South Bow Price Performance

South Bow stock traded up $1.30 during mid-day trading on Friday, reaching $27.40. The company had a trading volume of 943,344 shares, compared to its average volume of 833,823. South Bow has a fifty-two week low of $21.16 and a fifty-two week high of $29.19. The company has a current ratio of 1.28, a quick ratio of 1.20 and a debt-to-equity ratio of 2.19. The company has a market cap of $5.71 billion and a P/E ratio of 19.16. The business has a fifty day simple moving average of $27.20 and a 200 day simple moving average of $26.69.

South Bow Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, January 15th. Shareholders of record on Wednesday, December 31st will be given a $0.50 dividend. The ex-dividend date is Wednesday, December 31st. This represents a $2.00 dividend on an annualized basis and a yield of 7.3%. South Bow’s dividend payout ratio (DPR) is currently 139.86%.

Hedge Funds Weigh In On South Bow

Several large investors have recently bought and sold shares of the company. Northwestern Mutual Wealth Management Co. raised its holdings 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 valued at $35,000 after purchasing an additional 1,276 shares during the period. Cubist Systematic Strategies LLC purchased a new position in South Bow during the first quarter worth about $85,000. Quadrant Capital Group LLC bought a new stake in South Bow in the 3rd quarter worth about $87,000. Osaic Holdings Inc. lifted its position in shares of South Bow by 37.5% during the 2nd quarter. Osaic Holdings Inc. now owns 4,856 shares of the company’s stock worth $126,000 after buying an additional 1,324 shares in the last quarter. Finally, Corient Private Wealth LLC purchased a new position in shares of South Bow in the 2nd quarter worth approximately $220,000.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the company. US Capital Advisors downgraded South Bow from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, October 28th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of South Bow in a report on Wednesday, October 8th. Royal Bank Of Canada reiterated an “outperform” rating on shares of South Bow in a research report on Friday, August 8th. CIBC increased their price target on shares of South Bow from $27.00 to $28.00 and gave the stock a “neutral” rating in a research report on Thursday, October 9th. Finally, National Bankshares boosted their price objective on shares of South Bow from $25.00 to $26.00 and gave the company a “sector perform” rating in a research report on Friday, August 8th. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, six have assigned a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, South Bow presently has a consensus rating of “Hold” and an average target price of $29.40.

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.