Spark Investment Management LLC Makes New Investment in South Bow Corporation $SOBO

Spark Investment Management LLC acquired a new stake in shares of South Bow Corporation (NYSE:SOBO) during the second quarter, Holdings Channel reports. The firm acquired 17,000 shares of the company’s stock, valued at approximately $598,000. South Bow accounts for approximately 1.2% of Spark Investment Management LLC’s holdings, making the stock its 23rd largest position.

Several other large investors also recently modified their holdings of SOBO. Cibc World Market Inc. acquired a new position in shares of South Bow in the 2nd quarter worth approximately $119,802,000. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in South Bow in the 2nd quarter valued at $97,830,000. Bank of America Corp DE bought a new stake in South Bow in the second quarter valued at $97,176,000. Legal & General Group Plc bought a new stake in South Bow in the second quarter valued at $62,849,000. Finally, The Manufacturers Life Insurance Company acquired a new position in South Bow during the second quarter worth $41,216,000.

South Bow Price Performance

Shares of NYSE:SOBO traded up $0.80 during midday trading on Tuesday, reaching $37.85. The company’s stock had a trading volume of 1,021,862 shares, compared to its average volume of 886,028. South Bow Corporation has a fifty-two week low of $25.01 and a fifty-two week high of $39.02. The company has a market capitalization of $7.90 billion, a P/E ratio of 17.13 and a beta of 0.14. The company has a debt-to-equity ratio of 2.15, a current ratio of 1.52 and a quick ratio of 1.44. The business’s fifty day simple moving average is $36.86 and its 200-day simple moving average is $35.33.

South Bow (NYSE:SOBO) last issued its quarterly earnings results on Wednesday, August 5th. The company reported $0.50 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.45 by $0.05. South Bow had a net margin of 22.99% and a return on equity of 15.84%. The business had revenue of $546.00 million for the quarter, compared to the consensus estimate of $496.87 million. As a group, equities research analysts expect that South Bow Corporation will post 1.87 EPS for the current fiscal year.

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 $0.50 dividend. The ex-dividend date of this dividend is Tuesday, September 29th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 5.3%. South Bow’s payout ratio is currently 90.50%.

Analysts Set New Price Targets

SOBO has been the subject of a number of analyst reports. Barclays lifted their price objective on South Bow from $34.00 to $35.00 and gave the company an “equal weight” rating in a report on Friday, August 7th. TD Securities reiterated a “hold” rating on shares of South Bow in a research report on Thursday, July 16th. Wall Street Zen raised shares of South Bow from a “sell” rating to a “hold” rating in a report on Saturday, July 18th. Canadian Imperial Bank of Commerce boosted their price target on shares of South Bow from $33.00 to $36.00 and gave the company a “neutral” rating in a research report on Tuesday, May 26th. Finally, Raymond James Financial initiated coverage on shares of South Bow in a research note on Tuesday, June 9th. They set an “outperform” rating on the stock. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, eight have assigned a Hold rating and three have issued a Sell rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $33.00.

South Bow 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.