Van ECK Associates Corp Has $5.58 Million Stock Position in South Bow Corporation $SOBO

Van ECK Associates Corp decreased its stake in shares of South Bow Corporation (NYSE:SOBO) by 11.0% during the 2nd quarter, according to the company in its most recent filing with the SEC. The firm owned 158,350 shares of the company’s stock after selling 19,523 shares during the quarter. Van ECK Associates Corp owned 0.08% of South Bow worth $5,580,000 as of its most recent filing with the SEC.

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

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on SOBO. Barclays increased their price objective on shares of South Bow from $34.00 to $35.00 and gave the company an “equal weight” rating in a report on Friday, August 7th. Raymond James Financial began coverage on South Bow in a research note on Tuesday, June 9th. They set an “outperform” rating for the company. Royal Bank Of Canada reissued an “outperform” rating on shares of South Bow in a research note on Monday, August 10th. National Bank Financial lifted their price objective on shares of South Bow from $31.00 to $35.00 and gave the company a “sector perform” rating in a report on Monday, June 1st. Finally, Scotiabank upped their target price on South Bow from $36.00 to $39.00 and gave the stock a “sector perform” rating in a report on Tuesday, July 21st. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, eight have given a Hold rating and three have given a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $33.00.

South Bow Trading Down 1.2%

Shares of NYSE:SOBO opened at $37.37 on Thursday. The business has a 50 day moving average of $36.81 and a 200-day moving average of $35.18. The stock has a market cap of $7.80 billion, a PE ratio of 16.91 and a beta of 0.14. South Bow Corporation has a 12-month low of $25.01 and a 12-month high of $39.02. The company has a quick ratio of 1.44, a current ratio of 1.52 and a debt-to-equity ratio of 2.15.

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

South Bow Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 15th. Investors of record on Tuesday, September 29th will be given a dividend of $0.50 per share. The ex-dividend date of this dividend is Tuesday, September 29th. This represents a $2.00 dividend on an annualized basis and a yield of 5.4%. South Bow’s dividend payout ratio is currently 90.50%.

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.