Renaissance Technologies LLC Acquires New Holdings in South Bow Corporation $SOBO

Renaissance Technologies LLC bought a new stake in South Bow Corporation (NYSE:SOBO) during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund bought 34,880 shares of the company’s stock, valued at approximately $1,162,000.

A number of other large investors have also added to or reduced their stakes in the company. Parallel Advisors LLC lifted its position in shares of South Bow by 140.5% during the first quarter. Parallel Advisors LLC now owns 849 shares of the company’s stock valued at $28,000 after buying an additional 496 shares during the last quarter. IFP Advisors Inc grew its position in shares of South Bow by 780.3% in the 3rd 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 stake in shares of South Bow by 1,993.8% during the 2nd 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 in the last quarter. Clearstead Advisors LLC raised its stake in shares of South Bow by 192.5% during the 4th quarter. Clearstead Advisors LLC now owns 2,150 shares of the company’s stock worth $59,000 after acquiring an additional 1,415 shares in the last quarter. Finally, Kestra Advisory Services LLC purchased a new stake in South Bow during the fourth quarter valued at approximately $61,000.

South Bow Price Performance

Shares of NYSE:SOBO opened at $36.63 on Friday. South Bow Corporation has a twelve month low of $25.01 and a twelve month high of $38.94. The company’s 50 day moving average is $36.58 and its 200 day moving average is $34.32. The company has a current ratio of 1.52, a quick ratio of 1.44 and a debt-to-equity ratio of 2.15. The company has a market cap of $7.64 billion, a PE ratio of 16.57 and a beta of 0.15.

South Bow (NYSE:SOBO) last announced its quarterly earnings data on Wednesday, August 5th. The company reported $0.50 EPS for the quarter, beating the consensus estimate of $0.45 by $0.05. The business had revenue of $546.00 million during the quarter, compared to analysts’ expectations of $496.87 million. South Bow had a net margin of 22.99% and a return on equity of 15.84%. On average, sell-side analysts forecast that South Bow Corporation will post 1.81 EPS for the current year.

South Bow Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 15th. Investors of record on Tuesday, September 29th will be issued a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a dividend yield of 5.5%. The ex-dividend date of this dividend is Tuesday, September 29th. South Bow’s dividend payout ratio (DPR) is 90.50%.

Analyst Ratings Changes

SOBO has been the subject of several recent analyst reports. BMO Capital Markets restated a “market perform” rating on shares of South Bow in a research note on Monday, July 6th. Jefferies Financial Group reaffirmed a “buy” rating on shares of South Bow in a research report on Thursday, May 28th. The Goldman Sachs Group assumed coverage on South Bow in a report on Monday, April 20th. They set a “sell” rating and a $29.00 price objective for the company. Raymond James Financial began coverage on South Bow in a research report on Tuesday, June 9th. They issued an “outperform” rating for the company. Finally, National Bank Financial boosted their target price on South Bow from $31.00 to $35.00 and gave the stock a “sector perform” rating in a research note on Monday, June 1st. 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 four have given a Sell rating to the company’s stock. According to MarketBeat, South Bow presently 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.