Thornburg Investment Management Inc. Purchases 832,574 Shares of South Bow Corporation $SOBO

Thornburg Investment Management Inc. raised its holdings in South Bow Corporation (NYSE:SOBO) by 41.7% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 2,829,875 shares of the company’s stock after buying an additional 832,574 shares during the period. South Bow comprises about 1.0% of Thornburg Investment Management Inc.’s holdings, making the stock its 25th largest position. Thornburg Investment Management Inc.’s holdings in South Bow were worth $77,840,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in SOBO. Norges Bank bought a new position in shares of South Bow in the fourth quarter valued at $24,566,000. Dimensional Fund Advisors LP lifted its stake in shares of South Bow by 51.6% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,348,827 shares of the company’s stock valued at $64,541,000 after buying an additional 799,707 shares in the last quarter. American Century Companies Inc. lifted its stake in shares of South Bow by 467.7% in the third quarter. American Century Companies Inc. now owns 959,031 shares of the company’s stock valued at $27,137,000 after buying an additional 790,111 shares in the last quarter. Qube Research & Technologies Ltd lifted its stake in shares of South Bow by 485.9% in the third quarter. Qube Research & Technologies Ltd now owns 784,565 shares of the company’s stock valued at $22,195,000 after buying an additional 650,648 shares in the last quarter. Finally, Two Sigma Investments LP lifted its stake in shares of South Bow by 421.9% in the third quarter. Two Sigma Investments LP now owns 770,910 shares of the company’s stock valued at $21,809,000 after buying an additional 623,189 shares in the last quarter.

South Bow Stock Down 0.1%

SOBO opened at $38.14 on Monday. The company has a debt-to-equity ratio of 2.16, a current ratio of 1.51 and a quick ratio of 1.37. The company’s 50-day moving average is $35.04 and its 200 day moving average is $31.46. South Bow Corporation has a fifty-two week low of $25.01 and a fifty-two week high of $38.45. The firm has a market capitalization of $7.96 billion, a P/E ratio of 18.79 and a beta of 0.14.

South Bow (NYSE:SOBO) last released its quarterly earnings results on Thursday, May 7th. The company reported $0.44 earnings per share for the quarter, missing analysts’ consensus estimates of $0.46 by ($0.02). South Bow had a net margin of 21.32% and a return on equity of 15.24%. The firm had revenue of $491.00 million for the quarter, compared to the consensus estimate of $491.21 million. During the same period in the previous year, the business earned $0.47 earnings per share. The firm’s revenue for the quarter was up 1.0% on a year-over-year basis. Research analysts expect that South Bow Corporation will post 1.77 earnings per share for the current fiscal year.

South Bow Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th will be given a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a dividend yield of 5.2%. The ex-dividend date of this dividend is Tuesday, June 30th. South Bow’s dividend payout ratio (DPR) is presently 98.52%.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on SOBO shares. Barclays raised their price objective on shares of South Bow from $33.00 to $34.00 and gave the company an “equal weight” rating in a research note on Thursday, May 21st. 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. Canadian Imperial Bank of Commerce raised their price objective on shares of South Bow from $33.00 to $36.00 and gave the company a “neutral” rating in a research note on Tuesday, May 26th. Weiss Ratings reaffirmed a “buy (b+)” rating on shares of South Bow in a research note on Thursday. Finally, Raymond James Financial started coverage on shares of South Bow in a research note on Tuesday, June 9th. They issued an “outperform” rating on the stock. Four research analysts have rated the stock with a Buy rating, eight have given a Hold rating and four have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, South Bow presently has an average rating of “Hold” and an average price target of $31.57.

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.