Spark Investment Management LLC Takes Position in South Bow Corporation $SOBO

Spark Investment Management LLC acquired a new stake in South Bow Corporation (NYSE:SOBO) during the second quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 17,000 shares of the company’s stock, valued at approximately $598,000. South Bow makes up 1.2% of Spark Investment Management LLC’s portfolio, making the stock its 23rd largest holding.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Capital International Investors grew its holdings in South Bow by 0.6% during the fourth quarter. Capital International Investors now owns 15,483,085 shares of the company’s stock valued at $425,840,000 after purchasing an additional 94,772 shares during the last quarter. Clearbridge Investments LLC grew its holdings in South Bow by 3.0% in the 4th quarter. Clearbridge Investments LLC now owns 7,262,965 shares of the company’s stock valued at $199,514,000 after buying an additional 209,864 shares during the last quarter. Thornburg Investment Management Inc. increased its position in South Bow by 2.4% in the 2nd quarter. Thornburg Investment Management Inc. now owns 3,721,332 shares of the company’s stock worth $130,974,000 after buying an additional 88,457 shares during the period. Cibc World Market Inc. increased its position in South Bow by 11.8% in the 4th quarter. Cibc World Market Inc. now owns 3,571,092 shares of the company’s stock worth $98,241,000 after buying an additional 376,514 shares during the period. Finally, Dimensional Fund Advisors LP lifted its holdings in shares of South Bow by 24.1% during the first quarter. Dimensional Fund Advisors LP now owns 2,914,614 shares of the company’s stock worth $97,134,000 after buying an additional 565,787 shares during the last quarter.

South Bow Stock Performance

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

South Bow (NYSE:SOBO) last issued its earnings results on Wednesday, August 5th. The company reported $0.50 EPS for the quarter, beating analysts’ consensus estimates of $0.45 by $0.05. The business had revenue of $546.00 million during the quarter, compared to analyst estimates of $496.87 million. South Bow had a return on equity of 15.84% and a net margin of 22.99%. Sell-side analysts expect that South Bow Corporation will post 1.87 EPS for the current fiscal year.

South Bow Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 15th. Stockholders of record on Tuesday, September 29th will be paid a $0.50 dividend. The ex-dividend date is Tuesday, September 29th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 5.3%. South Bow’s dividend payout ratio is currently 90.50%.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on SOBO shares. Scotiabank increased their price objective on South Bow from $36.00 to $39.00 and gave the company a “sector perform” rating in a research report on Tuesday, July 21st. Royal Bank Of Canada reiterated an “outperform” rating on shares of South Bow in a research note on Monday, August 10th. Barclays upped their target price on shares of South Bow from $34.00 to $35.00 and gave the company an “equal weight” rating in a research note on Friday, August 7th. TD Securities reissued a “hold” rating on shares of South Bow in a report on Thursday, July 16th. Finally, National Bank Financial raised their price target on shares of South Bow from $31.00 to $35.00 and gave the stock a “sector perform” rating in a research report on Monday, June 1st. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, eight have assigned a Hold rating and three have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $33.00.

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.