South Bow Co. (NYSE:SOBO) Announces $0.50 Quarterly Dividend

South Bow Co. (NYSE:SOBO) declared a quarterly dividend on Thursday, November 7th,Zacks Dividends reports. Shareholders of record on Tuesday, December 31st will be given a dividend of 0.50 per share on Friday, January 31st. This represents a $2.00 annualized dividend and a yield of 8.51%. The ex-dividend date of this dividend is Tuesday, December 31st.

South Bow has a payout ratio of 114.3% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Research analysts expect South Bow to earn $1.80 per share next year, which means the company may not be able to cover its $2.00 annual dividend with an expected future payout ratio of 111.1%.

South Bow Price Performance

South Bow stock opened at $23.49 on Friday. The stock’s fifty day moving average price is $24.63. South Bow has a 12-month low of $21.12 and a 12-month high of $27.30.

Wall Street Analysts Forecast Growth

SOBO has been the subject of a number of recent analyst reports. Jefferies Financial Group initiated coverage on South Bow in a report on Tuesday, October 8th. They set a “hold” rating for the company. Scotiabank upgraded shares of South Bow to a “hold” rating in a research note on Friday. Wells Fargo & Company downgraded shares of South Bow from a “hold” rating to a “strong sell” rating in a research report on Wednesday, December 18th. Cibc World Mkts raised shares of South Bow to a “hold” rating in a research report on Friday, October 11th. Finally, Morgan Stanley started coverage on shares of South Bow in a research report on Friday, October 25th. They issued an “underweight” rating for the company. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold”.

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.