Live News • May 30
South Bow Wins 20-Year Pipeline Commitments Driving Prairie Connector Progress Toward Key Decision South Bow reported a successful open season for its Prairie Connector pipeline project, securing 20-year binding transportation commitments from Hardisty, Alberta, to U.S. delivery points.
The project involves about 380 kilometres of new pipeline that will connect into Bridger Pipeline LLC’s existing facilities to move Western Canadian crude oil to U.S. markets.
Tudor, Pickering, Holt kept a hold rating on South Bow and set a C$52.00 price target, citing Prairie Connector’s progress toward a potential final investment decision around mid-2027.
This level of long-term, contracted interest suggests the Prairie Connector concept has meaningful customer support, which can be important when the company eventually assesses project economics and capital requirements.
Investors may want to focus on future updates around permitting, costs and timing, since these will influence the risk profile and funding needs as South Bow approaches any final investment decision. Declared Dividend • May 11
First quarter dividend of US$0.50 announced Shareholders will receive a dividend of US$0.50. Ex-date: 30th June 2026 Payment date: 15th July 2026 Dividend yield will be 5.4%, which is about the same as the industry average. Sustainability & Growth Dividend is not adequately covered by earnings (99% earnings payout ratio). However, it is covered by cash flows (69% cash payout ratio). The dividend has not increased over the past 2 years but payments have been stable during that time. The company's earnings per share (EPS) would need to grow by 9.7% to bring the payout ratio under control. EPS is expected to grow by 11% over the next 3 years, which is sufficient to bring the dividend into a sustainable range. Reported Earnings • May 11
First quarter 2026 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2026 results: EPS: US$0.37 (down from US$0.42 in 1Q 2025). Revenue: US$491.0m (down 1.4% from 1Q 2025). Net income: US$77.0m (down 13% from 1Q 2025). Profit margin: 16% (down from 18% in 1Q 2025). Revenue exceeded analyst estimates by 1.7%. Earnings per share (EPS) missed analyst estimates by 22%. Revenue is forecast to grow 1.3% p.a. on average during the next 3 years, compared to a 3.9% growth forecast for the Oil and Gas industry in Canada. Announcement • May 09
South Bow Corporation Approves A Quarterly Dividend, Payable on July 15, 2026 South Bow Corporation's board of directors approved a quarterly dividend of $0.50 per share, payable on July 15, 2026, to shareholders of record at the close of business on June 30, 2026. The dividends will be designated as eligible dividends for Canadian income tax purposes. Announcement • Apr 10
South Bow Corporation to Report Q1, 2026 Results on May 07, 2026 South Bow Corporation announced that they will report Q1, 2026 results After-Market on May 07, 2026 Upcoming Dividend • Mar 24
Upcoming dividend of US$0.50 per share Eligible shareholders must have bought the stock before 31 March 2026. Payment date: 15 April 2026. Payout ratio and cash payout ratio are on the higher end at 96% and 77% respectively. Trailing yield: 5.9%. Within top quartile of Canadian dividend payers (5.7%). Higher than average of industry peers (3.5%). New Risk • Mar 15
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.4% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.6x net interest cover). Earnings are forecast to decline by an average of 0.4% per year for the foreseeable future. Minor Risks Dividend is not well covered by earnings (125% payout ratio). Significant insider selling over the past 3 months (CA$3.2m sold). Recent Insider Transactions • Mar 12
President recently sold CA$3.2m worth of stock On the 9th of March, Bevin Wirzba sold around 70k shares on-market at roughly CA$45.30 per share. This transaction amounted to 37% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Bevin has been a net seller over the last 12 months, reducing personal holdings by CA$2.2m. Recent Insider Transactions Derivative • Mar 10
President notifies of intention to sell stock Bevin Wirzba intends to sell 150k shares in the next 90 days after lodging an Intent To Sell Form on the 9th of March. If the sale is conducted around the recent share price of CA$61.47, it would amount to CA$9.2m. For the year to December 2024, Bevin's total compensation was 11% salary and 89% other compensation. This indicates that these sales could comprise a meaningful part of their income for the year. Since March 2025, Bevin has owned 89.80k shares directly. Company insiders have collectively bought CA$893k more than they sold, via options and on-market transactions, in the last 12 months. Declared Dividend • Mar 09
Third quarter dividend of US$0.50 announced Shareholders will receive a dividend of US$0.50. Ex-date: 31st March 2026 Payment date: 15th April 2026 Dividend yield will be 5.6%, which is about the same as the industry average. Sustainability & Growth Dividend is not covered by earnings (125% earnings payout ratio) nor is it covered by cash flows (121% cash payout ratio). The company is yet to establish a track record of dividend growth or stability as it hasn't paid a regular dividend for at least 2 years. The company's earnings per share (EPS) would need to grow by 39% to bring the payout ratio under control. EPS is expected to grow by 23% over the next 3 years, which means the dividend may need to be reduced to reach a sustainable payout ratio. Announcement • Mar 06
South Bow Corporation Approves a Quarterly Dividend, Payable on April 15, 2026 South Bow Corporation's board of directors approved a quarterly dividend of $0.50 per share, payable on April 15, 2026, to shareholders of record at the close of business on March 31, 2026. Announcement • Feb 16
South Bow Corporation, Annual General Meeting, May 07, 2026 South Bow Corporation, Annual General Meeting, May 07, 2026. Announcement • Feb 06
South Bow Corporation to Report Q4, 2025 Results on Mar 05, 2026 South Bow Corporation announced that they will report Q4, 2025 results After-Market on Mar 05, 2026 Board Change • Dec 31
High number of new and inexperienced directors There are 11 new directors who have joined the board in the last 3 years. The company's board is composed of: 11 new directors. No experienced directors. No highly experienced directors. Chairman of the Board Hal Kvisle is the most experienced director on the board, commencing their role in 2024. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Upcoming Dividend • Dec 24
Upcoming dividend of US$0.50 per share Eligible shareholders must have bought the stock before 31 December 2025. Payment date: 15 January 2026. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 7.1%. Within top quartile of Canadian dividend payers (5.9%). Higher than average of industry peers (4.4%). Declared Dividend • Nov 17
Third quarter dividend of US$0.50 announced Shareholders will receive a dividend of US$0.50. Ex-date: 31st December 2025 Payment date: 15th January 2026 Dividend yield will be 6.7%, which is higher than the industry average of 5.4%. Sustainability & Growth Dividend is not covered by earnings (125% earnings payout ratio) nor is it covered by cash flows (121% cash payout ratio). The company is yet to establish a track record of dividend growth or stability as it hasn't paid a regular dividend for at least 2 years. The company's earnings per share (EPS) would need to grow by 39% to bring the payout ratio under control. EPS is expected to grow by 25% over the next 3 years, which means the dividend may need to be reduced to reach a sustainable payout ratio. Reported Earnings • Nov 16
Third quarter 2025 earnings: EPS exceeds analyst expectations while revenues lag behind Third quarter 2025 results: EPS: US$0.45 (up from US$0.29 in 3Q 2024). Revenue: US$461.0m (down 14% from 3Q 2024). Net income: US$93.0m (up 53% from 3Q 2024). Profit margin: 20% (up from 11% in 3Q 2024). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 7.4%. Earnings per share (EPS) exceeded analyst estimates by 17%. Revenue is forecast to grow 2.2% p.a. on average during the next 3 years, compared to a 3.5% growth forecast for the Oil and Gas industry in Canada. Announcement • Nov 14
South Bow Corporation Approves Quarterly Dividend, Payable on January 15, 2026 South Bow Corporation's board of directors approved a quarterly dividend of $0.50 per share, payable on January 15, 2026, to shareholders of record at the close of business on December 31, 2025. The dividends will be designated as eligible dividends for Canadian income tax purposes. Announcement • Oct 17
South Bow Corporation to Report Q3, 2025 Results on Nov 13, 2025 South Bow Corporation announced that they will report Q3, 2025 results After-Market on Nov 13, 2025 Upcoming Dividend • Sep 22
Upcoming dividend of US$0.50 per share Eligible shareholders must have bought the stock before 29 September 2025. Payment date: 15 October 2025. The company is paying out more than 100% of its profits and is paying out 85% of its cash flow. Trailing yield: 7.2%. Within top quartile of Canadian dividend payers (5.8%). Higher than average of industry peers (4.4%). Major Estimate Revision • Aug 13
Consensus EPS estimates increase by 10% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has improved. 2025 revenue forecast increased from US$1.89b to US$1.96b. EPS estimate increased from US$1.50 to US$1.66 per share. Net income forecast to grow 18% next year vs 1.0% decline forecast for Oil and Gas industry in Canada. Consensus price target broadly unchanged at CA$35.76. Share price rose 3.9% to CA$38.38 over the past week. Reported Earnings • Aug 08
Second quarter 2025 earnings: EPS and revenues exceed analyst expectations Second quarter 2025 results: EPS: US$0.46 (up from US$0.42 in 2Q 2024). Revenue: US$524.0m (down 5.4% from 2Q 2024). Net income: US$96.0m (up 9.1% from 2Q 2024). Profit margin: 18% (up from 16% in 2Q 2024). The increase in margin was driven by lower expenses. Revenue exceeded analyst estimates by 16%. Earnings per share (EPS) also surpassed analyst estimates by 26%. Revenue is forecast to stay flat during the next 3 years compared to a 2.3% growth forecast for the Oil and Gas industry in Canada. Announcement • Aug 07
South Bow Corporation Approves Quarterly Dividend, Payable on October 15, 2025 South Bow Corporation board of directors approved a quarterly dividend of $0.50 per share, payable on October 15, 2025, to shareholders of record at the close of business on September 29, 2025. Announcement • Jul 11
South Bow Corporation to Report Q2, 2025 Results on Aug 06, 2025 South Bow Corporation announced that they will report Q2, 2025 results After-Market on Aug 06, 2025 Announcement • Jun 23
South Bow Corporation(TSX:SOBO) dropped from FTSE All-World Index (USD) South Bow Corporation(TSX:SOBO) dropped from FTSE All-World Index (USD) Announcement • May 16
South Bow Corporation Approves Quarterly Dividend, Payable on July 15, 2025 South Bow Corporation approved a quarterly dividend of $0.50 per share, payable on July 15, 2025 to shareholders of record at the close of business on June 30, 2025. The dividends will be designated as eligible dividends for Canadian income tax purposes. Announcement • Apr 16
South Bow Corp. Safely Restarts Keystone Pipeline South Bow Corp. has safely restarted the Keystone Pipeline (Keystone) after receiving regulatory approval from the Pipeline and Hazardous Materials Safety Administration (PHMSA), following South Bow's response to an oil release at Milepost 171 (MP-171) of Keystone on April 8, 2025, near Fort Ransom, North Dakota. South Bow is actively progressing its response and recovery efforts, having repaired and replaced the impacted pipe, and recovered substantially most of the estimated release volume of 3,500 barrels of oil, working now to remediate the impacted soil. South Bow's primary focus remains the safety of onsite personnel and mitigating risks to the environment and the community surrounding Fort Ransom. South Bow will continue its clean-up activities until the site has been fully remediated, with continuous air quality monitoring steadily showing no indication of adverse health or public concerns. South Bow will continue working closely with regulators, local officials, landowners, and the community. On April 11, 2025, PHMSA issued a Corrective Action Order (CAO), requiring South Bow to undertake certain corrective actions in response to the MP-171 incident. As part of the CAO, South Bow developed a restart plan that was subsequently approved by PHMSA, authorizing Keystone's return to service under certain operating pressure restrictions. South Bow is committed to the safe operation of Keystone and has notified the Canada Energy Regulator that the Company is also implementing certain operating pressure restrictions on the Canadian sections of the pipeline. The pipeline was operating within its design and regulatory approval requirements at the time of the incident. In addition to working closely with regulators, South Bow will work closely with customers during Keystone's return to service. Announcement • Apr 15
South Bow Corporation to Report Q1, 2025 Results on May 15, 2025 South Bow Corporation announced that they will report Q1, 2025 results at 4:00 PM, US Eastern Standard Time on May 15, 2025 Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to CA$31.10, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 8x in the Oil and Gas industry in Canada. Upcoming Dividend • Mar 24
Upcoming dividend of US$0.50 per share Eligible shareholders must have bought the stock before 31 March 2025. Payment date: 15 April 2025. Payout ratio is a comfortable 33% but the company is paying out more than the cash it is generating. Trailing yield: 7.6%. Within top quartile of Canadian dividend payers (6.3%). Higher than average of industry peers (4.7%). New Risk • Mar 09
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. Cash payout ratio: 102% Dividend yield: 8.3% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.1x net interest cover). Minor Risks Dividend is not well covered by cash flows (102% cash payout ratio). Profit margins are more than 30% lower than last year (15% net profit margin). Announcement • Mar 07
South Bow Corporation, Annual General Meeting, May 15, 2025 South Bow Corporation, Annual General Meeting, May 15, 2025. Announcement • Mar 06
South Bow Corporation Approves Quarterly Dividend, Payable on April 15, 2025 South Bow’s board of directors approved a quarterly dividend of $0.50/share, payable on April 15, 2025 to shareholders of record at the close of business on March 31, 2025. The dividends will be designated as eligible dividends for Canadian income tax purposes. Announcement • Feb 06
South Bow Corporation to Report Q4, 2024 Results on Mar 05, 2025 South Bow Corporation announced that they will report Q4, 2024 results After-Market on Mar 05, 2025 New Risk • Jan 20
New major risk - Financial data availability The company has not reported any financial data. This is considered a major risk. With no or incomplete audited reported financial data, it is virtually impossible to assess the company's investment potential. This is currently the only risk that has been identified for the company. Recent Insider Transactions • Dec 05
President recently bought CA$383k worth of stock On the 2nd of December, Bevin Wirzba bought around 11k shares on-market at roughly CA$34.79 per share. This transaction amounted to 16% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Bevin's only on-market trade for the last 12 months. Recent Insider Transactions Derivative • Dec 01
President exercised options and sold CA$12m worth of stock On the 27th of November, Bevin Wirzba exercised options to acquire 338k shares at no cost and sold these for an average price of CA$35.27 per share. This trade did not impact their existing holding. As of today, Bevin currently holds no shares directly. Company insiders have collectively sold CA$12m more than they bought, via options and on-market transactions in the last 12 months. Announcement • Nov 08
South Bow Corporation Declares Inaugural Quarterly Dividend, Payable on January 31, 2025 South Bow Corporation announced that its board of directors has declared South Bow’s inaugural quarterly dividend of USD 0.50 per share, payable on January 31, 2025 to shareholders of record at the close of business on December 31, 2024. Announcement • Oct 03
South Bow Corporation(TSX:SOBO) dropped from S&P International 700 South Bow Corporation(TSX:SOBO) dropped from S&P International 700 Announcement • Oct 02
South Bow Corporation Appoints George Lewis as Non-Executive Director Legal & General Group Plc hereby gives notification that George Lewis has been appointed as a Non-Executive Director of South Bow Corporation with effect from 1 October 2024.