Intact Investment Management Inc. purchased a new stake in shares of South Bow Co. (NYSE:SOBO – Free Report) in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 313,460 shares of the company’s stock, valued at approximately $7,396,000. Intact Investment Management Inc. owned approximately 0.15% of South Bow at the end of the most recent quarter.
Several other institutional investors have also recently made changes to their positions in the company. Cibc World Market Inc. bought a new position in South Bow during the fourth quarter valued at about $47,533,000. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in South Bow during the fourth quarter valued at about $17,720,000. Jennison Associates LLC purchased a new stake in shares of South Bow in the fourth quarter worth about $15,967,000. Mondrian Investment Partners LTD purchased a new stake in shares of South Bow in the fourth quarter worth about $15,444,000. Finally, Charles Schwab Investment Management Inc. purchased a new stake in shares of South Bow in the fourth quarter worth about $12,643,000.
Analyst Upgrades and Downgrades
A number of brokerages recently weighed in on SOBO. Wolfe Research downgraded shares of South Bow from an “outperform” rating to a “peer perform” rating in a research note on Friday, March 7th. Tudor Pickering upgraded shares of South Bow to a “strong-buy” rating in a research report on Tuesday, November 19th. Wells Fargo & Company cut shares of South Bow from a “hold” rating to a “strong sell” rating in a report on Wednesday, December 18th. National Bankshares raised their price target on South Bow from $24.00 to $25.00 and gave the stock a “sector perform” rating in a research note on Friday, March 7th. Finally, Scotiabank raised their price target on South Bow from $26.00 to $27.00 and gave the stock a “sector perform” rating in a research note on Friday, March 7th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating, one has issued a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $25.67.
South Bow Price Performance
Shares of South Bow stock opened at $25.62 on Friday. The firm’s fifty day moving average price is $24.71. The stock has a market capitalization of $5.33 billion and a price-to-earnings ratio of 13.85. South Bow Co. has a 12 month low of $21.12 and a 12 month high of $27.60.
South Bow (NYSE:SOBO – Get Free Report) last posted its quarterly earnings results on Wednesday, March 5th. The company reported $0.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.42 by $0.12. The company had revenue of $488.00 million during the quarter, compared to analysts’ expectations of $524.87 million. As a group, equities analysts expect that South Bow Co. will post 1.74 EPS for the current year.
South Bow Dividend Announcement
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 31st will be issued a $0.50 dividend. The ex-dividend date is Monday, March 31st. This represents a $2.00 annualized dividend and a yield of 7.81%. South Bow’s payout ratio is 108.11%.
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.
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