South Bow (NYSE:SOBO) Sets New 12-Month High – Time to Buy?

South Bow Corporation (NYSE:SOBO)’s stock price hit a new 52-week high during trading on Tuesday . The company traded as high as $34.43 and last traded at $34.33, with a volume of 58678 shares. The stock had previously closed at $33.76.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the stock. National Bank Financial upped their target price on shares of South Bow from $29.00 to $30.00 and gave the company a “sector perform” rating in a research report on Monday, March 16th. Weiss Ratings upgraded South Bow from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Friday, February 20th. Wolfe Research downgraded South Bow from a “peer perform” rating to an “underperform” rating and set a $24.00 price objective on the stock. in a research report on Wednesday, January 14th. UBS Group began coverage on South Bow in a research note on Thursday, December 11th. They issued a “neutral” rating for the company. Finally, Morgan Stanley reiterated an “underweight” rating on shares of South Bow in a report on Tuesday, December 2nd. Three research analysts have rated the stock with a Buy rating, seven have given a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $30.57.

South Bow Price Performance

The stock’s 50 day moving average price is $30.39 and its 200-day moving average price is $28.39. The company has a quick ratio of 1.43, a current ratio of 1.50 and a debt-to-equity ratio of 2.13. The stock has a market capitalization of $7.14 billion, a PE ratio of 16.45 and a beta of 0.29.

South Bow (NYSE:SOBO) last issued its earnings results on Thursday, March 5th. The company reported $0.61 EPS for the quarter, topping analysts’ consensus estimates of $0.40 by $0.21. The business had revenue of $503.00 million for the quarter, compared to the consensus estimate of $500.57 million. South Bow had a net margin of 21.80% and a return on equity of 15.55%. The company’s revenue for the quarter was up 3.1% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.54 EPS. As a group, equities analysts forecast that South Bow Corporation will post 1.74 EPS for the current year.

South Bow Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, April 15th. Shareholders of record on Tuesday, March 31st will be issued a $0.50 dividend. This represents a $2.00 annualized dividend and a dividend yield of 5.8%. The ex-dividend date is Tuesday, March 31st. South Bow’s dividend payout ratio is currently 96.15%.

Hedge Funds Weigh In On South Bow

Several institutional investors have recently made changes to their positions in SOBO. Quadrature Capital Ltd purchased a new position in South Bow during the second quarter valued at approximately $1,573,000. Westwood Holdings Group Inc. lifted its holdings in South Bow by 15.0% during the second quarter. Westwood Holdings Group Inc. now owns 1,109,346 shares of the company’s stock worth $28,743,000 after buying an additional 145,037 shares during the period. Northwest & Ethical Investments L.P. purchased a new stake in South Bow during the second quarter worth $457,000. Scotia Capital Inc. boosted its position in South Bow by 1.7% during the 2nd quarter. Scotia Capital Inc. now owns 1,764,327 shares of the company’s stock valued at $45,472,000 after acquiring an additional 29,390 shares in the last quarter. Finally, Cibc World Market Inc. increased its holdings in shares of South Bow by 1.5% in the 3rd quarter. Cibc World Market Inc. now owns 3,194,578 shares of the company’s stock valued at $90,375,000 after acquiring an additional 47,562 shares during the period.

South Bow Company 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.