HITE Hedge Asset Management LLC Makes New Investment in South Bow Co. (NYSE:SOBO)

HITE Hedge Asset Management LLC purchased a new stake in South Bow Co. (NYSE:SOBO) in the 4th quarter, according to its most recent disclosure with the SEC. The fund purchased 503,517 shares of the company’s stock, valued at approximately $11,882,000. HITE Hedge Asset Management LLC owned 0.24% of South Bow as of its most recent filing with the SEC.

A number of other institutional investors have also modified their holdings of SOBO. Wiser Advisor Group LLC acquired a new position in South Bow during the 4th quarter valued at approximately $27,000. Roxbury Financial LLC bought a new stake in South Bow in the fourth quarter valued at $29,000. Assetmark Inc. acquired a new position in shares of South Bow during the fourth quarter valued at $33,000. Rhumbline Advisers bought a new position in shares of South Bow during the fourth quarter worth about $34,000. Finally, Sit Investment Associates Inc. acquired a new stake in shares of South Bow in the 4th quarter worth about $34,000.

South Bow Stock Up 1.3 %

Shares of NYSE:SOBO opened at $24.55 on Friday. South Bow Co. has a fifty-two week low of $21.16 and a fifty-two week high of $27.60. The company has a market capitalization of $5.11 billion and a PE ratio of 13.27. The company has a fifty day moving average of $25.18.

South Bow (NYSE:SOBO) last posted its earnings results on Wednesday, March 5th. The company reported $0.54 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.42 by $0.12. The firm had revenue of $488.00 million during the quarter, compared to the consensus estimate of $524.87 million. Equities research analysts forecast that South Bow Co. will post 1.74 earnings per share for the current fiscal year.

South Bow Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, April 15th. Investors of record on Monday, March 31st were issued a $0.50 dividend. The ex-dividend date of this dividend was Monday, March 31st. This represents a $2.00 dividend on an annualized basis and a dividend yield of 8.15%. South Bow’s dividend payout ratio is 108.11%.

Analysts Set New Price Targets

Several research analysts have commented on the stock. JPMorgan Chase & Co. began coverage on shares of South Bow in a research report on Friday, March 28th. They issued a “neutral” rating and a $28.00 target price for the company. CIBC cut South Bow from a “sector outperform” rating to a “neutral” rating and set a $25.00 target price on the stock. in a research report on Friday, March 7th. Royal Bank of Canada reaffirmed an “outperform” rating on shares of South Bow in a research note on Friday, March 7th. Scotiabank increased 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. Finally, Wolfe Research cut shares of South Bow from an “outperform” rating to a “peer perform” rating in a research note on Friday, March 7th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating, one has assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $26.25.

South Bow 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.