2,690,000 Shares in South Bow Co. (NYSE:SOBO) Purchased by Canada Pension Plan Investment Board

Canada Pension Plan Investment Board bought a new stake in South Bow Co. (NYSE:SOBO) during the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm bought 2,690,000 shares of the company’s stock, valued at approximately $63,395,000. Canada Pension Plan Investment Board owned 1.30% of South Bow as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Hennessy Advisors Inc. bought a new stake in shares of South Bow during the 4th quarter valued at approximately $276,000. Nexus Investment Management ULC acquired a new stake in South Bow in the fourth quarter valued at approximately $2,810,000. MassMutual Private Wealth & Trust FSB bought a new stake in shares of South Bow during the fourth quarter worth $213,000. Viking Fund Management LLC acquired a new position in shares of South Bow during the fourth quarter worth $740,000. Finally, Mutual Advisors LLC bought a new position in shares of South Bow in the 4th quarter valued at $517,000.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on SOBO shares. CIBC lowered South Bow from a “sector outperform” rating to a “neutral” rating and set a $25.00 price target on the stock. in a research note on Friday, March 7th. Royal Bank of Canada reissued an “outperform” rating on shares of South Bow in a report on Friday, March 7th. Scotiabank raised their price target on shares of South Bow from $26.00 to $27.00 and gave the company a “sector perform” rating in a research note on Friday, March 7th. TD Securities initiated coverage on shares of South Bow in a research note on Wednesday, January 15th. They issued a “hold” rating on the stock. Finally, JPMorgan Chase & Co. assumed coverage on South Bow in a research report on Friday, March 28th. They set a “neutral” rating and a $28.00 target price for the company. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating, one has issued a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $26.25.

South Bow Stock Performance

Shares of SOBO opened at $24.55 on Friday. The firm’s 50-day moving average is $25.17. South Bow Co. has a twelve month low of $21.16 and a twelve month high of $27.60. The company has a market capitalization of $5.11 billion and a PE ratio of 13.27.

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

South Bow Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Investors of record on Monday, March 31st were given a $0.50 dividend. The ex-dividend date was Monday, March 31st. This represents a $2.00 dividend on an annualized basis and a yield of 8.15%. 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.