Investment Management Corp of Ontario Invests $469,000 in South Bow Co. (NYSE:SOBO)

Investment Management Corp of Ontario acquired a new position in South Bow Co. (NYSE:SOBO) in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 19,918 shares of the company’s stock, valued at approximately $469,000.

Several other institutional investors and hedge funds have also recently modified their holdings of SOBO. Hennessy Advisors Inc. purchased a new stake in shares of South Bow in the fourth quarter worth approximately $276,000. Nexus Investment Management ULC purchased a new stake in shares of South Bow during the fourth quarter valued at approximately $2,810,000. MassMutual Private Wealth & Trust FSB purchased a new stake in shares of South Bow during the fourth quarter valued at approximately $213,000. Viking Fund Management LLC purchased a new stake in shares of South Bow during the fourth quarter valued at approximately $740,000. Finally, Mutual Advisors LLC purchased a new stake in shares of South Bow during the fourth quarter valued at approximately $517,000.

Wall Street Analyst Weigh In

A number of analysts recently commented on SOBO shares. JPMorgan Chase & Co. started coverage on South Bow in a research report on Friday, March 28th. They set a “neutral” rating and a $28.00 price target for the company. National Bankshares increased their price target on South Bow from $24.00 to $25.00 and gave the company a “sector perform” rating in a research report on Friday, March 7th. Royal Bank of Canada reaffirmed an “outperform” rating on shares of South Bow in a research report on Friday, March 7th. Scotiabank increased their price target on South Bow from $26.00 to $27.00 and gave the company a “sector perform” rating in a research report on Friday, March 7th. Finally, Wolfe Research downgraded South Bow from an “outperform” rating to a “peer perform” rating in a research report on Friday, March 7th. Two analysts have rated the stock with a sell rating, eight have given a hold rating, one has given a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $26.25.

South Bow Price Performance

South Bow stock opened at $25.15 on Tuesday. South Bow Co. has a one year low of $21.16 and a one year high of $27.60. The business has a fifty day moving average price of $24.96 and a 200-day moving average price of $24.72. The firm has a market capitalization of $5.24 billion and a P/E ratio of 13.59.

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

South Bow Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, April 15th. Investors of record on Monday, March 31st were paid a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 7.95%. The ex-dividend date of this dividend was Monday, March 31st. South Bow’s dividend payout ratio is 108.11%.

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.