Intact Investment Management Inc. Boosts Stock Position in South Bow Corporation (NYSE:SOBO)

Intact Investment Management Inc. lifted its position in South Bow Corporation (NYSE:SOBO) by 122.4% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 697,060 shares of the company’s stock after buying an additional 383,600 shares during the quarter. Intact Investment Management Inc. owned approximately 0.33% of South Bow worth $17,809,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of SOBO. FMR LLC purchased a new stake in shares of South Bow in the 4th quarter valued at $461,249,000. Capital International Investors purchased a new stake in shares of South Bow in the 4th quarter valued at $315,469,000. Price T Rowe Associates Inc. MD purchased a new stake in shares of South Bow in the 4th quarter valued at $290,786,000. Vanguard Group Inc. purchased a new stake in South Bow during the 4th quarter worth about $206,467,000. Finally, Bank of Montreal Can purchased a new stake in South Bow during the 4th quarter worth about $126,068,000.

Analysts Set New Price Targets

Several equities research analysts have weighed in on SOBO shares. National Bankshares upped their price target on South Bow from $24.00 to $25.00 and gave the stock a “sector perform” rating in a report on Friday, March 7th. Wolfe Research downgraded South Bow from an “outperform” rating to a “peer perform” rating in a report on Friday, March 7th. Scotiabank upped their price target on South Bow from $26.00 to $27.00 and gave the stock a “sector perform” rating in a report on Friday, March 7th. Royal Bank Of Canada restated an “outperform” rating and set a $38.00 price target on shares of South Bow in a report on Monday, May 19th. Finally, JPMorgan Chase & Co. started coverage on South Bow in a report on Friday, March 28th. They set a “neutral” rating and a $28.00 price target on the stock. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating, one has assigned a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $28.60.

South Bow Trading Up 0.0%

NYSE:SOBO opened at $26.11 on Friday. The stock has a 50-day simple moving average of $25.60 and a 200-day simple moving average of $24.97. The stock has a market cap of $5.44 billion and a P/E ratio of 14.11. South Bow Corporation has a 1 year low of $21.16 and a 1 year high of $27.60. The company has a debt-to-equity ratio of 2.20, a quick ratio of 1.20 and a current ratio of 1.29.

South Bow (NYSE:SOBO) last released its quarterly earnings data on Thursday, May 15th. The company reported $0.47 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.42 by $0.05. The business had revenue of $498.00 million for the quarter, compared to analyst estimates of $527.00 million. The firm’s quarterly revenue was down 8.5% on a year-over-year basis. As a group, analysts anticipate that South Bow Corporation will post 1.74 earnings per share for the current fiscal year.

South Bow Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, July 15th. Investors of record on Monday, June 30th will be given a $0.50 dividend. The ex-dividend date of this dividend is Monday, June 30th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 7.66%. South Bow’s dividend payout ratio (DPR) is presently 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.