Cibc World Market Inc. Grows Stake in South Bow Corporation $SOBO

Cibc World Market Inc. boosted its holdings in shares of South Bow Corporation (NYSE:SOBO) by 1.5% during the 3rd quarter, Holdings Channel reports. The firm owned 3,194,578 shares of the company’s stock after buying an additional 47,562 shares during the period. Cibc World Market Inc.’s holdings in South Bow were worth $90,375,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Quadrature Capital Ltd bought a new stake in shares of South Bow during the second quarter valued at approximately $1,573,000. Westwood Holdings Group Inc. grew its stake 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 valued at $28,743,000 after acquiring an additional 145,037 shares in the last quarter. Boston Partners grew its stake in South Bow by 16.4% during the second quarter. Boston Partners now owns 1,507,499 shares of the company’s stock valued at $39,216,000 after acquiring an additional 212,768 shares in the last quarter. Northwest & Ethical Investments L.P. bought a new stake in South Bow in the 2nd quarter valued at $457,000. Finally, Scotia Capital Inc. lifted its stake in South Bow by 1.7% in the 2nd quarter. Scotia Capital Inc. now owns 1,764,327 shares of the company’s stock worth $45,472,000 after purchasing an additional 29,390 shares in the last quarter.

Analysts Set New Price Targets

SOBO has been the subject of a number of research analyst reports. Morgan Stanley restated an “underweight” rating on shares of South Bow in a research report on Tuesday, December 2nd. Scotiabank reiterated a “sector perform” rating and issued a $30.00 target price on shares of South Bow in a research report on Friday, January 16th. National Bankshares raised their price target on South Bow from $27.00 to $29.00 and gave the company a “sector perform” rating in a report on Wednesday, December 17th. BMO Capital Markets reaffirmed a “market perform” rating on shares of South Bow in a report on Monday, November 17th. Finally, Wolfe Research downgraded South Bow from a “peer perform” rating to an “underperform” rating and set a $24.00 target price for the company. in a research report on Wednesday, January 14th. Two research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Reduce” and a consensus target price of $29.00.

South Bow Trading Down 0.3%

SOBO opened at $29.06 on Wednesday. The stock has a 50-day moving average of $27.58 and a 200 day moving average of $27.35. The company has a current ratio of 1.36, a quick ratio of 1.28 and a debt-to-equity ratio of 2.19. South Bow Corporation has a 12 month low of $21.16 and a 12 month high of $29.68. The firm has a market cap of $6.05 billion, a P/E ratio of 18.28 and a beta of 0.47.

South Bow (NYSE:SOBO) last posted its quarterly earnings data on Thursday, November 13th. The company reported $0.47 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.38 by $0.09. The business had revenue of $461.00 million during the quarter, compared to analyst estimates of $498.00 million. South Bow had a return on equity of 15.13% and a net margin of 16.84%.The firm’s revenue was down 13.7% compared to the same quarter last year. As a group, research analysts forecast that South Bow Corporation will post 1.74 EPS for the current year.

South Bow Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, January 15th. Investors of record on Wednesday, December 31st were given a $0.50 dividend. The ex-dividend date was Wednesday, December 31st. This represents a $2.00 dividend on an annualized basis and a yield of 6.9%. South Bow’s dividend payout ratio (DPR) is currently 125.79%.

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.