South Bow (NYSE:SOBO) Sets New 52-Week High – What’s Next?

Shares of South Bow Corporation (NYSE:SOBO) hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $32.50 and last traded at $32.3310, with a volume of 528014 shares traded. The stock had previously closed at $31.79.

Analyst Ratings Changes

A number of brokerages recently weighed in on SOBO. Jefferies Financial Group upgraded shares of South Bow from a “hold” rating to a “buy” rating in a research note on Monday, December 15th. UBS Group assumed coverage on shares of South Bow in a research report on Thursday, December 11th. They set a “neutral” rating on the stock. Scotiabank reiterated a “sector perform” rating and set a $30.00 price objective on shares of South Bow in a research note on Friday, January 16th. BMO Capital Markets reissued a “market perform” rating on shares of South Bow in a report on Monday, November 17th. Finally, Morgan Stanley reaffirmed an “underweight” rating on shares of South Bow in a research note on Tuesday, December 2nd. Three analysts have rated the stock with a Buy rating, seven have given a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $29.00.

South Bow Stock Up 2.9%

The company has a debt-to-equity ratio of 2.19, a current ratio of 1.36 and a quick ratio of 1.28. The stock has a market capitalization of $6.81 billion, a P/E ratio of 20.58 and a beta of 0.47. The stock’s fifty day moving average is $28.18 and its two-hundred day moving average is $27.63.

Hedge Funds Weigh In On South Bow

Hedge funds and other institutional investors have recently modified their holdings of the stock. Quadrature Capital Ltd purchased a new position in shares of South Bow during the 2nd quarter valued at $1,573,000. Westwood Holdings Group Inc. increased its position in South Bow by 15.0% in the 2nd quarter. Westwood Holdings Group Inc. now owns 1,109,346 shares of the company’s stock worth $28,743,000 after purchasing an additional 145,037 shares during the last quarter. Boston Partners raised its stake in shares of South Bow by 16.4% during the 2nd quarter. Boston Partners now owns 1,507,499 shares of the company’s stock worth $39,216,000 after purchasing an additional 212,768 shares in the last quarter. Northwest & Ethical Investments L.P. acquired a new stake in shares of South Bow during the 2nd quarter valued at about $457,000. Finally, Scotia Capital Inc. grew its stake in shares of South Bow by 1.7% in the 2nd quarter. Scotia Capital Inc. now owns 1,764,327 shares of the company’s stock valued at $45,472,000 after buying an additional 29,390 shares in the last quarter.

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.