South Bow (NYSE:SOBO) Hits New 1-Year High – What’s Next?

South Bow Corporation (NYSE:SOBO) hit a new 52-week high during mid-day trading on Monday . The stock traded as high as $37.42 and last traded at $37.3350, with a volume of 63562 shares. The stock had previously closed at $37.28.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the stock. Royal Bank Of Canada reissued an “outperform” rating on shares of South Bow in a research report on Monday, May 11th. The Goldman Sachs Group began coverage on South Bow in a research report on Monday, April 20th. They issued a “sell” rating and a $29.00 price objective on the stock. Weiss Ratings raised South Bow from a “hold (c+)” rating to a “buy (b-)” rating in a report on Friday, February 20th. Barclays boosted their price target on South Bow from $27.00 to $33.00 and gave the stock an “equal weight” rating in a research note on Monday, March 9th. Finally, Wall Street Zen downgraded South Bow from a “hold” rating to a “sell” rating in a report on Saturday, May 9th. Three equities research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and four have issued a Sell rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Reduce” and an average target price of $30.63.

South Bow Trading Up 0.2%

The company has a market cap of $7.79 billion, a P/E ratio of 18.40 and a beta of 0.11. The stock’s 50-day moving average is $33.58 and its two-hundred day moving average is $29.94. The company has a debt-to-equity ratio of 2.16, a current ratio of 1.51 and a quick ratio of 1.37.

South Bow (NYSE:SOBO) last posted its earnings results on Thursday, May 7th. The company reported $0.44 EPS for the quarter, missing analysts’ consensus estimates of $0.46 by ($0.02). The company had revenue of $491.00 million during the quarter, compared to the consensus estimate of $491.21 million. South Bow had a return on equity of 15.24% and a net margin of 21.32%.The company’s revenue for the quarter was up 1.0% on a year-over-year basis. During the same period last year, the firm posted $0.47 EPS. As a group, equities research analysts predict that South Bow Corporation will post 1.75 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 Wednesday, July 15th. Shareholders of record on Tuesday, June 30th will be issued a $0.50 dividend. The ex-dividend date of this dividend is Tuesday, June 30th. This represents a $2.00 dividend on an annualized basis and a yield of 5.4%. South Bow’s dividend payout ratio is currently 98.52%.

Institutional Investors Weigh In On South Bow

A number of large investors have recently made changes to their positions in the company. Norges Bank bought a new position in shares of South Bow in the 4th quarter worth approximately $24,566,000. Thornburg Investment Management Inc. grew its position in South Bow by 41.7% during the fourth quarter. Thornburg Investment Management Inc. now owns 2,829,875 shares of the company’s stock valued at $77,840,000 after buying an additional 832,574 shares during the period. Dimensional Fund Advisors LP grew its position in South Bow by 51.6% during the fourth quarter. Dimensional Fund Advisors LP now owns 2,348,827 shares of the company’s stock valued at $64,541,000 after buying an additional 799,707 shares during the period. American Century Companies Inc. increased its holdings in South Bow by 467.7% during the third quarter. American Century Companies Inc. now owns 959,031 shares of the company’s stock valued at $27,137,000 after buying an additional 790,111 shares during the last quarter. Finally, Qube Research & Technologies Ltd raised its position in South Bow by 485.9% in the third quarter. Qube Research & Technologies Ltd now owns 784,565 shares of the company’s stock worth $22,195,000 after acquiring an additional 650,648 shares during the period.

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.