Rakuten Investment Management Inc. Makes New Investment in South Bow Corporation $SOBO

Rakuten Investment Management Inc. purchased a new stake in shares of South Bow Corporation (NYSE:SOBO) in the 3rd quarter, Holdings Channel.com reports. The fund purchased 25,086 shares of the company’s stock, valued at approximately $710,000.

A number of other hedge funds also recently modified their holdings of the business. Norges Bank acquired a new stake in South Bow in the second quarter valued at $26,248,000. Thornburg Investment Management Inc. lifted its holdings in South Bow by 114.5% during the 2nd quarter. Thornburg Investment Management Inc. now owns 1,656,020 shares of the company’s stock worth $43,047,000 after buying an additional 883,918 shares during the period. Bank of Montreal Can grew its position in shares of South Bow by 8.0% in the 2nd quarter. Bank of Montreal Can now owns 6,136,658 shares of the company’s stock valued at $159,405,000 after buying an additional 452,012 shares during the last quarter. Jane Street Group LLC increased its stake in shares of South Bow by 894.3% in the second quarter. Jane Street Group LLC now owns 324,392 shares of the company’s stock valued at $8,432,000 after buying an additional 365,234 shares during the period. Finally, Bank of America Corp DE increased its stake in shares of South Bow by 15.7% in the second quarter. Bank of America Corp DE now owns 2,241,103 shares of the company’s stock valued at $58,067,000 after buying an additional 304,499 shares during the period.

Wall Street Analysts Forecast Growth

SOBO has been the topic of a number of recent analyst reports. Royal Bank Of Canada reaffirmed an “outperform” rating on shares of South Bow in a research note on Monday, November 17th. UBS Group assumed coverage on shares of South Bow in a report on Thursday, December 11th. They set a “neutral” rating for the company. National Bankshares upped their price objective on shares of South Bow from $27.00 to $29.00 and gave the company a “sector perform” rating in a research note on Wednesday, December 17th. Barclays assumed coverage on shares of South Bow in a research report on Monday, December 8th. They set an “equal weight” rating and a $27.00 price objective for the company. Finally, Scotiabank restated a “sector perform” rating and issued a $30.00 target price on shares of South Bow in a report on Friday, January 16th. Two investment analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and three have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, South Bow presently has an average rating of “Reduce” and an average price target of $29.00.

South Bow Price Performance

Shares of SOBO opened at $27.65 on Friday. The firm has a market cap of $5.76 billion, a PE ratio of 17.39 and a beta of 0.47. South Bow Corporation has a 52-week low of $21.16 and a 52-week high of $29.19. The business’s 50 day moving average price is $27.30 and its two-hundred day moving average price is $27.16. The company has a debt-to-equity ratio of 2.19, a quick ratio of 1.28 and a current ratio of 1.36.

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

South Bow Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, January 15th. Shareholders of record on Wednesday, December 31st were paid a $0.50 dividend. This represents a $2.00 annualized dividend and a yield of 7.2%. The ex-dividend date of this dividend was Wednesday, December 31st. South Bow’s payout ratio is 125.79%.

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.