Norges Bank Takes $24.57 Million Position in South Bow Corporation $SOBO

Norges Bank bought a new stake in shares of South Bow Corporation (NYSE:SOBO) in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 893,176 shares of the company’s stock, valued at approximately $24,566,000. Norges Bank owned 0.43% of South Bow at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the stock. Cubist Systematic Strategies LLC purchased a new stake in South Bow in the first quarter worth about $85,000. Amundi purchased a new stake in South Bow in the first quarter worth about $588,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in South Bow by 17.4% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 199,035 shares of the company’s stock worth $5,079,000 after acquiring an additional 29,542 shares during the period. Acadian Asset Management LLC purchased a new stake in South Bow in the first quarter worth about $885,000. Finally, Geode Capital Management LLC lifted its stake in South Bow by 7.5% in the second quarter. Geode Capital Management LLC now owns 172,491 shares of the company’s stock worth $4,499,000 after acquiring an additional 11,984 shares during the period.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on SOBO. Jefferies Financial Group reiterated a “buy” rating on shares of South Bow in a report on Thursday, May 28th. BMO Capital Markets reiterated a “market perform” rating on shares of South Bow in a report on Monday, April 27th. The Goldman Sachs Group began coverage on shares of South Bow in a report on Monday, April 20th. They issued a “sell” rating and a $29.00 target price for the company. Canadian Imperial Bank of Commerce boosted their target price on shares of South Bow from $33.00 to $36.00 and gave the stock a “neutral” rating in a report on Tuesday, May 26th. Finally, Weiss Ratings upgraded shares of South Bow from a “hold (c+)” rating to a “buy (b-)” rating in a report on Friday, February 20th. Four analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and four have issued a Sell rating to the stock. Based on data from MarketBeat, South Bow has a consensus rating of “Hold” and a consensus price target of $31.57.

South Bow Price Performance

Shares of NYSE:SOBO opened at $36.10 on Wednesday. South Bow Corporation has a twelve month low of $25.01 and a twelve month high of $38.39. The company’s 50 day moving average is $34.77 and its 200 day moving average is $31.23. The company has a current ratio of 1.51, a quick ratio of 1.37 and a debt-to-equity ratio of 2.16. The company has a market cap of $7.53 billion, a PE ratio of 17.78 and a beta of 0.14.

South Bow (NYSE:SOBO) last issued its quarterly earnings data on Thursday, May 7th. The company reported $0.44 EPS for the quarter, missing analysts’ consensus estimates of $0.46 by ($0.02). The firm had revenue of $491.00 million for the quarter, compared to analyst estimates of $491.21 million. South Bow had a return on equity of 15.24% and a net margin of 21.32%.South Bow’s revenue for the quarter was up 1.0% compared to the same quarter last year. During the same period in the previous year, the business earned $0.47 EPS. On average, sell-side analysts forecast that South Bow Corporation will post 1.76 EPS for the current year.

South Bow Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th will be given a dividend of $0.50 per share. The ex-dividend date is Tuesday, June 30th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 5.5%. South Bow’s dividend payout ratio (DPR) is 98.52%.

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.