Canadian Imperial Bank of Commerce Issues Positive Forecast for South Bow (NYSE:SOBO) Stock Price

South Bow (NYSE:SOBO) had its target price raised by Canadian Imperial Bank of Commerce from $33.00 to $36.00 in a note issued to investors on Tuesday,Benzinga reports. The firm currently has a “neutral” rating on the stock. Canadian Imperial Bank of Commerce’s price target would indicate a potential downside of 4.61% from the company’s current price.

Other research analysts have also recently issued reports about the company. Barclays increased their price target on South Bow from $33.00 to $34.00 and gave the company an “equal weight” rating in a research report on Thursday, May 21st. Royal Bank Of Canada restated an “outperform” rating on shares of South Bow in a research note on Monday, May 11th. BMO Capital Markets restated a “market perform” rating on shares of South Bow in a research note on Monday, April 27th. TD Securities reiterated a “hold” rating on shares of South Bow in a research note on Friday, May 1st. Finally, Weiss Ratings upgraded South Bow from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Friday, February 20th. Three research analysts have rated the stock with a Buy rating, eight have given a Hold rating and four have given a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Reduce” and a consensus target price of $30.86.

South Bow Stock Down 1.2%

NYSE SOBO traded down $0.44 during trading hours on Tuesday, hitting $37.74. 147,499 shares of the company traded hands, compared to its average volume of 965,872. The business’s 50-day moving average is $34.11 and its 200-day moving average is $30.45. South Bow has a twelve month low of $25.01 and a twelve month high of $38.39. The company has a debt-to-equity ratio of 2.16, a quick ratio of 1.37 and a current ratio of 1.51. The stock has a market capitalization of $7.87 billion, a price-to-earnings ratio of 18.59 and a beta of 0.11.

South Bow (NYSE:SOBO) last issued its quarterly earnings results on Thursday, May 7th. The company reported $0.44 EPS for the quarter, missing the consensus estimate of $0.46 by ($0.02). South Bow had a net margin of 21.32% and a return on equity of 15.24%. The company had revenue of $491.00 million for the quarter, compared to analyst estimates of $491.21 million. During the same period last year, the company posted $0.47 earnings per share. The business’s revenue for the quarter was up 1.0% on a year-over-year basis. Sell-side analysts anticipate that South Bow will post 1.75 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Parallel Advisors LLC raised its position in shares of South Bow by 140.5% in the 1st quarter. Parallel Advisors LLC now owns 849 shares of the company’s stock worth $28,000 after acquiring an additional 496 shares in the last quarter. City Holding Co. raised its position in shares of South Bow by 277.4% in the 4th quarter. City Holding Co. now owns 1,000 shares of the company’s stock worth $27,000 after acquiring an additional 735 shares in the last quarter. EverSource Wealth Advisors LLC raised its position in shares of South Bow by 157.3% in the 3rd quarter. EverSource Wealth Advisors LLC now owns 1,055 shares of the company’s stock worth $30,000 after acquiring an additional 645 shares in the last quarter. IFP Advisors Inc raised its position in shares of South Bow by 780.3% in the 3rd quarter. IFP Advisors Inc now owns 1,206 shares of the company’s stock worth $34,000 after acquiring an additional 1,069 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. raised its position in shares of South Bow by 1,993.8% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 1,340 shares of the company’s stock worth $35,000 after acquiring an additional 1,276 shares in the last quarter.

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.