South Bow (NYSE:SOBO) Sets New 1-Year High – Here’s Why

South Bow Corporation (NYSE:SOBO) shares reached a new 52-week high during trading on Friday . The stock traded as high as $29.68 and last traded at $29.5160, with a volume of 47050 shares. The stock had previously closed at $29.01.

Wall Street Analysts Forecast Growth

SOBO has been the subject of a number of analyst reports. Scotiabank restated a “sector perform” rating and set a $30.00 target price on shares of South Bow in a report on Friday, January 16th. Jefferies Financial Group raised South Bow from a “hold” rating to a “buy” rating in a research report on Monday, December 15th. UBS Group began coverage on South Bow in a research report on Thursday, December 11th. They set a “neutral” rating on the stock. US Capital Advisors downgraded shares of South Bow from a “strong-buy” rating to a “hold” rating in a report on Tuesday, October 28th. Finally, Royal Bank Of Canada reissued an “outperform” rating on shares of South Bow in a research report on Monday, November 17th. Two investment analysts have rated the stock with a Buy rating, eight have given a Hold rating and three have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Reduce” and a consensus price target of $29.00.

South Bow Stock Up 0.8%

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 business’s fifty day moving average price is $27.48 and its two-hundred day moving average price is $27.28. The stock has a market capitalization of $6.09 billion, a PE ratio of 18.39 and a beta of 0.47.

South Bow (NYSE:SOBO) last issued its quarterly earnings results on Thursday, November 13th. The company reported $0.47 EPS for the quarter, topping analysts’ consensus estimates of $0.38 by $0.09. The company had revenue of $461.00 million during the quarter, compared to analysts’ expectations of $498.00 million. South Bow had a return on equity of 15.13% and a net margin of 16.84%.The business’s quarterly revenue was down 13.7% on a year-over-year basis. On average, equities research analysts forecast that South Bow Corporation will post 1.74 EPS for the current fiscal year.

South Bow Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, January 15th. Investors of record on Wednesday, December 31st were given a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 6.8%. The ex-dividend date was Wednesday, December 31st. South Bow’s dividend payout ratio (DPR) is currently 125.79%.

Hedge Funds Weigh In On South Bow

A number of large investors have recently added to or reduced their stakes in SOBO. Vanguard Group Inc. lifted its holdings in South Bow by 1.4% during the fourth quarter. Vanguard Group Inc. now owns 8,667,365 shares of the company’s stock valued at $238,387,000 after purchasing an additional 118,147 shares in the last quarter. Bank of Montreal Can lifted its stake in 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 in the last quarter. Cibc World Market Inc. lifted its stake in South Bow by 1.5% in the 3rd quarter. Cibc World Market Inc. now owns 3,194,578 shares of the company’s stock valued at $90,375,000 after buying an additional 47,562 shares in the last quarter. Bank of America Corp DE boosted its holdings in South Bow by 5.0% in the 3rd quarter. Bank of America Corp DE now owns 2,352,405 shares of the company’s stock worth $66,550,000 after buying an additional 111,302 shares during the last quarter. Finally, Bank of Nova Scotia increased its stake in South Bow by 7.1% during the 2nd quarter. Bank of Nova Scotia now owns 2,348,554 shares of the company’s stock worth $60,949,000 after buying an additional 155,085 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.