South Bow Corporation (NYSE:SOBO – Get Free Report) shares hit a new 52-week high during trading on Tuesday . The company traded as high as $39.02 and last traded at $37.78, with a volume of 23806 shares changing hands. The stock had previously closed at $37.77.
Wall Street Analysts Forecast Growth
Several research firms have weighed in on SOBO. BMO Capital Markets reissued a “market perform” rating on shares of South Bow in a research report on Monday, July 6th. Barclays upped their price objective on South Bow from $34.00 to $35.00 and gave the company an “equal weight” rating in a research note on Friday, August 7th. Canadian Imperial Bank of Commerce lifted their target price on South Bow from $33.00 to $36.00 and gave the stock a “neutral” rating in a research note on Tuesday, May 26th. National Bank Financial lifted their target price on South Bow from $31.00 to $35.00 and gave the stock a “sector perform” rating in a research note on Monday, June 1st. Finally, Scotiabank boosted their price target on shares of South Bow from $36.00 to $39.00 and gave the stock a “sector perform” rating in a report on Tuesday, July 21st. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, eight have issued a Hold rating and three have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, South Bow has an average rating of “Hold” and an average price target of $33.00.
Read Our Latest Stock Report on South Bow
South Bow Price Performance
South Bow (NYSE:SOBO – Get Free Report) last issued its earnings results on Wednesday, August 5th. The company reported $0.50 EPS for the quarter, topping the consensus estimate of $0.45 by $0.05. The business had revenue of $546.00 million during the quarter, compared to the consensus estimate of $496.87 million. South Bow had a return on equity of 15.84% and a net margin of 22.99%. As a group, research analysts predict that South Bow Corporation will post 1.87 earnings per share for the current year.
South Bow Dividend Announcement
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 15th. Stockholders of record on Tuesday, September 29th will be given a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 5.3%. The ex-dividend date is Tuesday, September 29th. South Bow’s dividend payout ratio (DPR) is 90.50%.
Hedge Funds Weigh In On South Bow
Several hedge funds have recently bought and sold shares of SOBO. Amundi lifted its stake in South Bow by 696.5% in the 2nd quarter. Amundi now owns 70,888 shares of the company’s stock worth $2,498,000 after purchasing an additional 61,988 shares in the last quarter. TD Waterhouse Canada Inc. boosted its holdings in South Bow by 0.8% in the 2nd quarter. TD Waterhouse Canada Inc. now owns 1,946,786 shares of the company’s stock valued at $67,113,000 after purchasing an additional 16,097 shares during the period. Nykredit A S purchased a new position in shares of South Bow during the 2nd quarter valued at $137,000. Headlands Technologies LLC purchased a new position in shares of South Bow during the 2nd quarter valued at $284,000. Finally, Thornburg Investment Management Inc. grew its position in shares of South Bow by 2.4% during the 2nd quarter. Thornburg Investment Management Inc. now owns 3,721,332 shares of the company’s stock valued at $130,974,000 after purchasing an additional 88,457 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.
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