South Bow (NYSE:SOBO) Sets New 52-Week High – Here’s Why

Shares of South Bow Corporation (NYSE:SOBO) reached a new 52-week high during trading on Monday . The stock traded as high as $37.42 and last traded at $37.3350, with a volume of 63562 shares changing hands. The stock had previously closed at $37.28.

Analyst Upgrades and Downgrades

A number of research firms recently commented on SOBO. The Goldman Sachs Group initiated coverage on shares of South Bow in a research report on Monday, April 20th. They set a “sell” rating and a $29.00 target price for the company. Barclays boosted their target price on South Bow from $27.00 to $33.00 and gave the stock an “equal weight” rating in a research note on Monday, March 9th. Wall Street Zen lowered South Bow from a “hold” rating to a “sell” rating in a research note on Saturday, May 9th. Weiss Ratings raised shares of South Bow from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Friday, February 20th. Finally, Scotiabank increased their price objective on shares of South Bow from $34.00 to $36.00 and gave the stock a “sector perform” rating in a research note on Friday, May 8th. Three 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. Based on data from MarketBeat, South Bow currently has an average rating of “Reduce” and an average target price of $29.57.

South Bow Stock Performance

The stock has a market cap of $7.88 billion, a PE ratio of 18.53 and a beta of 0.11. The company has a quick ratio of 1.37, a current ratio of 1.51 and a debt-to-equity ratio of 2.16. The stock has a 50-day moving average of $33.74 and a 200 day moving average of $30.11.

South Bow (NYSE:SOBO) last released 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 business had revenue of $491.00 million during the quarter, compared to analysts’ expectations of $491.21 million. South Bow had a net margin of 21.32% and a return on equity of 15.24%. The company’s revenue was up 1.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.47 EPS. Equities analysts predict that South Bow Corporation will post 1.75 EPS for the current fiscal year.

South Bow Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th will be issued a $0.50 dividend. The ex-dividend date is Tuesday, June 30th. This represents a $2.00 annualized dividend and a dividend yield of 5.3%. South Bow’s dividend payout ratio is presently 98.52%.

Institutional Investors Weigh In On South Bow

A number of institutional investors and hedge funds have recently bought and sold shares of SOBO. City Holding Co. grew its holdings in shares of South Bow by 277.4% during the fourth quarter. City Holding Co. now owns 1,000 shares of the company’s stock worth $27,000 after purchasing an additional 735 shares during the last quarter. Parallel Advisors LLC boosted 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 valued at $28,000 after purchasing an additional 496 shares during the period. EverSource Wealth Advisors LLC grew its stake in South Bow by 157.3% during the 3rd quarter. EverSource Wealth Advisors LLC now owns 1,055 shares of the company’s stock worth $30,000 after buying an additional 645 shares during the last quarter. IFP Advisors Inc increased its position in South Bow by 780.3% during the third quarter. IFP Advisors Inc now owns 1,206 shares of the company’s stock worth $34,000 after buying an additional 1,069 shares during the period. Finally, Northwestern Mutual Wealth Management Co. lifted its stake in South Bow by 1,993.8% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 1,340 shares of the company’s stock valued at $35,000 after buying an additional 1,276 shares during 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.