South Bow (NYSE:SOBO) Hits New 1-Year High – Still a Buy?

South Bow Corporation (NYSE:SOBO) reached a new 52-week high on Wednesday . The stock traded as high as $38.50 and last traded at $38.47, with a volume of 214962 shares changing hands. The stock had previously closed at $37.48.

Analysts Set New Price Targets

SOBO has been the subject of several recent research reports. Scotiabank raised their price objective on shares of South Bow from $36.00 to $39.00 and gave the company a “sector perform” rating in a research note on Tuesday. Royal Bank Of Canada reiterated an “outperform” rating on shares of South Bow in a report on Monday, May 11th. Canadian Imperial Bank of Commerce raised their price target on shares of South Bow from $33.00 to $36.00 and gave the company a “neutral” rating in a research report on Tuesday, May 26th. BMO Capital Markets restated a “market perform” rating on shares of South Bow in a research note on Monday, July 6th. Finally, Weiss Ratings reaffirmed a “buy (b+)” rating on shares of South Bow in a research report on Thursday, June 11th. Four investment analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and four have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, South Bow presently has an average rating of “Hold” and an average price target of $32.00.

South Bow Stock Performance

The company has a debt-to-equity ratio of 2.16, a current ratio of 1.51 and a quick ratio of 1.37. The stock has a 50 day simple moving average of $36.68 and a two-hundred day simple moving average of $33.10. The company has a market cap of $8.04 billion, a PE ratio of 19.00 and a beta of 0.16.

South Bow (NYSE:SOBO) last announced its earnings results on Thursday, May 7th. The company reported $0.44 earnings per share for the quarter, missing the consensus estimate of $0.46 by ($0.02). The business 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 quarterly revenue was up 1.0% on a year-over-year basis. During the same quarter last year, the company posted $0.47 EPS. Equities analysts predict that South Bow Corporation will post 1.77 EPS for the current year.

South Bow Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th were issued a $0.50 dividend. The ex-dividend date of this dividend was Tuesday, June 30th. This represents a $2.00 dividend on an annualized basis and a yield of 5.2%. South Bow’s dividend payout ratio (DPR) is 98.52%.

Institutional Investors Weigh In On South Bow

Several institutional investors and hedge funds have recently made changes to their positions in SOBO. City Holding Co. increased its position in South Bow by 277.4% during the 4th quarter. City Holding Co. now owns 1,000 shares of the company’s stock worth $27,000 after purchasing an additional 735 shares in the last quarter. Parallel Advisors LLC lifted its holdings in 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 in the last quarter. IFP Advisors Inc lifted its holdings in South Bow by 780.3% in the 3rd quarter. IFP Advisors Inc now owns 1,206 shares of the company’s stock valued at $34,000 after purchasing an additional 1,069 shares in the last quarter. Northwestern Mutual Wealth Management Co. boosted its stake in shares of South Bow by 1,993.8% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 1,340 shares of the company’s stock worth $35,000 after purchasing an additional 1,276 shares during the last quarter. Finally, Flagship Harbor Advisors LLC acquired a new stake in shares of South Bow during the 4th quarter worth about $39,000.

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.