South Bow (NYSE:SOBO) Cut to “Neutral” at CIBC

CIBC downgraded shares of South Bow (NYSE:SOBO) from a sector outperform rating to a neutral rating in a research note issued to investors on Friday, Marketbeat Ratings reports. They currently have $25.00 price objective on the stock.

Several other equities analysts also recently issued reports on SOBO. Scotiabank upped their price objective on shares of South Bow from $24.00 to $26.00 and gave the company a “sector perform” rating in a report on Thursday, February 13th. TD Securities assumed coverage on South Bow in a research report on Wednesday, January 15th. They issued a “hold” rating on the stock. Wells Fargo & Company lowered South Bow from a “hold” rating to a “strong sell” rating in a research report on Wednesday, December 18th. Tudor Pickering upgraded South Bow to a “strong-buy” rating in a research report on Tuesday, November 19th. Finally, Wolfe Research lowered South Bow from an “outperform” rating to a “peer perform” rating in a research report on Friday. Two analysts have rated the stock with a sell rating, seven have issued a hold rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $25.67.

South Bow Trading Down 2.5 %

SOBO opened at $24.01 on Friday. South Bow has a 52-week low of $21.12 and a 52-week high of $27.60. The firm has a market capitalization of $4.99 billion and a P/E ratio of 12.98. The firm’s 50-day moving average is $24.58.

South Bow (NYSE:SOBO) last posted its quarterly earnings data on Wednesday, March 5th. The company reported $0.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.42 by $0.12. The company had revenue of $488.00 million for the quarter, compared to analyst estimates of $524.87 million. On average, research analysts expect that South Bow will post 1.74 EPS for the current fiscal year.

South Bow Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be given a $0.50 dividend. The ex-dividend date is Monday, March 31st. This represents a $2.00 annualized dividend and a yield of 8.33%. South Bow’s dividend payout ratio is presently 108.11%.

Institutional Investors Weigh In On South Bow

Several hedge funds have recently bought and sold shares of SOBO. Mutual Advisors LLC acquired a new position in shares of South Bow during the 4th quarter worth approximately $517,000. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT acquired a new position in shares of South Bow during the 4th quarter worth approximately $6,787,000. Cibc World Market Inc. acquired a new position in shares of South Bow during the 4th quarter worth approximately $47,533,000. Meixler Investment Management Ltd. acquired a new position in shares of South Bow during the 4th quarter worth approximately $683,000. Finally, Alberta Investment Management Corp acquired a new position in shares of South Bow during the 4th quarter worth approximately $3,498,000.

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.