Envestnet Asset Management Inc. Takes $676,000 Position in South Bow Co. (NYSE:SOBO)

Envestnet Asset Management Inc. bought a new stake in South Bow Co. (NYSE:SOBO) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 28,666 shares of the company’s stock, valued at approximately $676,000.

Several other hedge funds have also recently added to or reduced their stakes in SOBO. Roxbury Financial LLC bought a new position in South Bow during the 4th quarter valued at about $29,000. Wiser Advisor Group LLC acquired a new stake in shares of South Bow during the fourth quarter worth approximately $27,000. Assetmark Inc. bought a new position in shares of South Bow in the fourth quarter valued at approximately $33,000. Sit Investment Associates Inc. acquired a new position in shares of South Bow in the 4th quarter worth approximately $34,000. Finally, Rhumbline Advisers acquired a new position in shares of South Bow in the 4th quarter worth approximately $34,000.

South Bow Price Performance

Shares of NYSE:SOBO opened at $25.54 on Friday. The stock has a market cap of $5.32 billion and a price-to-earnings ratio of 13.81. The company has a 50 day moving average of $25.11 and a 200-day moving average of $24.70. South Bow Co. has a one year low of $21.16 and a one year high of $27.60.

South Bow (NYSE:SOBO) last released its earnings results on Wednesday, March 5th. The company reported $0.54 EPS for the quarter, topping analysts’ consensus estimates of $0.42 by $0.12. The business had revenue of $488.00 million for the quarter, compared to analyst estimates of $524.87 million. Equities research analysts anticipate that South Bow Co. will post 1.74 earnings per share for the current year.

South Bow Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, April 15th. Investors of record on Monday, March 31st were issued a $0.50 dividend. The ex-dividend date was Monday, March 31st. This represents a $2.00 dividend on an annualized basis and a yield of 7.83%. South Bow’s dividend payout ratio is presently 108.11%.

Analyst Ratings Changes

Several brokerages have issued reports on SOBO. Scotiabank lifted their price objective on South Bow from $26.00 to $27.00 and gave the company a “sector perform” rating in a research report on Friday, March 7th. Royal Bank of Canada reaffirmed an “outperform” rating on shares of South Bow in a report on Friday, March 7th. National Bankshares upped their price target on shares of South Bow from $24.00 to $25.00 and gave the stock a “sector perform” rating in a research report on Friday, March 7th. TD Securities began coverage on shares of South Bow in a research report on Wednesday, January 15th. They issued a “hold” rating for the company. Finally, JPMorgan Chase & Co. started coverage on shares of South Bow in a research report on Friday, March 28th. They set a “neutral” rating and a $28.00 target price on the stock. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating, one has assigned a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, South Bow currently has a consensus rating of “Hold” and an average target price of $26.25.

South Bow 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.