South Bow (NYSE:SOBO) Receives “Outperform” Rating from Royal Bank of Canada

Royal Bank of Canada reissued their outperform rating on shares of South Bow (NYSE:SOBO) in a research report report published on Monday,Benzinga reports. They currently have a $38.00 price target on the stock.

Other analysts also recently issued reports about the stock. National Bankshares increased their price target on shares of South Bow from $24.00 to $25.00 and gave the stock a “sector perform” rating in a report on Friday, March 7th. JPMorgan Chase & Co. started coverage on shares of South Bow in a research note on Friday, March 28th. They set a “neutral” rating and a $28.00 target price on the stock. Wolfe Research lowered South Bow from an “outperform” rating to a “peer perform” rating in a research note on Friday, March 7th. CIBC downgraded South Bow from a “sector outperform” rating to a “neutral” rating and set a $25.00 price target on the stock. in a research report on Friday, March 7th. Finally, Scotiabank boosted 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. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating, one has given a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $28.60.

South Bow Stock Performance

NYSE SOBO opened at $24.74 on Monday. The firm has a market capitalization of $5.15 billion and a P/E ratio of 13.37. The stock has a 50-day simple moving average of $25.00 and a two-hundred day simple moving average of $24.76. South Bow has a fifty-two week low of $21.16 and a fifty-two week high of $27.60.

South Bow (NYSE:SOBO) last announced its quarterly earnings results on Thursday, May 15th. The company reported $0.47 earnings per share for the quarter, beating the consensus estimate of $0.42 by $0.05. The company had revenue of $498.00 million for the quarter, compared to analysts’ expectations of $527.00 million. The company’s quarterly revenue was down 8.5% compared to the same quarter last year. As a group, analysts forecast that South Bow will post 1.74 earnings per share for the current year.

South Bow Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th will be given a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 8.08%. The ex-dividend date is Monday, June 30th. South Bow’s dividend payout ratio (DPR) is 108.11%.

Hedge Funds Weigh In On South Bow

Institutional investors and hedge funds have recently bought and sold shares of the business. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in South Bow by 17.4% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 199,035 shares of the company’s stock worth $5,079,000 after purchasing an additional 29,542 shares in the last quarter. Zimmer Partners LP purchased a new position in South Bow during the first quarter worth approximately $4,471,000. Goldman Sachs Group Inc. boosted its stake in South Bow by 157.8% during the first quarter. Goldman Sachs Group Inc. now owns 3,851,407 shares of the company’s stock worth $98,288,000 after buying an additional 10,510,206 shares during the last quarter. Murchinson Ltd. purchased a new stake in South Bow in the 1st quarter valued at $134,592,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of South Bow by 17.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 2,765,548 shares of the company’s stock worth $70,577,000 after acquiring an additional 413,094 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.