South Bow (NYSE:SOBO) Price Target Raised to $28.00

South Bow (NYSE:SOBO) had its price objective hoisted by CIBC from $27.00 to $28.00 in a research report report published on Thursday morning,BayStreet.CA reports. They currently have a neutral rating on the stock.

Several other research firms have also weighed in on SOBO. Weiss Ratings restated a “buy (b-)” rating on shares of South Bow in a report on Wednesday. Royal Bank Of Canada restated an “outperform” rating on shares of South Bow in a report on Friday, August 8th. JPMorgan Chase & Co. restated an “underweight” rating and set a $27.00 target price on shares of South Bow in a report on Thursday, August 21st. Finally, National Bankshares boosted their price objective on shares of South Bow from $25.00 to $26.00 and gave the stock a “sector perform” rating in a report on Friday, August 8th. Two analysts have rated the stock with a Strong Buy rating, two have issued a Buy rating, five have given a Hold rating and three have assigned a Sell rating to the company’s stock. According to data from MarketBeat, South Bow has an average rating of “Hold” and a consensus price target of $29.20.

South Bow Stock Performance

NYSE:SOBO opened at $27.28 on Thursday. The company has a current ratio of 1.28, a quick ratio of 1.20 and a debt-to-equity ratio of 2.19. The firm has a market capitalization of $5.68 billion and a price-to-earnings ratio of 14.75. The firm’s fifty day simple moving average is $27.79 and its 200 day simple moving average is $26.37. South Bow has a twelve month low of $21.16 and a twelve month high of $29.19.

South Bow (NYSE:SOBO) last posted its earnings results on Wednesday, August 6th. The company reported $0.42 earnings per share for the quarter, beating the consensus estimate of $0.38 by $0.04. The business had revenue of $524.00 million for the quarter, compared to analyst estimates of $449.00 million. As a group, equities research analysts expect that South Bow will post 1.74 earnings per share for the current fiscal year.

South Bow Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 15th. Stockholders of record on Monday, September 29th will be given a $0.50 dividend. The ex-dividend date of this dividend is Monday, September 29th. This represents a $2.00 annualized dividend and a dividend yield of 7.3%. South Bow’s payout ratio is presently 108.11%.

Institutional Investors Weigh In On South Bow

Hedge funds and other institutional investors have recently modified their holdings of the stock. Louisbourg Investments Inc. bought a new stake in shares of South Bow in the 1st quarter worth about $31,000. Northwestern Mutual Wealth Management Co. increased its position in shares of South Bow by 1,993.8% in 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. Caitong International Asset Management Co. Ltd increased its position in shares of South Bow by 150.0% in the 2nd quarter. Caitong International Asset Management Co. Ltd now owns 1,550 shares of the company’s stock worth $40,000 after purchasing an additional 930 shares during the last quarter. Cubist Systematic Strategies LLC bought a new stake in shares of South Bow in the 1st quarter worth about $85,000. Finally, Osaic Holdings Inc. increased its position in shares of South Bow by 37.5% in the 2nd quarter. Osaic Holdings Inc. now owns 4,856 shares of the company’s stock worth $126,000 after purchasing an additional 1,324 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.