Barclays Begins Coverage on South Bow (NYSE:SOBO)

Analysts at Barclays initiated coverage on shares of South Bow (NYSE:SOBO) in a research note issued to investors on Monday, Marketbeat Ratings reports. The firm set an “equal weight” rating and a $27.00 price target on the stock. Barclays‘s price objective suggests a potential downside of 1.66% from the stock’s previous close.

A number of other brokerages have also recently issued reports on SOBO. Royal Bank Of Canada restated an “outperform” rating on shares of South Bow in a report on Monday, November 17th. US Capital Advisors downgraded shares of South Bow from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, October 28th. Weiss Ratings raised shares of South Bow from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Tuesday, December 2nd. CIBC boosted their price objective on shares of South Bow from $27.00 to $28.00 and gave the company a “neutral” rating in a report on Thursday, October 9th. Finally, Scotiabank boosted their price target on shares of South Bow from $27.00 to $28.00 and gave the company a “sector perform” rating in a report on Monday, October 20th. Two investment analysts have rated the stock with a Buy rating, eight have issued a Hold rating and three have given a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Reduce” and a consensus target price of $29.00.

South Bow Price Performance

SOBO opened at $27.46 on Monday. The company has a fifty day moving average price of $26.97 and a two-hundred day moving average price of $26.96. The firm has a market capitalization of $5.72 billion, a PE ratio of 17.27 and a beta of 0.47. South Bow has a 52 week low of $21.16 and a 52 week high of $29.19. The company has a debt-to-equity ratio of 2.19, a quick ratio of 1.28 and a current ratio of 1.36.

South Bow (NYSE:SOBO) last posted its quarterly earnings results on Thursday, November 13th. The company reported $0.47 earnings per share for the quarter, beating analysts’ consensus estimates of $0.38 by $0.09. South Bow had a return on equity of 15.13% and a net margin of 16.84%.The company had revenue of $461.00 million for the quarter, compared to the consensus estimate of $498.00 million. The business’s revenue for the quarter was down 13.7% on a year-over-year basis. As a group, analysts anticipate that South Bow will post 1.74 earnings per share for the current year.

Hedge Funds Weigh In On South Bow

Several hedge funds have recently made changes to their positions in the business. Goldman Sachs Group Inc. increased its position in shares of South Bow by 157.8% in the first quarter. Goldman Sachs Group Inc. now owns 3,851,407 shares of the company’s stock valued at $98,288,000 after acquiring an additional 10,510,206 shares during the last quarter. Murchinson Ltd. bought a new position in South Bow in the first quarter valued at approximately $134,592,000. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT increased its position in shares of South Bow by 650.4% during the 2nd quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 1,526,100 shares of the company’s stock worth $39,541,000 after purchasing an additional 1,322,729 shares during the last quarter. Boston Partners acquired a new position in shares of South Bow during the 1st quarter worth approximately $32,840,000. Finally, Norges Bank bought a new stake in shares of South Bow during the 2nd quarter worth approximately $26,248,000.

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.