Bank of America Corp DE Takes Position in South Bow Co. (NYSE:SOBO)

Bank of America Corp DE bought a new stake in South Bow Co. (NYSE:SOBO - Free Report) in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 2,111,584 shares of the company's stock, valued at approximately $49,770,000. Bank of America Corp DE owned about 1.02% of South Bow as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of SOBO. Mutual Advisors LLC purchased a new stake in shares of South Bow in the fourth quarter valued at about $517,000. Rhumbline Advisers purchased a new stake in shares of South Bow in the fourth quarter valued at about $34,000. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT purchased a new stake in shares of South Bow in the fourth quarter valued at about $6,787,000. US Bancorp DE purchased a new stake in shares of South Bow in the fourth quarter valued at about $373,000. Finally, Assetmark Inc. purchased a new stake in shares of South Bow in the fourth quarter valued at about $33,000.

South Bow Stock Down 0.2%

SOBO stock traded down $0.05 during mid-day trading on Monday, hitting $24.74. 355,918 shares of the company were exchanged, compared to its average volume of 876,075. The firm has a market capitalization of $5.15 billion and a P/E ratio of 13.37. The business has a fifty day simple moving average of $25.00 and a 200-day simple moving average of $24.76. South Bow Co. has a 12-month low of $21.16 and a 12-month high of $27.60.

South Bow (NYSE:SOBO - Get Free Report) last posted its quarterly earnings data on Thursday, May 15th. The company reported $0.47 EPS for the quarter, beating the consensus estimate of $0.42 by $0.05. The business had revenue of $498.00 million during the quarter, compared to analysts' expectations of $527.00 million. South Bow's revenue for the quarter was down 8.5% compared to the same quarter last year. Research analysts predict that South Bow Co. will post 1.74 EPS for the current year.

South Bow Announces Dividend

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

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on SOBO shares. National Bankshares upped their price objective on shares of South Bow from $24.00 to $25.00 and gave the company a "sector perform" rating in a report on Friday, March 7th. Royal Bank of Canada reissued an "outperform" rating and issued a $38.00 price objective on shares of South Bow in a report on Monday. CIBC lowered shares of South Bow from a "sector outperform" rating to a "neutral" rating and set a $25.00 price objective for the company. in a report on Friday, March 7th. Scotiabank upped their price objective on shares of South Bow from $26.00 to $27.00 and gave the company a "sector perform" rating in a report on Friday, March 7th. Finally, 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 for the company. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating, one has given a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and an average target price of $28.60.

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.