Bank of Nova Scotia Trust Co. Takes Position in South Bow Co. (NYSE:SOBO)

Bank of Nova Scotia Trust Co. bought a new position in shares of South Bow Co. (NYSE:SOBO - Free Report) during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 49,581 shares of the company's stock, valued at approximately $1,169,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. FMR LLC acquired a new stake in shares of South Bow in the 4th quarter valued at about $461,249,000. Capital International Investors acquired a new stake in South Bow in the fourth quarter valued at approximately $315,469,000. Vanguard Group Inc. bought a new stake in shares of South Bow during the fourth quarter valued at approximately $206,467,000. Bank of Montreal Can acquired a new position in shares of South Bow during the fourth quarter worth approximately $126,068,000. Finally, ClearBridge Investments Ltd bought a new position in shares of South Bow in the 4th quarter worth $95,987,000.

Wall Street Analysts Forecast Growth

A number of analysts have commented on SOBO shares. TD Securities started coverage on shares of South Bow in a research note on Wednesday, January 15th. They set a "hold" rating for the company. JPMorgan Chase & Co. assumed coverage on South Bow in a report on Friday, March 28th. They set a "neutral" rating and a $28.00 price objective for the company. National Bankshares lifted their target price on South Bow from $24.00 to $25.00 and gave the company a "sector perform" rating in a research report on Friday, March 7th. Scotiabank upped their price target on South Bow from $26.00 to $27.00 and gave the stock a "sector perform" rating in a report on Friday, March 7th. Finally, CIBC downgraded shares of South Bow from a "sector outperform" rating to a "neutral" rating and set a $25.00 price objective on the stock. in a report on Friday, March 7th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating, one has given a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $26.25.

South Bow Stock Performance

NYSE SOBO traded up $0.01 on Thursday, hitting $24.81. 163,407 shares of the stock traded hands, compared to its average volume of 921,486. The business's fifty day moving average is $25.13 and its two-hundred day moving average is $24.64. South Bow Co. has a 12 month low of $21.16 and a 12 month high of $27.60. The firm has a market capitalization of $5.17 billion and a price-to-earnings ratio of 13.41.

South Bow (NYSE:SOBO - Get Free Report) last posted its quarterly earnings results on Wednesday, March 5th. The company reported $0.54 earnings per share for the quarter, topping the consensus estimate of $0.42 by $0.12. The firm had revenue of $488.00 million for the quarter, compared to the consensus estimate of $524.87 million. Analysts expect that South Bow Co. will post 1.74 EPS for the current fiscal year.

South Bow Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, April 15th. Investors of record on Monday, March 31st were paid a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a dividend yield of 8.06%. The ex-dividend date of this dividend was Monday, March 31st. South Bow's payout ratio is currently 108.11%.

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.