CIBC Issues Positive Forecast for South Bow (NYSE:SOBO) Stock Price

Key Points

• CIBC has raised its price target for South Bow (NYSE:SOBO) from $27.00 to $28.00, reflecting a potential upside of 1.76% from the previous close.
• South Bow reported stronger-than-expected quarterly earnings with $0.42 EPS, surpassing analysts' estimates of $0.38 EPS and achieving revenue of $524 million.
• The stock has an average rating of "Hold" with a consensus target price of $29.20, while various analysts have issued mixed ratings ranging from "Strong Buy" to "Sell".

South Bow (NYSE:SOBO - Get Free Report) had its price objective increased by equities researchers at CIBC from $27.00 to $28.00 in a report released on Thursday,BayStreet.CA reports. The firm currently has a "neutral" rating on the stock. CIBC's price target would indicate a potential upside of 1.76% from the stock's previous close.

Several other equities analysts have also recently issued reports on the company. Weiss Ratings reaffirmed a "buy (b-)" rating on shares of South Bow in a research report on Wednesday. Royal Bank Of Canada restated an "outperform" rating on shares of South Bow in a research report on Friday, August 8th. JPMorgan Chase & Co. reaffirmed an "underweight" rating and issued a $27.00 price target on shares of South Bow in a report on Thursday, August 21st. Finally, National Bankshares raised their price objective on shares of South Bow from $25.00 to $26.00 and gave the stock a "sector perform" rating in a research note on Friday, August 8th. Two equities research analysts have rated the stock with a Strong Buy rating, two have given a Buy rating, six have issued a Hold rating and three have given a Sell rating to the company's stock. Based on data from MarketBeat, South Bow currently has an average rating of "Hold" and a consensus target price of $29.20.

South Bow Trading Down 3.2%

Shares of SOBO traded down $0.92 during trading hours on Thursday, hitting $27.52. The company had a trading volume of 304,363 shares, compared to its average volume of 833,506. South Bow has a 52-week low of $21.16 and a 52-week high of $29.19. The firm has a market cap of $5.73 billion and a P/E ratio of 14.90. The company has a quick ratio of 1.20, a current ratio of 1.28 and a debt-to-equity ratio of 2.19. The stock's 50 day moving average price is $27.75 and its 200 day moving average price is $26.36.

South Bow (NYSE:SOBO - Get Free Report) last announced its quarterly earnings results on Wednesday, August 6th. The company reported $0.42 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.38 by $0.04. The business had revenue of $524.00 million for the quarter, compared to analysts' expectations of $449.00 million. On average, research analysts predict that South Bow will post 1.74 EPS for the current year.

Institutional Investors Weigh In On South Bow

A number of large investors have recently made changes to their positions in the stock. apricus wealth LLC lifted its position in South Bow by 23.0% during the first quarter. apricus wealth LLC now owns 73,239 shares of the company's stock valued at $1,869,000 after purchasing an additional 13,685 shares during the period. Louisbourg Investments Inc. acquired a new position in shares of South Bow in the first quarter worth about $31,000. Intact Investment Management Inc. raised its position in shares of South Bow by 122.4% in the first quarter. Intact Investment Management Inc. now owns 697,060 shares of the company's stock worth $17,809,000 after acquiring an additional 383,600 shares during the period. Ausbil Investment Management Ltd acquired a new position in shares of South Bow in the first quarter worth about $3,253,000. Finally, Oppenheimer & Co. Inc. purchased a new stake in shares of South Bow during the first quarter worth about $1,351,000.

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.

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