Intact Investment Management Inc. Buys 383,600 Shares of South Bow Corporation (NYSE:SOBO)

Intact Investment Management Inc. lifted its stake in South Bow Corporation (NYSE:SOBO - Free Report) by 122.4% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 697,060 shares of the company's stock after acquiring an additional 383,600 shares during the quarter. Intact Investment Management Inc. owned approximately 0.33% of South Bow worth $17,809,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Wiser Advisor Group LLC bought a new stake in South Bow in the fourth quarter valued at approximately $27,000. BNP Paribas Financial Markets bought a new position in shares of South Bow in the fourth quarter valued at about $29,000. Louisbourg Investments Inc. bought a new stake in shares of South Bow during the 1st quarter worth about $31,000. Assetmark Inc. acquired a new position in South Bow in the 4th quarter valued at about $33,000. Finally, Rhumbline Advisers bought a new position in South Bow in the 4th quarter valued at about $34,000.

South Bow Price Performance

Shares of SOBO traded down $0.29 during midday trading on Tuesday, hitting $26.27. The company's stock had a trading volume of 987,646 shares, compared to its average volume of 871,838. The company has a quick ratio of 1.20, a current ratio of 1.29 and a debt-to-equity ratio of 2.20. South Bow Corporation has a one year low of $21.16 and a one year high of $27.60. The stock has a market capitalization of $5.47 billion and a price-to-earnings ratio of 14.20. The company's fifty day simple moving average is $25.72 and its two-hundred day simple moving average is $24.99.

South Bow (NYSE:SOBO - Get Free Report) last posted its earnings results on Thursday, May 15th. The company reported $0.47 EPS for the quarter, topping analysts' consensus estimates of $0.42 by $0.05. The company had revenue of $498.00 million during the quarter, compared to the consensus estimate of $527.00 million. South Bow's quarterly revenue was down 8.5% compared to the same quarter last year. As a group, equities analysts expect that South Bow Corporation will post 1.74 earnings per share for the current fiscal year.

South Bow Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 15th. Investors of record on Monday, June 30th will be issued a $0.50 dividend. The ex-dividend date of this dividend is Monday, June 30th. This represents a $2.00 dividend on an annualized basis and a yield of 7.61%. South Bow's dividend payout ratio (DPR) is presently 108.11%.

Analyst Upgrades and Downgrades

Several research firms have recently commented on SOBO. Scotiabank upped their target price on South Bow from $26.00 to $27.00 and gave the company a "sector perform" rating in a research report on Friday, March 7th. Royal Bank Of Canada reiterated an "outperform" rating and set a $38.00 price objective on shares of South Bow in a research report on Monday, May 19th. CIBC cut shares of South Bow from a "sector outperform" rating to a "neutral" rating and set a $25.00 target price for the company. in a research report on Friday, March 7th. JPMorgan Chase & Co. began coverage on shares of South Bow in a research report on Friday, March 28th. They set a "neutral" rating and a $28.00 price target on the stock. Finally, Wolfe Research downgraded shares of South Bow from an "outperform" rating to a "peer perform" rating in a report on Friday, March 7th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating, one has assigned a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $28.60.

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.