Mackenzie Financial Corp Invests $26.83 Million in South Bow Co. (NYSE:SOBO)

Mackenzie Financial Corp bought a new position in South Bow Co. (NYSE:SOBO - Free Report) in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm bought 1,138,044 shares of the company's stock, valued at approximately $26,826,000. Mackenzie Financial Corp owned 0.55% of South Bow as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in SOBO. Wiser Advisor Group LLC purchased a new stake in shares of South Bow in the 4th quarter valued at about $27,000. Roxbury Financial LLC purchased a new stake in shares of South Bow in the 4th quarter valued at about $29,000. BNP Paribas Financial Markets purchased a new stake in shares of South Bow in the 4th quarter valued at about $29,000. Assetmark Inc. purchased a new stake in shares of South Bow in the 4th quarter valued at about $33,000. Finally, Rhumbline Advisers purchased a new stake in shares of South Bow in the 4th quarter valued at about $34,000.

Analyst Ratings Changes

SOBO has been the topic of several recent analyst reports. Wolfe Research cut South Bow from an "outperform" rating to a "peer perform" rating in a report on Friday, March 7th. National Bankshares raised their price target on South Bow from $24.00 to $25.00 and gave the company a "sector perform" rating in a report on Friday, March 7th. Scotiabank raised their price target on South Bow from $26.00 to $27.00 and gave the company a "sector perform" rating in a report on Friday, March 7th. Royal Bank of Canada reissued an "outperform" rating and set a $38.00 price objective on shares of South Bow in a report on Monday, May 19th. Finally, CIBC cut 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 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. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $28.60.

South Bow Stock Up 0.0%

Shares of NYSE SOBO traded up $0.01 during trading hours on Thursday, reaching $26.03. 353,236 shares of the stock traded hands, compared to its average volume of 864,945. The company's 50-day simple moving average is $25.01 and its two-hundred day simple moving average is $24.86. South Bow Co. has a 52-week low of $21.16 and a 52-week high of $27.60. The company has a market capitalization of $5.42 billion and a P/E ratio of 14.07.

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

South Bow Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, July 15th. Investors of record on Monday, June 30th will be given a dividend of $0.50 per share. The ex-dividend date of this dividend is Monday, June 30th. This represents a $2.00 annualized dividend and a yield of 7.68%. South Bow's payout ratio is 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.