Public Employees Retirement System of Ohio Invests $1.75 Million in South Bow Co. (NYSE:SOBO)

Public Employees Retirement System of Ohio acquired a new stake in South Bow Co. (NYSE:SOBO - Free Report) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 73,972 shares of the company's stock, valued at approximately $1,745,000.

A number of other hedge funds have also made changes to their positions in SOBO. CENTRAL TRUST Co purchased a new position in shares of South Bow in the 4th quarter valued at about $48,000. Jennison Associates LLC purchased a new position in shares of South Bow in the 4th quarter valued at about $15,967,000. Spirit of America Management Corp NY purchased a new position in shares of South Bow in the 4th quarter valued at about $348,000. YANKCOM Partnership purchased a new position in shares of South Bow in the 4th quarter valued at about $57,000. Finally, Fractal Investments LLC purchased a new position in shares of South Bow in the 4th quarter valued at about $1,174,000.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on SOBO. National Bankshares upped 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 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 reissued an "outperform" rating and issued a $38.00 target price on shares of South Bow in a research report on Monday, May 19th. Wolfe Research cut South Bow from an "outperform" rating to a "peer perform" rating in a research report on Friday, March 7th. Finally, JPMorgan Chase & Co. began coverage on South Bow in a research report on Friday, March 28th. They issued a "neutral" rating and a $28.00 target price for the company. 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's stock. Based on data from MarketBeat, South Bow currently has a consensus rating of "Hold" and a consensus target price of $28.60.

South Bow Stock Performance

South Bow stock traded down $0.30 during mid-day trading on Friday, reaching $26.41. 384,386 shares of the company were exchanged, compared to its average volume of 858,510. South Bow Co. has a twelve month low of $21.16 and a twelve month high of $27.60. The firm's 50-day simple moving average is $25.05 and its two-hundred day simple moving average is $24.92. The firm has a market cap of $5.50 billion and a PE ratio of 14.27.

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

South Bow Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th will be given a dividend of $0.50 per share. The ex-dividend date is Monday, June 30th. This represents a $2.00 dividend on an annualized basis and a yield of 7.57%. 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.