Vident Advisory LLC Acquires New Shares in South Bow Co. (NYSE:SOBO)

Vident Advisory LLC purchased a new position in shares of South Bow Co. (NYSE:SOBO - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 100,570 shares of the company's stock, valued at approximately $2,372,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Mutual Advisors LLC purchased a new position in South Bow during the 4th quarter worth approximately $517,000. Rhumbline Advisers purchased a new position in South Bow during the 4th quarter worth approximately $34,000. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT purchased a new position in South Bow during the 4th quarter worth approximately $6,787,000. US Bancorp DE purchased a new position in South Bow during the 4th quarter worth approximately $373,000. Finally, Assetmark Inc. acquired a new stake in South Bow during the 4th quarter worth approximately $33,000.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the company. National Bankshares increased their price objective on South Bow from $24.00 to $25.00 and gave the stock a "sector perform" rating in a research report on Friday, March 7th. CIBC cut South Bow from a "sector outperform" rating to a "neutral" rating and set a $25.00 price objective for the company. in a research report on Friday, March 7th. Wolfe Research cut South Bow from an "outperform" rating to a "peer perform" rating in a research report on Friday, March 7th. Scotiabank increased their price objective on South Bow from $26.00 to $27.00 and gave the stock a "sector perform" rating in a research report on Friday, March 7th. Finally, Royal Bank of Canada reaffirmed an "outperform" rating and set a $38.00 price objective on shares of South Bow in a research report on Monday, May 19th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating, one has given a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $28.60.

South Bow Trading Up 0.3%

Shares of SOBO traded up $0.07 during mid-day trading on Tuesday, hitting $26.74. The company's stock had a trading volume of 96,399 shares, compared to its average volume of 858,106. The firm has a 50-day simple moving average of $25.02 and a 200 day simple moving average of $24.85. The firm has a market capitalization of $5.57 billion and a P/E ratio of 14.46. South Bow Co. has a 1-year low of $21.12 and a 1-year high of $27.60.

South Bow (NYSE:SOBO - Get Free Report) last posted its quarterly earnings results on Thursday, May 15th. The company reported $0.47 EPS for the quarter, beating the consensus estimate of $0.42 by $0.05. The business had revenue of $498.00 million during the quarter, compared to analyst estimates of $527.00 million. South Bow's quarterly revenue was down 8.5% on a year-over-year basis. As a group, sell-side analysts predict 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 will be paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th will be issued a $0.50 dividend. The ex-dividend date is Monday, June 30th. This represents a $2.00 annualized dividend and a dividend yield of 7.48%. South Bow's dividend payout ratio is currently 108.11%.

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.