503,517 Shares in South Bow Co. (NYSE:SOBO) Purchased by HITE Hedge Asset Management LLC

HITE Hedge Asset Management LLC acquired a new position in South Bow Co. (NYSE:SOBO - Free Report) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 503,517 shares of the company's stock, valued at approximately $11,882,000. HITE Hedge Asset Management LLC owned 0.24% of South Bow at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in SOBO. Roxbury Financial LLC acquired a new position in shares of South Bow in the 4th quarter valued at about $29,000. Wiser Advisor Group LLC bought a new position in shares of South Bow during the fourth quarter valued at approximately $27,000. Assetmark Inc. acquired a new stake in shares of South Bow during the 4th quarter worth approximately $33,000. Sit Investment Associates Inc. acquired a new position in South Bow during the 4th quarter valued at approximately $34,000. Finally, Rhumbline Advisers bought a new position in South Bow during the 4th quarter worth $34,000.

South Bow Price Performance

South Bow stock traded up $0.50 during trading hours on Wednesday, hitting $24.85. The company had a trading volume of 191,519 shares, compared to its average volume of 923,992. South Bow Co. has a fifty-two week low of $21.16 and a fifty-two week high of $27.60. The firm has a market capitalization of $5.17 billion and a P/E ratio of 13.43. The firm's fifty day moving average is $25.13 and its 200-day moving average is $24.64.

South Bow (NYSE:SOBO - Get Free Report) last posted its quarterly earnings results on Wednesday, March 5th. The company reported $0.54 earnings per share for the quarter, topping analysts' consensus estimates of $0.42 by $0.12. The company had revenue of $488.00 million during the quarter, compared to analyst estimates of $524.87 million. Analysts anticipate that South Bow Co. will post 1.74 earnings per share for the current year.

South Bow Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st were paid a dividend of $0.50 per share. The ex-dividend date of this dividend was Monday, March 31st. This represents a $2.00 annualized dividend and a dividend yield of 8.05%. South Bow's dividend payout ratio (DPR) is presently 108.11%.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on SOBO. Scotiabank boosted their price target on shares of South Bow from $26.00 to $27.00 and gave the company a "sector perform" rating in a report on Friday, March 7th. TD Securities initiated coverage on South Bow in a research report on Wednesday, January 15th. They set a "hold" rating for the company. Wolfe Research cut South Bow from an "outperform" rating to a "peer perform" rating in a research report on Friday, March 7th. JPMorgan Chase & Co. started coverage on shares of South Bow in a research note on Friday, March 28th. They set a "neutral" rating and a $28.00 price objective on the stock. Finally, Royal Bank of Canada restated an "outperform" rating on shares of South Bow in a research report on Friday, March 7th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating, one has assigned a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, South Bow has an average rating of "Hold" and an average target price of $26.25.

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.