Investment Management Corp of Ontario Invests $469,000 in South Bow Co. (NYSE:SOBO)

Investment Management Corp of Ontario bought a new position in South Bow Co. (NYSE:SOBO - Free Report) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 19,918 shares of the company's stock, valued at approximately $469,000.

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

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on SOBO shares. Scotiabank increased their price target 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. CIBC downgraded South Bow from a "sector outperform" rating to a "neutral" rating and set a $25.00 price target 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. Royal Bank of Canada restated an "outperform" rating on shares of South Bow in a report on Friday, March 7th. Finally, JPMorgan Chase & Co. began coverage on shares of South Bow in a research note on Friday, March 28th. They issued a "neutral" rating and a $28.00 target price on the stock. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating, one has issued a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, South Bow presently has an average rating of "Hold" and a consensus target price of $26.25.

South Bow Stock Performance

South Bow stock traded down $1.13 during mid-day trading on Friday, hitting $24.80. 950,949 shares of the company traded hands, compared to its average volume of 879,497. South Bow Co. has a one year low of $21.16 and a one year high of $27.60. The stock has a market cap of $5.16 billion and a price-to-earnings ratio of 13.40. The stock has a fifty day moving average price of $25.03 and a 200-day moving average price of $24.75.

South Bow (NYSE:SOBO - Get Free Report) last released its quarterly earnings results on Thursday, May 15th. The company reported $0.47 earnings per share for the quarter, beating analysts' consensus estimates of $0.42 by $0.05. The firm had revenue of $498.00 million for the quarter, compared to analysts' expectations of $527.00 million. The business's revenue for the quarter was down 8.5% compared to the same quarter last year. Sell-side analysts predict that South Bow Co. will post 1.74 EPS for the current year.

South Bow Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th will be paid a $0.50 dividend. This represents a $2.00 annualized dividend and a yield of 8.07%. The ex-dividend date of this dividend is Monday, June 30th. South Bow's dividend payout ratio is currently 108.11%.

South Bow 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.