Merewether Investment Management LP Makes New $46.05 Million Investment in South Bow Co. (NYSE:SOBO)

Merewether Investment Management LP acquired a new stake in South Bow Co. (NYSE:SOBO - Free Report) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 1,952,495 shares of the company's stock, valued at approximately $46,048,000. South Bow accounts for 1.8% of Merewether Investment Management LP's investment portfolio, making the stock its 22nd biggest position. Merewether Investment Management LP owned about 0.94% of South Bow as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also made changes to their positions in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new position in shares of South Bow during the fourth quarter worth about $55,447,000. Investment Management Corp of Ontario purchased a new stake in South Bow during the fourth quarter worth about $469,000. JARISLOWSKY FRASER Ltd purchased a new stake in South Bow during the fourth quarter worth about $260,000. Greenline Partners LLC purchased a new stake in South Bow during the fourth quarter worth about $1,369,000. Finally, Ewing Morris & Co. Investment Partners Ltd. purchased a new stake in South Bow during the fourth quarter worth about $162,000.

South Bow Stock Down 4.4%

Shares of SOBO traded down $1.13 on Friday, hitting $24.80. 950,949 shares of the stock traded hands, compared to its average volume of 879,497. The firm has a market capitalization of $5.16 billion and a P/E ratio of 13.40. The stock's 50 day moving average is $25.02 and its two-hundred day moving average is $24.76. South Bow Co. has a 1 year low of $21.16 and a 1 year high of $27.60.

South Bow (NYSE:SOBO - Get Free Report) last announced its quarterly earnings data on Thursday, May 15th. The company reported $0.47 earnings per share (EPS) for the quarter, beating the consensus estimate 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. South Bow's revenue for the quarter was down 8.5% compared to the same quarter last year. Research analysts forecast that South Bow Co. will post 1.74 EPS for the current year.

South Bow Announces Dividend

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

Wall Street Analysts Forecast Growth

A number of analysts recently commented on SOBO shares. Royal Bank of Canada reissued an "outperform" rating on shares of South Bow in a report on Friday, March 7th. Scotiabank boosted their price objective on shares of South Bow from $26.00 to $27.00 and gave the stock a "sector perform" rating in a report on Friday, March 7th. JPMorgan Chase & Co. started coverage on shares of South Bow in a report on Friday, March 28th. They set a "neutral" rating and a $28.00 price objective on the stock. Wolfe Research downgraded shares of South Bow from an "outperform" rating to a "peer perform" rating in a report on Friday, March 7th. Finally, CIBC downgraded shares of South Bow from a "sector outperform" rating to a "neutral" rating and set a $25.00 price target on the stock. in a report on Friday, March 7th. Two analysts have rated the stock with a sell rating, eight have given a hold rating, one has issued a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $26.25.

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.