South Bow (NYSE:SOBO) Sets New 52-Week High – Here’s What Happened

South Bow Corporation (NYSE:SOBO) shares reached a new 52-week high during mid-day trading on Friday . The company traded as high as $29.09 and last traded at $29.01, with a volume of 71167 shares. The stock had previously closed at $28.81.

Analysts Set New Price Targets

Several research analysts recently commented on SOBO shares. CIBC raised their price target on shares of South Bow from $25.00 to $26.00 and gave the company a “neutral” rating in a report on Tuesday, July 22nd. National Bankshares raised their target price on shares of South Bow from $25.00 to $26.00 and gave the company a “sector perform” rating in a research note on Friday, August 8th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of South Bow in a research report on Saturday, September 27th. Royal Bank Of Canada reiterated an “outperform” rating on shares of South Bow in a report on Friday, August 8th. Finally, JPMorgan Chase & Co. reissued an “underweight” rating and issued a $27.00 price objective on shares of South Bow in a research report on Thursday, August 21st. Two investment analysts have rated the stock with a Strong Buy rating, two have assigned a Buy rating, seven have given a Hold rating and three have given a Sell rating to the stock. According to MarketBeat, South Bow has a consensus rating of “Hold” and a consensus target price of $28.80.

South Bow Stock Up 0.9%

The firm’s 50 day moving average price is $27.58 and its two-hundred day moving average price is $26.32. The firm has a market capitalization of $6.05 billion and a PE ratio of 15.72. The company has a quick ratio of 1.20, a current ratio of 1.28 and a debt-to-equity ratio of 2.19.

South Bow (NYSE:SOBO) last issued its quarterly earnings data on Wednesday, August 6th. The company reported $0.42 EPS for the quarter, topping analysts’ consensus estimates of $0.38 by $0.04. The firm had revenue of $524.00 million during the quarter, compared to analyst estimates of $449.00 million. As a group, research analysts forecast that South Bow Corporation will post 1.74 EPS for the current fiscal year.

South Bow Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 15th. Investors of record on Monday, September 29th will be issued a $0.50 dividend. The ex-dividend date of this dividend is Monday, September 29th. This represents a $2.00 dividend on an annualized basis and a yield of 6.9%. South Bow’s dividend payout ratio is currently 108.11%.

Hedge Funds Weigh In On South Bow

Institutional investors have recently made changes to their positions in the business. Goldman Sachs Group Inc. increased its stake in shares of South Bow by 157.8% in the first quarter. Goldman Sachs Group Inc. now owns 3,851,407 shares of the company’s stock worth $98,288,000 after buying an additional 10,510,206 shares during the last quarter. Murchinson Ltd. acquired a new stake in shares of South Bow in the 1st quarter valued at about $134,592,000. Bank of Nova Scotia lifted its position in shares of South Bow by 196.7% during the first quarter. Bank of Nova Scotia now owns 2,193,469 shares of the company’s stock worth $56,039,000 after purchasing an additional 1,454,084 shares during the last quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT lifted its position in shares of South Bow by 650.4% during the second quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 1,526,100 shares of the company’s stock worth $39,541,000 after purchasing an additional 1,322,729 shares during the last quarter. Finally, Boston Partners acquired a new position in South Bow in the first quarter worth about $32,840,000.

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.