Fmr LLC Acquires New Stake in South Bow Co. (NYSE:SOBO)

FMR LLC bought a new stake in South Bow Co. (NYSE:SOBO - Free Report) during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 19,546,851 shares of the company's stock, valued at approximately $461,249,000. FMR LLC owned about 9.42% of South Bow as of its most recent filing with the SEC.

A number of other institutional investors have also made changes to their positions in SOBO. Hennessy Advisors Inc. acquired a new position in South Bow in the 4th quarter valued at about $276,000. Nexus Investment Management ULC acquired a new position in South Bow during the fourth quarter worth about $2,810,000. MassMutual Private Wealth & Trust FSB bought a new position in South Bow in the 4th quarter valued at approximately $213,000. Viking Fund Management LLC acquired a new stake in shares of South Bow during the 4th quarter valued at $740,000. Finally, Mutual Advisors LLC acquired a new position in South Bow in the 4th quarter valued at approximately $517,000.

Analysts Set New Price Targets

SOBO has been the topic of several recent analyst reports. CIBC lowered South Bow from a "sector outperform" rating to a "neutral" rating and set a $25.00 price target on the stock. in a research note on Friday, March 7th. Scotiabank raised their price target on shares of South Bow from $26.00 to $27.00 and gave the company a "sector perform" rating in a research report on Friday, March 7th. National Bankshares upped their price objective on South Bow from $24.00 to $25.00 and gave the company a "sector perform" rating in a research note on Friday, March 7th. Wells Fargo & Company downgraded South Bow from a "hold" rating to a "strong sell" rating in a research note on Wednesday, December 18th. Finally, Royal Bank of Canada reiterated an "outperform" rating on shares of South Bow in a research note on Friday, March 7th. Two equities research 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 company's stock. According to MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $26.25.

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South Bow Stock Performance

SOBO traded up $0.61 during trading on Tuesday, hitting $24.17. The company's stock had a trading volume of 158,565 shares, compared to its average volume of 938,271. The stock has a market cap of $5.03 billion and a price-to-earnings ratio of 13.08. The stock has a 50 day moving average price of $25.20. South Bow Co. has a one year low of $21.16 and a one year high of $27.60.

South Bow (NYSE:SOBO - Get Free Report) last issued its 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 for the quarter, compared to the consensus estimate of $524.87 million. Analysts expect that South Bow Co. will post 1.74 earnings per share for the current fiscal year.

South Bow Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be paid a dividend of $0.50 per share. The ex-dividend date of this dividend is Monday, March 31st. This represents a $2.00 annualized dividend and a dividend yield of 8.28%. South Bow's dividend payout ratio is currently 108.11%.

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.