Canada Pension Plan Investment Board Makes New $63.40 Million Investment in South Bow Co. (NYSE:SOBO)

Canada Pension Plan Investment Board purchased a new stake in shares of South Bow Co. (NYSE:SOBO - Free Report) during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 2,690,000 shares of the company's stock, valued at approximately $63,395,000. Canada Pension Plan Investment Board owned approximately 1.30% of South Bow as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Mutual Advisors LLC acquired a new position in shares of South Bow during the 4th quarter worth $517,000. Rhumbline Advisers acquired a new position in South Bow during the fourth quarter worth $34,000. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT acquired a new position in South Bow during the fourth quarter worth $6,787,000. US Bancorp DE bought a new position in South Bow during the fourth quarter valued at about $373,000. Finally, Assetmark Inc. acquired a new stake in shares of South Bow in the fourth quarter worth about $33,000.

Analysts Set New Price Targets

A number of research analysts have recently commented on the company. CIBC lowered South Bow from a "sector outperform" rating to a "neutral" rating and set a $25.00 price objective on the stock. in a report on Friday, March 7th. Wolfe Research downgraded South Bow from an "outperform" rating to a "peer perform" rating in a report on Friday, March 7th. Royal Bank of Canada restated an "outperform" rating on shares of South Bow in a research note on Friday, March 7th. National Bankshares raised their target price on shares of South Bow from $24.00 to $25.00 and gave the company a "sector perform" rating in a research note on Friday, March 7th. Finally, JPMorgan Chase & Co. initiated coverage on shares of South Bow in a report on Friday, March 28th. They issued a "neutral" rating and a $28.00 target price on the stock. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating, one has assigned a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $26.25.

South Bow Stock Down 1.8 %

Shares of NYSE:SOBO traded down $0.44 during trading on Monday, hitting $24.17. 439,876 shares of the stock were exchanged, compared to its average volume of 933,043. The stock has a market capitalization of $5.03 billion and a P/E ratio of 13.06. South Bow Co. has a 1-year low of $21.16 and a 1-year high of $27.60. The company has a fifty day moving average price of $25.15.

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

South Bow Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st were issued a $0.50 dividend. The ex-dividend date of this dividend was Monday, March 31st. This represents a $2.00 dividend on an annualized basis and a dividend yield of 8.27%. South Bow's payout ratio is presently 108.11%.

South Bow Company 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.