Bank of Montreal Can Purchases Shares of 5,349,368 South Bow Co. (NYSE:SOBO)

Bank of Montreal Can acquired a new position 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 Securities and Exchange Commission (SEC). The fund acquired 5,349,368 shares of the company's stock, valued at approximately $126,068,000. Bank of Montreal Can owned approximately 2.58% of South Bow as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in SOBO. FMR LLC bought a new stake in shares of South Bow during the 4th quarter worth approximately $461,249,000. Vanguard Group Inc. bought a new stake in South Bow during the fourth quarter worth $206,467,000. ClearBridge Investments Ltd acquired a new stake in South Bow in the fourth quarter valued at $95,987,000. Cibc World Market Inc. bought a new position in shares of South Bow in the 4th quarter valued at about $47,533,000. Finally, Bornite Capital Management LP acquired a new position in shares of South Bow during the 4th quarter worth about $25,621,000.

South Bow Stock Up 1.5 %

NYSE:SOBO traded up $0.35 during mid-day trading on Friday, reaching $23.26. The stock had a trading volume of 1,376,397 shares, compared to its average volume of 942,055. South Bow Co. has a 12 month low of $21.16 and a 12 month high of $27.60. The stock has a market capitalization of $4.84 billion and a PE ratio of 12.57. The business has a 50-day simple moving average of $25.23.

South Bow (NYSE:SOBO - Get Free Report) last issued its quarterly earnings results on Wednesday, March 5th. The company reported $0.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.42 by $0.12. The business had revenue of $488.00 million during the quarter, compared to the consensus estimate of $524.87 million. Sell-side analysts expect that South Bow Co. will post 1.74 earnings per share for the current fiscal year.

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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 $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 8.60%. The ex-dividend date is Monday, March 31st. South Bow's payout ratio is 108.11%.

Wall Street Analysts Forecast Growth

SOBO has been the topic of several research analyst reports. Royal Bank of Canada restated an "outperform" rating on shares of South Bow in a research note on Friday, March 7th. Wolfe Research cut South Bow from an "outperform" rating to a "peer perform" rating in a research note on Friday, March 7th. Scotiabank raised their price target on South Bow from $26.00 to $27.00 and gave the company a "sector perform" rating in a report on Friday, March 7th. 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 price objective on the stock. Finally, Wells Fargo & Company lowered shares of South Bow from a "hold" rating to a "strong sell" rating in a research note on Wednesday, December 18th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating, one has issued a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, South Bow currently has an average rating of "Hold" and an average target price 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.