Geode Capital Management LLC Takes Position in South Bow Co. (NYSE:SOBO)

Geode Capital Management LLC bought a new stake in South Bow Co. (NYSE:SOBO - Free Report) in the 4th quarter, according to its most recent 13F filing with the SEC. The firm bought 203,780 shares of the company's stock, valued at approximately $4,803,000. Geode Capital Management LLC owned 0.10% of South Bow at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in SOBO. Franklin Resources Inc. bought a new stake in shares of South Bow during the fourth quarter valued at approximately $3,545,000. Alliancebernstein L.P. bought a new stake in South Bow during the 4th quarter valued at $4,791,000. Clearbridge Investments LLC acquired a new position in South Bow during the fourth quarter worth $2,609,000. ClearBridge Investments Ltd bought a new position in shares of South Bow in the fourth quarter valued at $95,987,000. Finally, Arrowstreet Capital Limited Partnership acquired a new position in shares of South Bow during the fourth quarter valued at about $1,056,000.

Analyst Upgrades and Downgrades

SOBO has been the subject of a number of analyst reports. Scotiabank lifted their price target on South Bow from $26.00 to $27.00 and gave the company a "sector perform" rating in a research note on Friday, March 7th. CIBC cut South Bow from a "sector outperform" rating to a "neutral" rating and set a $25.00 target price on the stock. in a research report on Friday, March 7th. National Bankshares increased their price target on South Bow from $24.00 to $25.00 and gave the company a "sector perform" rating in a research report on Friday, March 7th. Royal Bank of Canada reaffirmed an "outperform" rating on shares of South Bow in a report on Friday, March 7th. Finally, JPMorgan Chase & Co. started coverage on shares of South Bow in a report on Friday, March 28th. They issued a "neutral" rating and a $28.00 target price for the company. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating, one has given a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $26.25.

South Bow Stock Up 0.7 %

South Bow stock opened at $24.91 on Friday. The company has a market capitalization of $5.19 billion and a P/E ratio of 13.46. The firm has a 50 day moving average price of $25.14 and a 200-day moving average price of $24.65. South Bow Co. has a twelve month low of $21.16 and a twelve month 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 (EPS) for the quarter, beating the consensus estimate of $0.42 by $0.12. The firm had revenue of $488.00 million during the quarter, compared to the consensus estimate of $524.87 million. Equities analysts expect that South Bow Co. will post 1.74 EPS for the current fiscal year.

South Bow Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st were paid a $0.50 dividend. The ex-dividend date of this dividend was Monday, March 31st. This represents a $2.00 annualized dividend and a dividend yield of 8.03%. South Bow's payout ratio is 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.

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