HITE Hedge Asset Management LLC Purchases Shares of 503,517 South Bow Co. (NYSE:SOBO)

HITE Hedge Asset Management LLC acquired a new position in South Bow Co. (NYSE:SOBO - Free Report) in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 503,517 shares of the company's stock, valued at approximately $11,882,000. HITE Hedge Asset Management LLC owned 0.24% of South Bow at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in SOBO. Wiser Advisor Group LLC bought a new stake in shares of South Bow in the 4th quarter worth approximately $27,000. Roxbury Financial LLC purchased a new stake in South Bow during the 4th quarter valued at $29,000. Assetmark Inc. purchased a new stake in South Bow during the fourth quarter valued at $33,000. Rhumbline Advisers bought a new position in shares of South Bow in the 4th quarter worth approximately $34,000. Finally, Sit Investment Associates Inc. bought a new position in South Bow in the fourth quarter worth approximately $34,000.

South Bow Stock Performance

South Bow stock traded down $0.44 during mid-day trading on Monday, reaching $24.17. 439,876 shares of the company were exchanged, compared to its average volume of 933,043. The firm has a market cap of $5.03 billion and a price-to-earnings ratio of 13.06. The firm's fifty day moving average is $25.17. South Bow Co. has a 12-month low of $21.16 and a 12-month high of $27.60.

South Bow (NYSE:SOBO - Get Free Report) last issued its quarterly earnings data on Wednesday, March 5th. The company reported $0.54 earnings per share for the quarter, beating 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. As a group, equities research analysts predict that South Bow Co. will post 1.74 EPS for the current fiscal year.

South Bow Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st were paid a $0.50 dividend. The ex-dividend date was Monday, March 31st. This represents a $2.00 annualized dividend and a yield of 8.27%. South Bow's dividend payout ratio (DPR) is 108.11%.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on SOBO shares. JPMorgan Chase & Co. initiated coverage on South Bow in a research report on Friday, March 28th. They set a "neutral" rating and a $28.00 price objective on the stock. TD Securities initiated coverage on shares of South Bow in a research report on Wednesday, January 15th. They issued a "hold" rating on the stock. CIBC downgraded South Bow from a "sector outperform" rating to a "neutral" rating and set a $25.00 price objective on the stock. in a research report on Friday, March 7th. National Bankshares raised their target price on shares of South Bow from $24.00 to $25.00 and gave the stock a "sector perform" rating in a report on Friday, March 7th. Finally, Royal Bank of Canada reissued an "outperform" rating on shares of South Bow in a research note on Friday, March 7th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating, one has given a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, South Bow has an average rating of "Hold" and an average price target of $26.25.

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.