Norges Bank Acquires New Position in South Bow Co. (NYSE:SOBO)

Norges Bank acquired a new stake in South Bow Co. (NYSE:SOBO - Free Report) during the fourth quarter, according to its most recent filing with the SEC. The firm acquired 869,288 shares of the company's stock, valued at approximately $20,486,000. Norges Bank owned about 0.42% of South Bow at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Hennessy Advisors Inc. purchased a new stake in shares of South Bow in the fourth quarter valued at about $276,000. Nexus Investment Management ULC acquired a new stake in South Bow in the fourth quarter valued at about $2,810,000. MassMutual Private Wealth & Trust FSB purchased a new stake in South Bow in the 4th quarter valued at approximately $213,000. Viking Fund Management LLC acquired a new position in South Bow during the 4th quarter worth approximately $740,000. Finally, Mutual Advisors LLC purchased a new position in shares of South Bow during the 4th quarter worth approximately $517,000.

Wall Street Analysts Forecast Growth

SOBO has been the topic of a number of analyst reports. Scotiabank upped their price objective on South Bow from $26.00 to $27.00 and gave the stock a "sector 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 report on Friday, March 7th. National Bankshares increased their price target on shares of South Bow from $24.00 to $25.00 and gave the company a "sector perform" rating in a report on Friday, March 7th. Wells Fargo & Company downgraded shares of South Bow from a "hold" rating to a "strong sell" rating in a report on Wednesday, December 18th. Finally, JPMorgan Chase & Co. started coverage on shares of South Bow in a research report on Friday, March 28th. They set a "neutral" rating and a $28.00 target price on the stock. Two analysts have rated the stock with a sell rating, eight have given a hold rating, one has given a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat, the stock has an average rating of "Hold" and an average target price of $26.25.

South Bow Stock Up 1.5 %

SOBO traded up $0.35 during midday trading on Friday, reaching $23.26. 1,376,397 shares of the company's stock were exchanged, compared to its average volume of 942,055. South Bow Co. has a 1-year low of $21.16 and a 1-year high of $27.60. The firm has a market cap of $4.84 billion and a PE ratio of 12.57. The company's 50-day moving average price is $25.23.

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 (EPS) for the quarter, topping the consensus estimate of $0.42 by $0.12. The company had revenue of $488.00 million for the quarter, compared to analyst estimates of $524.87 million. Equities analysts predict that South Bow Co. will post 1.74 earnings per share for the current fiscal year.

South Bow Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 31st will be paid a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a dividend yield of 8.60%. The ex-dividend date of this dividend is Monday, March 31st. South Bow's 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.