Pictet Asset Management Holding SA Takes Position in South Bow Co. (NYSE:SOBO)

Pictet Asset Management Holding SA bought a new stake in South Bow Co. (NYSE:SOBO - Free Report) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 597,300 shares of the company's stock, valued at approximately $14,087,000. Pictet Asset Management Holding SA owned about 0.29% of South Bow at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in SOBO. Roxbury Financial LLC acquired a new position in shares of South Bow in the 4th quarter worth approximately $29,000. Wiser Advisor Group LLC bought a new stake in South Bow during the fourth quarter valued at $27,000. Assetmark Inc. acquired a new stake in South Bow during the 4th quarter worth about $33,000. Rhumbline Advisers bought a new position in shares of South Bow in the 4th quarter worth about $34,000. Finally, Manitou Investment Management Ltd. acquired a new position in shares of South Bow in the 4th quarter valued at about $40,000.

South Bow Trading Down 5.3 %

Shares of NYSE:SOBO traded down $1.35 during midday trading on Friday, hitting $23.88. 1,832,444 shares of the company's stock were exchanged, compared to its average volume of 897,173. South Bow Co. has a 12 month low of $21.98 and a 12 month high of $27.60. The stock has a market cap of $4.97 billion and a P/E ratio of 12.91. The business's 50 day moving average price is $25.39.

South Bow (NYSE:SOBO - Get Free Report) last issued its quarterly earnings data on Wednesday, March 5th. The company reported $0.54 EPS for the quarter, topping 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. Analysts expect that South Bow Co. will post 1.74 EPS 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. Shareholders of record on Monday, March 31st will be paid a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 8.37%. The ex-dividend date is Monday, March 31st. South Bow's dividend payout ratio (DPR) is presently 108.11%.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the company. Wells Fargo & Company cut South Bow from a "hold" rating to a "strong sell" rating in a research note on Wednesday, December 18th. JPMorgan Chase & Co. initiated coverage on shares of South Bow in a research note on Friday, March 28th. They issued a "neutral" rating and a $28.00 price objective for the company. TD Securities assumed coverage on shares of South Bow in a research note on Wednesday, January 15th. They set a "hold" rating on the stock. National Bankshares upped their price objective 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. Finally, Royal Bank of Canada restated an "outperform" rating on shares of South Bow in a research note on Friday, March 7th. Two equities 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 issued a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target 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.