Pictet Asset Management Holding SA Takes $14.09 Million Position in South Bow Co. (NYSE:SOBO)

Pictet Asset Management Holding SA purchased a new position in South Bow Co. (NYSE:SOBO - Free Report) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 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 quarter.

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

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on SOBO shares. National Bankshares upped their target price on South Bow from $24.00 to $25.00 and gave the stock a "sector perform" rating in a report on Friday, March 7th. CIBC lowered shares of South Bow from a "sector outperform" rating to a "neutral" rating and set a $25.00 price objective for the company. in a research note on Friday, March 7th. Scotiabank raised their target price on shares of South Bow from $26.00 to $27.00 and gave the company a "sector perform" rating in a research report on Friday, March 7th. JPMorgan Chase & Co. assumed coverage on shares of South Bow in a research report on Friday, March 28th. They issued a "neutral" rating and a $28.00 price target for the company. Finally, Royal Bank of Canada reiterated an "outperform" rating on shares of South Bow in a research note on Friday, March 7th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating, one has issued a buy rating and two have issued a strong buy rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $26.25.

Remove Ads

South Bow Price Performance

NYSE:SOBO traded down $1.35 during midday trading on Friday, reaching $23.88. 1,832,444 shares of the stock traded hands, compared to its average volume of 897,173. The firm has a 50-day moving average price of $25.40. The company has a market cap of $4.97 billion and a PE ratio of 12.91. South Bow Co. has a 12-month low of $21.98 and a 12-month high of $27.60.

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 for the quarter, topping the consensus estimate of $0.42 by $0.12. The business had revenue of $488.00 million during the quarter, compared to analyst estimates of $524.87 million. Equities analysts forecast that South Bow Co. will post 1.74 EPS for the current year.

South Bow Announces Dividend

The business also recently declared 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. The ex-dividend date is Monday, March 31st. This represents a $2.00 dividend on an annualized basis and a yield of 8.37%. South Bow's payout ratio is 108.11%.

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.