Scheer Rowlett & Associates Investment Management Ltd. Makes New Investment in South Bow Co. (NYSE:SOBO)

Scheer Rowlett & Associates Investment Management Ltd. purchased a new stake in shares of South Bow Co. (NYSE:SOBO - Free Report) during the 4th quarter, according to its most recent filing with the SEC. The institutional investor purchased 391,457 shares of the company's stock, valued at approximately $9,225,000. South Bow comprises about 0.7% of Scheer Rowlett & Associates Investment Management Ltd.'s investment portfolio, making the stock its 29th largest holding. Scheer Rowlett & Associates Investment Management Ltd. owned about 0.19% of South Bow as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in SOBO. Cibc World Market Inc. bought a new position in South Bow in the 4th quarter worth about $47,533,000. Jennison Associates LLC bought a new position in South Bow in the 4th quarter worth about $15,967,000. Charles Schwab Investment Management Inc. bought a new position in South Bow in the 4th quarter worth about $12,643,000. Miller Howard Investments Inc. NY bought a new position in South Bow in the 4th quarter worth about $10,260,000. Finally, CIBC Asset Management Inc bought a new position in South Bow in the 4th quarter worth about $7,453,000.

Analysts Set New Price Targets

A number of equities analysts have commented on the stock. Scotiabank upped their target price on shares of South Bow from $26.00 to $27.00 and gave the stock a "sector perform" rating in a research note on Friday, March 7th. National Bankshares upped their price target on shares of South Bow from $24.00 to $25.00 and gave the stock a "sector perform" rating in a research report on Friday, March 7th. Tudor Pickering raised shares of South Bow to a "strong-buy" rating in a research report on Tuesday, November 19th. Royal Bank of Canada reaffirmed an "outperform" rating on shares of South Bow in a research report on Friday. Finally, Wells Fargo & Company cut shares of South Bow from a "hold" rating to a "strong sell" rating in a research report on Wednesday, December 18th. Two analysts have rated the stock with a sell rating, seven have given a hold rating, one has assigned a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $25.67.

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South Bow Price Performance

NYSE:SOBO traded up $0.54 during midday trading on Wednesday, reaching $25.74. 1,083,634 shares of the stock traded hands, compared to its average volume of 782,939. South Bow Co. has a 12-month low of $21.12 and a 12-month high of $27.60. The firm has a 50-day moving average price of $24.63. The company has a market cap of $5.36 billion and a PE ratio of 13.91.

South Bow (NYSE:SOBO - Get Free Report) last posted its earnings results on Wednesday, March 5th. The company reported $0.54 EPS for the quarter, beating analysts' consensus estimates of $0.42 by $0.12. The firm had revenue of $488.00 million for the quarter, compared to analysts' expectations 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 issued a $0.50 dividend. The ex-dividend date of this dividend is Monday, March 31st. This represents a $2.00 dividend on an annualized basis and a dividend yield of 7.77%. South Bow's dividend payout ratio is currently 108.11%.

South Bow Company 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.