Scotia Capital Inc. Acquires Shares of 1,715,185 South Bow Co. (NYSE:SOBO)

Scotia Capital Inc. acquired a new stake in South Bow Co. (NYSE:SOBO - Free Report) in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm acquired 1,715,185 shares of the company's stock, valued at approximately $40,408,000. Scotia Capital Inc. owned approximately 0.83% of South Bow at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Wiser Advisor Group LLC bought a new position in South Bow in the fourth quarter valued at approximately $27,000. Roxbury Financial LLC bought a new position in shares of South Bow in the fourth quarter valued at $29,000. Assetmark Inc. bought a new position in shares of South Bow in the fourth quarter valued at $33,000. Rhumbline Advisers acquired a new position in South Bow during the fourth quarter worth $34,000. Finally, Sit Investment Associates Inc. bought a new stake in South Bow during the fourth quarter worth $34,000.

South Bow Price Performance

NYSE SOBO traded up $0.55 during trading on Tuesday, reaching $24.11. The company's stock had a trading volume of 232,206 shares, compared to its average volume of 938,887. South Bow Co. has a 12 month low of $21.16 and a 12 month high of $27.60. The company has a 50 day moving average of $25.20. The stock has a market cap of $5.02 billion and a price-to-earnings ratio of 13.03.

South Bow (NYSE:SOBO - Get Free Report) last posted 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. As a group, research analysts anticipate that South Bow Co. will post 1.74 earnings per share for the current fiscal year.

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South Bow Dividend Announcement

The company 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. The ex-dividend date of this dividend is Monday, March 31st. This represents a $2.00 dividend on an annualized basis and a yield of 8.30%. South Bow's payout ratio is 108.11%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on SOBO shares. Scotiabank lifted their price objective 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. Royal Bank of Canada reissued an "outperform" rating on shares of South Bow in a research report on Friday, March 7th. Wells Fargo & Company cut South Bow from a "hold" rating to a "strong sell" rating in a research report on Wednesday, December 18th. CIBC lowered South Bow from a "sector outperform" rating to a "neutral" rating and set a $25.00 target price on the stock. in a report on Friday, March 7th. Finally, JPMorgan Chase & Co. began coverage on South Bow in a report on Friday, March 28th. They set a "neutral" rating and a $28.00 price target for the company. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating, one has assigned a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat, the company has an average rating of "Hold" and a consensus price target of $26.25.

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.