AGF Management Ltd. Buys New Position in South Bow Co. (NYSE:SOBO)

AGF Management Ltd. bought a new stake in shares of South Bow Co. (NYSE:SOBO) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund bought 26,780 shares of the company’s stock, valued at approximately $632,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Cibc World Market Inc. bought a new stake in shares of South Bow during the 4th quarter worth $47,533,000. Jennison Associates LLC purchased a new stake in South Bow during the fourth quarter valued at about $15,967,000. Charles Schwab Investment Management Inc. bought a new stake in South Bow during the fourth quarter worth about $12,643,000. Miller Howard Investments Inc. NY purchased a new position in shares of South Bow in the 4th quarter worth about $10,260,000. Finally, Scheer Rowlett & Associates Investment Management Ltd. bought a new position in shares of South Bow during the 4th quarter valued at about $9,225,000.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on SOBO. Wells Fargo & Company downgraded South Bow from a “hold” rating to a “strong sell” rating in a research report on Wednesday, December 18th. TD Securities started coverage on shares of South Bow in a research note on Wednesday, January 15th. They issued a “hold” rating for the company. Tudor Pickering upgraded shares of South Bow to a “strong-buy” rating in a research report on Tuesday, November 19th. CIBC downgraded shares of South Bow from a “sector outperform” rating to a “neutral” rating and set a $25.00 price target for the company. in a research note on Friday, March 7th. Finally, Wolfe Research cut South Bow from an “outperform” rating to a “peer perform” rating in a research note on Friday, March 7th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating, one has assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, South Bow has a consensus rating of “Hold” and an average target price of $25.67.

South Bow Stock Up 1.1 %

Shares of SOBO opened at $25.88 on Friday. The firm’s fifty day moving average price is $24.74. South Bow Co. has a twelve month low of $21.98 and a twelve month high of $27.60. The stock has a market cap of $5.38 billion and a PE ratio of 13.99.

South Bow (NYSE:SOBO) last posted its earnings results on Wednesday, March 5th. The company reported $0.54 earnings per share for the quarter, topping 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. On average, analysts predict that South Bow Co. will post 1.74 earnings per share for the current fiscal year.

South Bow Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders 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 annualized dividend and a dividend yield of 7.73%. South Bow’s dividend payout ratio (DPR) is presently 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.