Premier Fund Managers Ltd Takes $718,000 Position in South Bow Co. (NYSE:SOBO)

Premier Fund Managers Ltd bought a new position in shares of South Bow Co. (NYSE:SOBO) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 30,000 shares of the company’s stock, valued at approximately $718,000.

Other hedge funds have also modified their holdings of the company. Vanguard Group Inc. acquired a new stake in shares of South Bow in the fourth quarter valued at about $206,467,000. Cibc World Market Inc. acquired a new stake in South Bow in the fourth quarter worth $47,533,000. Norges Bank bought a new position in South Bow during the 4th quarter worth about $20,486,000. Connor Clark & Lunn Investment Management Ltd. acquired a new position in shares of South Bow during the 4th quarter worth about $17,720,000. Finally, Jennison Associates LLC acquired a new stake in South Bow in the 4th quarter valued at about $15,967,000.

South Bow Price Performance

SOBO opened at $26.02 on Friday. The stock has a market cap of $5.41 billion and a price-to-earnings ratio of 14.06. South Bow Co. has a 1-year low of $21.98 and a 1-year high of $27.60. The business has a 50 day simple moving average of $25.27.

South Bow (NYSE:SOBO) last announced its quarterly earnings results on Wednesday, March 5th. The company reported $0.54 EPS for the quarter, topping the consensus estimate of $0.42 by $0.12. The company had revenue of $488.00 million for the quarter, compared to analyst estimates of $524.87 million. On average, sell-side analysts forecast that South Bow Co. will post 1.74 EPS for the current year.

South Bow Dividend Announcement

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 7.69%. South Bow’s dividend payout ratio (DPR) is presently 108.11%.

Analyst Ratings Changes

Several analysts recently weighed in on the company. CIBC lowered South Bow from a “sector outperform” rating to a “neutral” rating and set a $25.00 price objective on the stock. in a research note on Friday, March 7th. Wolfe Research downgraded South Bow from an “outperform” rating to a “peer perform” rating in a research note on Friday, March 7th. TD Securities started coverage on South Bow in a report on Wednesday, January 15th. They set a “hold” rating on the stock. Royal Bank of Canada reiterated an “outperform” rating on shares of South Bow in a report on Friday, March 7th. Finally, National Bankshares lifted their price objective on South Bow from $24.00 to $25.00 and gave the stock a “sector perform” rating in a research report on Friday, March 7th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating, one has assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $25.67.

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.