South Bow (NYSE:SOBO) Hits New 52-Week High After Better-Than-Expected Earnings

South Bow Co. (NYSE:SOBO)’s stock price hit a new 52-week high on Wednesday after the company announced better than expected quarterly earnings. The stock traded as high as $27.58 and last traded at $27.56, with a volume of 976194 shares traded. The stock had previously closed at $26.45.

The company reported $0.54 earnings per share (EPS) 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.

South Bow Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be given a $0.50 dividend. This represents a $2.00 annualized dividend and a yield of 8.33%. The ex-dividend date of this dividend is Monday, March 31st. South Bow’s payout ratio is currently 108.11%.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the stock. National Bankshares lifted their target price on shares of South Bow from $24.00 to $25.00 and gave the company a “sector perform” rating in a research report on Friday. Wolfe Research lowered shares of South Bow from an “outperform” rating to a “peer perform” rating in a research report on Friday. Wells Fargo & Company lowered South Bow from a “hold” rating to a “strong sell” rating in a research report on Wednesday, December 18th. CIBC downgraded South Bow from a “sector outperform” rating to a “neutral” rating and set a $25.00 price target on the stock. in a research note on Friday. Finally, 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. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $25.67.

Institutional Trading of South Bow

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Mutual Advisors LLC acquired a new stake in shares of South Bow in the 4th quarter valued at approximately $517,000. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT bought a new stake in shares of South Bow during the 4th quarter worth $6,787,000. Cibc World Market Inc. acquired a new stake in South Bow in the fourth quarter valued at approximately $47,533,000. Meixler Investment Management Ltd. bought a new stake in shares of South Bow during the fourth quarter worth about $683,000. Finally, Alberta Investment Management Corp bought a new position in South Bow during the 4th quarter worth $3,498,000.

South Bow Stock Performance

The firm has a 50-day moving average of $24.57. The stock has a market cap of $4.99 billion and a PE ratio of 12.98.

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.