Van ECK Associates Corp Purchases New Holdings in South Bow Co. (NYSE:SOBO)

Van ECK Associates Corp bought a new stake in South Bow Co. (NYSE:SOBO) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 178,600 shares of the company’s stock, valued at approximately $4,210,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Cibc World Market Inc. bought a new position in South Bow during the fourth quarter valued at approximately $47,533,000. Jennison Associates LLC acquired a new position in South Bow during the 4th quarter valued at $15,967,000. Miller Howard Investments Inc. NY bought a new stake in shares of South Bow in the fourth quarter valued at about $10,260,000. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT acquired a new position in shares of South Bow in the fourth quarter valued at $6,787,000. Finally, Exchange Traded Concepts LLC bought a new stake in South Bow in the fourth quarter valued at about $5,427,000.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on SOBO. Morgan Stanley began coverage on South Bow in a report on Friday, October 25th. They set an “underweight” rating for the company. Scotiabank upped their target price on shares of South Bow from $24.00 to $26.00 and gave the company a “sector perform” rating in a research report on Thursday, February 13th. Tudor Pickering raised South Bow to a “strong-buy” rating in a research note on Tuesday, November 19th. Wells Fargo & Company cut South Bow from a “hold” rating to a “strong sell” rating in a research note on Wednesday, December 18th. Finally, TD Securities initiated coverage on South Bow in a research note on Wednesday, January 15th. They set a “hold” rating on the stock. Two analysts have rated the stock with a sell rating, four have issued a hold rating, one has given a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, South Bow presently has an average rating of “Hold” and an average price target of $25.50.

South Bow Stock Performance

Shares of South Bow stock opened at $24.67 on Thursday. South Bow Co. has a one year low of $21.12 and a one year high of $27.30. The firm has a 50-day moving average price of $24.06.

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.