PNC Financial Services Group Inc. Takes Position in South Bow Co. (NYSE:SOBO)

PNC Financial Services Group Inc. purchased a new stake in shares of South Bow Co. (NYSE:SOBO) during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund purchased 9,315 shares of the company’s stock, valued at approximately $220,000.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Scheer Rowlett & Associates Investment Management Ltd. purchased a new position in shares of South Bow during the fourth quarter valued at about $9,225,000. Heronetta Management L.P. bought a new stake in shares of South Bow in the 4th quarter worth approximately $955,000. Lindbrook Capital LLC purchased a new stake in shares of South Bow in the 4th quarter worth approximately $300,000. Assetmark Inc. purchased a new stake in shares of South Bow in the 4th quarter worth approximately $33,000. Finally, Souders Financial Advisors bought a new position in South Bow during the 4th quarter valued at approximately $261,000.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on SOBO shares. Scotiabank lifted their price objective on South Bow from $26.00 to $27.00 and gave the company a “sector perform” rating in a research note on Friday, March 7th. National Bankshares boosted their price target on South Bow from $24.00 to $25.00 and gave the stock a “sector perform” rating in a research note on Friday, March 7th. Wells Fargo & Company cut South Bow from a “hold” rating to a “strong sell” rating in a research note on Wednesday, December 18th. Wolfe Research cut South Bow from an “outperform” rating to a “peer perform” rating in a research note on Friday, March 7th. Finally, TD Securities began coverage on South Bow in a research note on Wednesday, January 15th. They issued a “hold” rating for the company. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating, one has given a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $25.67.

South Bow Stock Down 0.8 %

NYSE:SOBO opened at $26.45 on Friday. The firm’s 50-day moving average is $25.02. South Bow Co. has a 52-week low of $21.98 and a 52-week high of $27.60. The company has a market capitalization of $5.50 billion and a price-to-earnings ratio of 14.30.

South Bow (NYSE:SOBO) last released its quarterly earnings results on Wednesday, March 5th. The company reported $0.54 earnings per share (EPS) for the quarter, beating the consensus estimate 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. On average, equities analysts anticipate that South Bow Co. will post 1.74 earnings per share for the current year.

South Bow Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be paid a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 7.56%. The ex-dividend date is Monday, March 31st. South Bow’s dividend payout ratio (DPR) is 108.11%.

South Bow 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.